SEATTLE, June 19, 2020 /PRNewswire/ -- Home buyer
demand continues to grow, but their choices became even more slim
last week, according to Zillow's Weekly Market Reporti.
Newly pending sales rose from the previous week, but new listings
and total listings fell.
Newly pending sales continue slow climb
- Newly pending sales grew 2.8% week over week, and were 17.7%
higher than a month earlier.
- Among the 35 largest U.S. metros, newly pending sales have
grown the most since last month in Philadelphia (up 62.7% month over month),
New York (up 58.1%) and
Miami (up 37.9%).
Inventory took a small step back last week
- Total for-sale inventoryii fell by 0.4% from the
previous week, and is now 17.1% below last year's level.
- 3.8% fewer new listings came onto the market than the week
prior. New listings are up 13.9% month over month, but down 16.6%
annually.
List prices continue to rise, but home values may be on the
verge of a modest fall
- The median list price is $332,680, up 2.5% year over year and 0.8% from
the previous week.
- Despite the continued growth of list prices, Zillow's May Real
Estate Market Report may have revealed the first indication that
home values will fall in the second half of the year. The
month-over-month change in home values slowed noticeably from April
to May.
- The most recent forecast from Zillow's economic research team
shows an expected 1.8% drop in prices from April to October 2020, with a steady recovery through
2021.
Metropolitan
Area*
|
Newly
Pending
Sales -
MoM
|
Newly
Pending
Sales -
WoW
|
Total For-
Sale
Listings -
YoY
|
New For-
Sale
Listings -
YoY
|
New For-
Sale
Listings -
MoM
|
Median
List Price -
YoY
|
United
States
|
17.7%
|
2.8%
|
-17.1%
|
-16.6%
|
13.9%
|
2.5%
|
New York,
NY
|
58.1%
|
-1.6%
|
-27.4%
|
-6.1%
|
57.8%
|
2.2%
|
Los Angeles,
CA
|
33.9%
|
7.6%
|
-25.7%
|
-12.5%
|
13.9%
|
6.5%
|
Chicago,
IL
|
31.2%
|
4.8%
|
-20.3%
|
-9.3%
|
29.8%
|
-2.8%
|
Dallas-Fort Worth,
TX
|
14.3%
|
2.9%
|
-7.8%
|
-13.5%
|
6.4%
|
-2.4%
|
Philadelphia,
PA
|
62.7%
|
3.4%
|
-34.3%
|
-6.9%
|
37.1%
|
10.9%
|
Houston,
TX
|
18.4%
|
4.6%
|
-5.8%
|
-17.8%
|
1.5%
|
-0.7%
|
Washington,
DC
|
8.1%
|
6.6%
|
-30.0%
|
-19.4%
|
13.1%
|
7.9%
|
Miami-Fort
Lauderdale, FL
|
37.9%
|
14.9%
|
-9.9%
|
-3.4%
|
27.2%
|
-0.6%
|
Atlanta,
GA
|
5.6%
|
1.1%
|
1.0%
|
-19.0%
|
22.6%
|
-2.7%
|
Boston, MA
|
30.9%
|
6.8%
|
-26.6%
|
-23.7%
|
15.9%
|
5.4%
|
San Francisco,
CA
|
N/A
|
N/A
|
-13.0%
|
0.2%
|
16.7%
|
5.9%
|
Detroit,
MI
|
15.0%
|
-3.6%
|
-14.6%
|
-16.5%
|
-8.2%
|
-1.5%
|
Riverside,
CA
|
34.6%
|
2.1%
|
-27.2%
|
-19.1%
|
7.4%
|
3.1%
|
Phoenix,
AZ
|
20.3%
|
6.1%
|
-21.5%
|
-9.8%
|
5.2%
|
5.8%
|
Seattle,
WA
|
21.7%
|
9.7%
|
-36.0%
|
-26.9%
|
10.9%
|
3.1%
|
Minneapolis-St. Paul,
MN
|
5.3%
|
0.0%
|
-12.4%
|
-5.2%
|
10.5%
|
2.2%
|
San Diego,
CA
|
N/A
|
N/A
|
-28.1%
|
-16.6%
|
17.2%
|
3.7%
|
St. Louis,
MO
|
4.4%
|
6.7%
|
-23.4%
|
-21.0%
|
6.9%
|
6.0%
|
Tampa, FL
|
N/A
|
N/A
|
-13.9%
|
-18.3%
|
2.4%
|
-0.3%
|
Baltimore,
MD
|
10.4%
|
0.1%
|
-34.4%
|
-19.9%
|
10.7%
|
4.0%
|
Denver, CO
|
13.7%
|
10.2%
|
-11.4%
|
-15.5%
|
3.9%
|
3.7%
|
Pittsburgh,
PA
|
N/A
|
N/A
|
-17.5%
|
-1.1%
|
34.0%
|
8.1%
|
Portland,
OR
|
25.5%
|
9.2%
|
-17.7%
|
-29.2%
|
11.9%
|
0.2%
|
Charlotte,
NC
|
-1.0%
|
-0.4%
|
-19.7%
|
-22.9%
|
-8.5%
|
2.1%
|
Sacramento,
CA
|
35.6%
|
16.8%
|
-15.5%
|
-16.6%
|
13.6%
|
2.4%
|
San Antonio,
TX
|
N/A
|
N/A
|
0.1%
|
-17.6%
|
9.5%
|
0.6%
|
Orlando,
FL
|
N/A
|
N/A
|
-5.7%
|
-17.9%
|
5.5%
|
-1.3%
|
Cincinnati,
OH
|
3.5%
|
-6.1%
|
-25.7%
|
-22.9%
|
7.9%
|
14.5%
|
Cleveland,
OH
|
15.5%
|
0.7%
|
-34.9%
|
-18.4%
|
20.2%
|
7.5%
|
Kansas City,
MO
|
17.8%
|
10.2%
|
-27.1%
|
-22.8%
|
9.5%
|
8.5%
|
Las Vegas,
NV
|
28.8%
|
-0.1%
|
-17.4%
|
-26.2%
|
4.5%
|
1.2%
|
Columbus,
OH
|
16.1%
|
18.0%
|
-23.7%
|
-20.5%
|
3.6%
|
5.2%
|
Indianapolis,
IN
|
14.1%
|
-0.4%
|
-21.7%
|
-26.0%
|
-2.5%
|
6.8%
|
San Jose,
CA
|
N/A
|
N/A
|
-23.9%
|
-9.2%
|
8.5%
|
1.8%
|
Austin, TX
|
21.1%
|
2.3%
|
-4.5%
|
-25.8%
|
5.3%
|
4.2%
|
|
*Metropolitan
areas ordered by market size
|
About Zillow
Zillow, the top real estate website in
the U.S., is building an on-demand real estate experience. Whether
selling, buying, renting or financing, customers can turn to
Zillow's businesses to find and get into their next home with
speed, certainty and ease.
In addition to for-sale and rental listings, Zillow Offers buys
and sells homes directly in dozens of markets across the country,
allowing sellers control over their timeline. Zillow Home Loans,
our affiliate lender, provides our customers with an easy option to
get pre-approved and secure financing for their next home
purchase.
Millions of people visit Zillow Group sites every month to start
their home search, and now they can rely on Zillow to help them
finish it — with the same confidence, ease and empowerment they've
come to expect from real estate's most trusted brand.
Launched in 2006, Zillow is owned and operated by Zillow Group,
Inc. (NASDAQ:Z and ZG) and headquartered in Seattle.
Zillow and Zillow Offers are registered trademarks of Zillow,
Inc.
________________________
|
i The
Zillow Weekly Market Reports are a weekly overview of the national
and local real estate markets. The reports are compiled by Zillow
Economic Research and data is aggregated from public sources and
listing data on Zillow.com. Newly pending sales and new for-sale
listings data reflect daily counts using a smoothed, seven-day
trailing average. Total for-sale listings and median list price
data reflect weekly counts using a smoothed, four-week trailing
average. For more information, visit
www.zillow.com/research/.
|
ii
Beginning with this report, total for-sale inventory numbers
reflect weekly counts using a smoothed, four-week trailing average.
Previous Zillow Weekly Market Reports have reported this metric
using a smoothed, seven-day trailing average.
|
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SOURCE Zillow