Homes in Southern California

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.

Median Sales Price increased 11.0 percent to $777,000 for Single Family

homes and 5.4 percent to $495,500 for Townhouse-Condo homes. Days on

Market decreased 28.6 percent for Single Family homes and 28.0 percent

for Townhouse-Condo homes. Months Supply of Inventory decreased 39.4

percent for Single Family homes and 32.3 percent for Townhouse-Condo

homes.

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