As COVID-19’s impact spread across the country in March, the stock market declines started in February accelerated downward before recovering a bit in the last week of the month. With volatility across all the financial markets, lenders began tightening underwriting standards and some buyers found they no longer were approved for a loan. Massive layoffs also shook the economy with 6.6 million initial jobless claims filed in a single week—double the number last week and ten times higher than any other week on record prior to this month.
New Listings in Staten Island decreased 32.9 percent to 444. Pending Sales were down 11.6 percent to 313. Inventory levels fell 17.6 percent to 1,889 units.
Prices continued to gain traction. The Median Sales Price increased 2.8 percent to $550,000. Days on Market was up 18.9 percent to 119 days. Sellers were encouraged as Months Supply of Inventory was down 18.7 percent to 5.3 months.
While the effect of COVID-19 is varied throughout the country, we are likely to see impacts to housing activity now and into the coming months. Its continued spread is leading many companies and consumers to change their daily activities. ShowingTime is closely monitoring the situation and releasing daily updates on changes in showing activity. See national and state showing activity trends at https://www.showingtime.com/impact-of-coronavirus/.
|- 8.0%||+ 2.8%||- 17.6%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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