July Home Sales - Record 24.7% - Carpe Diem!

Home sales in the month of July, showed of significant sales gains, marking two consecutive months of gains, reported by the National Association of REALTORS® (NAR).  Total home sales for July (excludes new construction) jumped 24.7% from June to a seasonally adjusted annual rate of 5.86 million growth in home sales versus 2019.  Total home sales for July rose 8.7%, over July last year. July was the first month of positive growth since February 2020. Although June also set a record monthly increase in sales of 20.7% over May, the comparison to June 2019 was still negative.  

The median home price for all housing types in July was $304,100, up 8.5% versus last year’s $280,400. Home prices rose in every region.  July’s national price increase marks 101 straight months of gains. For the first time ever, national median home prices breached the $300,000 level.

The only region that did not show a gain for July was the Northeast, which actually showed a year-over-year decline of 5.9%, even though the median price of a home increase 4% to $317,000.  It should be noted the severity of the pandemic on the East Coast caused Governors to virtually shut down the real estate market in mid-March, April and May.  This shut down of business negatively impacted results for March, April, May, and June, pushed closing forward, which negatively impacted the year-over-year results for the Northeast. July results showed a turnaround of activity and sales closings.

Our experience on the North Fork certainly reflects this – very little business was done in March - May.  However, we have been experiencing a significant bounce-back in the last 2-3 months which has created a bubble in sales. Combine that with high demand for homes on the North Fork by city dwellers, we predict sales increases to continue for the next few months.

This is new territory for all of us.  It’s difficult to say how long this surge in sales will continue.  There are so many unknowns with the COVID-19 virus. So, my best advice is if you’re planning to sell – do it sooner rather than later. “Carpe Diem” – seize the day, seize the moment and benefit from the momentum of the positive results in low level of contagion in the New York area and the current wave of demand.

Source: RIS Media, Record-Setting: Existing-Home Sales Soar 24.7 Percent in July, August 21, 2020.

 

LIVING AND WORKING WITH OUR NEW REALITY – COVID-19

            For most of 2020 to date, we have been coping with coronavirus - a virus that can be difficult to detect, spreads quickly, and affects humans differently.  Some people become quite ill and sadly die. Some people carry the virus with no symptoms and sadly infect others unknowingly.

In New York, we have been blessed with good leadership and good citizenship.  To date we have overcome, hopefully, the worst and are controlling the level of contagion.  We have been responsive to the precautions we have been asked to take: wear a mask, social distance, wash your hands, use hand sanitizer, disinfect surfaces, and quarantine when necessary.

In other states there has been varying degrees of compliance and varying degrees of success in slowing the spread of COVID-19.  Some states like Florida have had increasing number of deaths.

It’s very clear that compliance with COVID guidelines does make a difference.  And it will make a big difference in helping this country get back to business until a vaccine is developed, tested and produced for the global population.   Because it’s clear that all human beings must work together to do their part in protecting themselves and their neighbors if we are going to eradicate this coronavirus menace. It’s also clear that even when we lick this, we will still need to put in place guidelines that will protect us from the rapid spread of any new threat that may present itself.

So PLEASE do your part.  It’s not a matter of freedom, it’s matter of protecting yourself, your family and your neighbor!  

“ ‘Love the Lord your God with all your heart, and with all your soul, and with all your mind.’ This is the first and greatest commandment.  And the second is like it, ‘Love your neighbor as yourself.’  On these two commandments hang all the law and the prophets.” Matthew 22:37-40.