Market activity ticks up after severe shelter-in-place plunge. Median home sales prices are up and Interest rates hit new lows!
Shelter-in-place caused steep drops in activity across the board in what is typically the busiest selling season of the year. However, though still far below normal levels, activity has been picking up since bottoming out in late March/early April, and will presumably continue to do so with the easing of both shelter-in-place and property-showing rules.
So far, year-over-year median home prices have increased, but a fair proportion of the sales behind April median sales prices still reflects offers accepted prior to shelter in place.
Week by Week Supply and Demand Trends
The only way to clearly perceive the recent changes in the market – sudden plunge and the beginning of recovery – is by looking at WEEKLY trends in buyer and seller activity. These are illustrated in this first chart below.
Also of note, Interest rates hit a new historic low in the last week of April!