11 Mar How Will Coronavirus Affect the Housing Market? – St. Louis Real Estate Market Update 03.10.2020
February 2020 – As we progressed through February, the actual and expected impacts of COVID-19 continued to grow, with concerns of economic impact reaching the stock market in the last week of the month. As the stock market declined, so did mortgage rates, offering a bad news-good news situation. While short term declines in the stock market can sting, borrowers who lock in today’s low rates will beneﬁt signiﬁcantly in the long term.
New Listings increased 9.1 percent for Residential homes but remained ﬂat for Townhouse/Condo homes. Pending Sales increased 31.2 percent for Residential homes and 22.5 percent for Townhouse/Condo homes. Inventory decreased 16.5 percent for Residential homes and 3.6 percent for Townhouse/Condo homes.
Median Sales Price increased 9.1 percent to $189,900 for Residential homes but decreased 4.8 percent to $158,500 for Townhouse/Condo homes. Days on Market increased 13.0 percent for Residential homes and 8.1 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 13.6 percent for Residential homes but remained ﬂat for Townhouse/Condo homes.
The recently released January ShowingTime Showing Index® saw a 20.2 percent year-over-year increase in showing trafﬁc nationwide. All regions of the country were up double digits from the year before, with the Midwest Region up 15.7 percent and the West Region up 34.1 percent. As showing activity is a leading indicator for future home sales, the 2020 housing market is off to a strong start, though it will be important to watch the spread of COVID-19 and its potential impacts to the overall economy in the coming months.
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