Monthly Market Indicators
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 3.28 million initial jobless claims filed in a single week—the highest in history more than four times over.
New Listings in Harrisburg increased 33.3 percent to 24. Closed sales were up 75 percent to 21. Inventory levels decreased 12.5 percent to 49 units.
Prices continued to gain traction. The Median Sales Price increased 0.1 percent to $240,000. Days on Market was up 1.7 percent to 81 days. Sellers were encouraged as Months Supply of Homes for Sale was down 23.4 percent to 2.9 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/.
Housing Supply Overview
March stock market declines and volatility across all the financial markets, massive layoffs, lenders tightening underwriting standards, and social distancing efforts will all combine to put some buyers and sellers on the sidelines for now. As the spread and effect of COVID-19 accelerated during the month, we will need to wait until next month to see the total impact to buyer and seller activity. For the 12-month period spanning April 2019 through March 2020, overall Closed Sales in Harrisburg were up 13.3 percent for the period.
The overall Median Sales Price was up 8.4 percent to $238,450.
Market-wide, inventory levels were down 12.0 percent. The construction type that lost the least inventory was the Previously Owned segment, where it decreased 7.4 percent. That amounts to 3.2 months supply for Single-Family homes and 4.0 months supply for Condos.