Monthly Market Indicators
While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May.
New Listings in the Harrisburg region increased 44 percent to 36. Closed Sales were up 58.8 percent to 27. Inventory levels rose 8.1 percent to 67 units.
Prices continued to gain traction. The Median Sales Price increased 5.7 percent to $246,000. Days on Market was up 2.9 percent to 80 days. Sellers were encouraged as Months Supply of Homes for Sale was down 11.4 percent to 3.7 months.
Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.
Housing Supply Overview
Sellers are taking a more cautious approach to entering the housing market, even as buyers are returning in force due to near-record low interest rates. As the country continues to reopen, seller activity is likely to continue to improve however, continued concerns around COVID-19 may keep some reluctant sellers on the sidelines for now. For the 12-month period spanning June 2019 through May 2020, Closed Sales in the Harrisburg region were up 38.3 percent overall.
The overall Median Sales Price was up 3.7 percent to $238,024.
Market-wide, inventory levels were down 23.3 percent. The construction type that lost the least inventory was the New Construction segment, where it decreased 19.8 percent. That amounts to 3.3 months supply for Single-Family homes and 4.0 months supply for Condos.