Monthly, annual gains seen in number of homes under contract
MRED's Weekly Market Snapshot shows continued strengthening of the residential market as gauged by the number of homes under contract.
The report, which looks at all of MRED's markets, shows a three percent weekly gain in contracts, and a whopping 59 percent gain when the week ending July 20 is compared on an annual basis.
- Closed sales increased 22.6 percent over the previous week, posting strong numbers coming out of the initial stages of the COVID-19 crisis. Closed sales are just five percent off of 2019 numbers.
- The median price leaped 6.5 percent for the week, showing consumer interest driven in part by attractive financing rates.