April 2020 Market Update
In this newsletter, we provide important updates on how the global pandemic continues to impact the Peninsula housing market. This month’s topics include:
- Key News and Trends Impacting Your Local Market: Banks begin to tighten mortgage lending standards after measures to contain the virus put over 22 million people out of work as of April 11; and requests for mortgage forbearance skyrocket as homeowners question when the pandemic will end.
- April Housing Market Update: Measured weekly, homes sales fell steeply the first week of April; March data still illustrates a pre-virus market as home prices trend upward and DOM fell as home sold quicker compared to this time last year.