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 decreased 27.6 percent for Single Family homes and 23.9
percent for Townhouse-Condo homes. Pending Sales decreased 57.1
percent for Single Family homes and 59.0 percent for Townhouse-Condo
homes. Inventory decreased 36.6 percent for Single Family homes and 29.2
percent for Townhouse-Condo homes.
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