January 2021 Market Update – Pandemic Forbearance Rates
January Market Update – Forbearance Rates During the COVID-19 Pandemic
In this month’s market update we dive into mortgage forbearance rates during the COVID-19 crisis.
Inventory: Inventory in months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.
Historically, six months of supply is associated with moderate price appreciation, and a lower level of months’ supply tends to push prices up more rapidly
Sale Price: The average sale price is calculated by adding all the sale prices for homes sold in a specific area within a specified time frame and dividing that total by the number of properties sold.
The median sale price, on the other hand, is the sale price in the middle of the data set when you arrange all the sale prices from low to high.
Both the average sale price and median sale price can be valuable when you’re trying to determine how much you could expect to spend on a home in a particular area.
It’s important to remember that the average sale price may be skewed due to outliers in the data (if a property has sold for a price far higher or lower than typical for the area).
Coos and Curry County data sourced from RMLS.com and national data from Keeping Current Matters.