August 2020 | Market Update

August 2020

The housing and stock markets continue to be the leaders in the economy. In Closed Sales August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing

New Listings were up 9.7 percent for single-family homes and 28.6 percent for condominium properties. Closed Sales decreased 0.8 percent for single-family homes and 2.4 percent for condominium properties. The Median Sales Price was up 14.7 percent to $493,000 for single-family homes and 5.6 percent to $425,000 for condominium properties. Months Supply of Inventory decreased 57.6 percent for single-family units and 21.4 percent for condominium units. As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.

*Information provided by the Massachusetts Association of Realtors

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