With virtually every business sector experiencing a slowdown, the shelter-in-place caused a significant drop in real estate activity. Spring is usually the busiest time of year for real estate.
However, there are some positive signs. Since bottoming out in early April, real estate activity has been picking up considerably. More listings are coming on to the market and eager buyers are anxious to find a home.
As shelter-in-place restrictions are gradually eased, real estate activity should continue to increase. In addition, home prices have seen no declines; but a fair proportion of the sales behind April median sales prices still reflects offers accepted prior to shelter-in-place.
And lastly, some good news for buyers and homeowners looking to refinance— interest rates hit new historic lows. According to Freddie Mac, average rates for a 30-year mortgage dropped to 3.23% on April 30, 2020.