Having dropped over 32 percent from March through May, the seasonally adjusted pace of existing-home sales across the U.S. rebounded 20.7 percent in June to an annual rate of 4.72 million sales, according to the National Association of Realtors.
That being said, the current pace is still down 11.3 percent on a year-over-year basis with the pace out West still down 13.6 percent (having rebounded 31.9 percent in June).
And while listed inventory levels are currently down 18.2 percent on a year-over-year basis nationwide, they’re up 100 percent in San Francisco.
A 32% decline needs a 47% increase to reach parity (so that the rebound isn’t the 2/3 it might appear at first glance…but really only about half that).
And in fact, despite having rebounded 21 percent, the current pace is still 18 percent below its mark at the end of February.
Some of this is due to delayed purchasing. A friend moving to Maine placed his bid in March but he could not close until June because of Covid-19. A positive for him was that banks tightened borrowing requirements so the seller actually lowered the price to reflect the lower appraisal of the home based on a post-Covid-19 market.