Key Highlights
- Median home prices remained constant or dropped from April to May 2020, according to ATTOM Data Solutions
- Analysis included metro areas throughout the country
- Downward shifts marking change from price jumps in early 2020
In the blink of an eye as everything else related to the COVID pandemic, ATTOM Data Solutions found that median home prices stayed the same or dropped in some parts of the country from April to May 2020. This, according to ATTOM, is the first sign of an abrupt halt to the housing market’s upward price trajectory for the past eight years.
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ATTOM found that sales figures in 17 states and half of the metro areas with enough transaction data to analyze saw median home prices remain the same or drop. This price constancy or decline is in sharp contrast to the usual winter to spring price gains of 2%-6% seen in single-family home and condo sales.
ATTOM was quick to indicate that this price shift is not uniform throughout the country but mixed as 47% of the metros analyzed “shrugged off” the pandemic with home price gains of at least +5% in May. Home prices in the Northeast and Midwest were only mildly touched while home prices in the South and West were hard hit. Take a look:
– New York City +8.5%
– Los Angeles -1.5%
– Chicago -2.9%
– Dallas +1.6%
– Houston -0.8%
– Washington DC -6%
– Miami -3.2%
– Philadelphia -13.9%***
– Atlanta -2.2%
– Boston -1%
Meanwhile, the nosedive in sales numbers continued from March through May, as did social distancing and soaring unemployment rates. Sales numbers were down -31% in the West, -44% in the Northeast and the South and -53% in the Midwest.
In eight of the most populous metro areas, prices dropped in May. Philadelphia was the winning loser with a -14% drop in home prices, Washington DC home prices dropped by -6% and Miami home prices dropped by -3%.
New York City saw its home prices increase +9% in May and Dallas home prices increased +2%.
State sales and prices looked like this in May:
- Pennsylvania saw median home prices drop -8%
- Louisiana saw median home prices drop -7%
- California saw home prices drop -4%
- Washington and South Carolina saw home prices rise +10%
- New York State saw median home prices increase +9%
Thanks to ATTOM Data Solutions.
Also read: Affordability Up +31% from One Year Ago, Salaries Needed to Afford Home Payments in 15 Largest US Cities, Housing Markets in Northeast & Florida Extremely Vulnerable to COVID-19 Impacts
