Real Estate Market Update

March 2020

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.

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.

New Listings were down 29.6 percent for detached homes and 27.0 percent for attached properties. Pending Sales decreased 63.4 percent for detached homes and 57.1 percent for attached properties. The Median Sales Price was up 9.7 percent to $888,500 for detached homes and 7.4 percent to $540,000 for attached properties. Months Supply of Inventory decreased 35.1 percent for detached units and 35.3 percent for attached units.

*All information is compiled from OCAR report.

Phone: (714) 902-3135

Email: myhome@zengrealestate.com