Home Buyer Activity Still Slowing, Slowly, in 2020


Home Buyer Activity Still Slowing, Slowly, in 2020
By Scott Rogers • May 8, 2020
Are home buyers contracting to buy homes as quickly as we would have expected them to be in 2020? No. Has the pace of home buying activity dropped drastically given the current public health situation? No. As shown above, home buyer activity (this year is the red line) continues to trail off a bit as compared to the past two years. At the start of March, this year's home buying activity was at a record pace - easily eclipsing each of the past two years. By mid-April, this year's trajectory of home buying activity had slowed down below last year's pace of buying activity. By early May (now) this year's trajectory of home buying activity had slowed down beyond the pace of contract activity seen in 2018. The timing of contracts is different every year, so if we average out the past two years we see a pace of 485 contracts through May 7th. Thus, this year's pace of buying activity is only 4% slower than the average of the past two years. So... Is COVID-19 affecting the pace of home buying (and selling) activity in our local market? Yes. Is it still relatively likely that this year's total number of home sales will be within 5% - 10% of last year? Yes. Stay tuned for further analysis as we progress through this unusual time. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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