The housing market saw one of the fastest slowdowns in history in the last two months due to the coronavirus pandemic.
April saw a 24% decrease in homes for sale from the same time last year, a 42% decrease in new listings, and a 22.5% decrease in home sales. The good news is that home prices remained stable and were actually up by 4.9%.
Low mortgage rates are one factor that has helped housing prices remain steady.
“Many of the nation’s most affordable housing markets are continuing to see sizable price gains. Nine of the top 10 metro areas where home prices rose the most year over year still had median prices below the national level, led in April by Detroit, (median price $159,900, +27.9%), Memphis ($217,000 +22.0%) and Philadelphia ($250,000, +19.0%).”