SEATTLE, July 10, 2020 /PRNewswire/ -- Sellers
have the upper hand in today's housing market, according to
Zillow's Weekly Market Reporti. Despite a dip in newly
pending sales, homes are flying off the market at a record pace and
inventory remains incredibly scarce.
Homes are being snatched up at a record pace
- Homes once again went under contract at their fastest pace
since at least 2018 (when Zillow began tracking the data), tying a
record set last week.
- Homes sold in the week ending July
4 were typically on the market for 20 days before a contract
to sell was signed, a full week faster than the same period last
year. And they are typically selling after only five days in
Kansas City, Cincinnati and Indianapolis.
- Newly pending sales fell 4% from the previous week -- the
second consecutive weekly drop -- and remained steady from a
month earlier.
The housing market continues to be starved for
inventory
- New for-sale listings dropped 1.5% from the previous week. They
are now 7.9% below last month's level, and down 27.2% from a year
ago.
- Total for-sale inventory is 22.4% lower than during the same
week last year.
Few price cuts show the market has tilted in favor of
sellers
- Housing demand is clearly outstripping supply, as demonstrated
in this week's sales and inventory figures. Sellers are reacting by
more often holding steady with their list price -- only 4.1% of
active listings had undergone at least one price cut last week,
down from 5.6% a year earlier.
- The median list price grew again to $338,760, up 0.5% from the previous week and 4.3%
year over year. High-end homes are coming onto the market at a
greater rate than more-affordable homes, helping to drive up the
median list price.
Metropolitan
Area
|
Newly
Pending
Sales -
MoM
|
Newly
Pending
Sales -
WoW
|
Median
Days to
Pending
|
New For-
Sale
Listings -
YoY
|
New For-
Sale
Listings -
WoW
|
Total
For-Sale
Listings -
YoY
|
Median
List Price -
YoY
|
United
States
|
0.0%
|
-4.0%
|
20
|
-27.2%
|
-1.5%
|
-22.4%
|
4.3%
|
New York,
NY
|
19.2%
|
2.2%
|
44
|
-5.8%
|
-5.4%
|
-24.7%
|
3.4%
|
Los Angeles-
Long Beach-
Anaheim, CA
|
13.9%
|
-4.1%
|
19
|
-16.0%
|
-1.1%
|
-26.0%
|
9.3%
|
Chicago,
IL
|
11.6%
|
0.2%
|
17
|
-15.2%
|
-6.3%
|
-22.7%
|
0.2%
|
Dallas-Fort
Worth, TX
|
-3.3%
|
-0.6%
|
29
|
-27.4%
|
0.4%
|
-16.0%
|
0.4%
|
Philadelphia,
PA
|
0.5%
|
-5.6%
|
17
|
-20.6%
|
-5.5%
|
-34.3%
|
12.2%
|
Houston,
TX
|
-7.8%
|
-3.4%
|
25
|
-28.1%
|
5.7%
|
-15.4%
|
1.7%
|
Washington,
DC
|
1.0%
|
1.9%
|
12
|
-27.8%
|
-2.4%
|
-33.1%
|
10.6%
|
Miami-Fort
Lauderdale, FL
|
14.4%
|
3.4%
|
43
|
-15.5%
|
-1.4%
|
-9.7%
|
-0.2%
|
Atlanta,
GA
|
-0.4%
|
-6.6%
|
34
|
-29.4%
|
-1.4%
|
-9.1%
|
0.5%
|
Boston, MA
|
10.6%
|
4.7%
|
11
|
-29.2%
|
-35.0%
|
-24.8%
|
8.0%
|
San Francisco,
CA
|
6.2%
|
6.0%
|
13
|
21.8%
|
-14.8%
|
-11.3%
|
10.1%
|
Detroit,
MI
|
-8.9%
|
-5.1%
|
11
|
-23.5%
|
-4.4%
|
-23.0%
|
4.1%
|
Riverside,
CA
|
-1.8%
|
-0.8%
|
21
|
-20.3%
|
7.3%
|
-34.4%
|
5.3%
|
Phoenix,
AZ
|
-14.4%
|
-9.4%
|
24
|
-17.0%
|
5.7%
|
-24.8%
|
8.6%
|
Seattle,
WA
|
9.2%
|
7.4%
|
6
|
-17.5%
|
-8.3%
|
-38.4%
|
5.6%
|
Minneapolis-St.
Paul, MN
|
3.8%
|
-4.1%
|
18
|
-15.7%
|
-17.4%
|
-19.2%
|
4.0%
|
San Diego,
CA
|
N/A
|
N/A
|
12
|
-23.5%
|
-2.6%
|
-33.5%
|
8.2%
|
St. Louis,
MO
|
7.1%
|
4.1%
|
7
|
-29.7%
|
-0.2%
|
-26.7%
|
7.0%
|
Tampa, FL
|
N/A
|
N/A
|
24
|
-17.8%
|
1.6%
|
-23.4%
|
2.0%
|
Baltimore,
MD
|
5.4%
|
-1.6%
|
18
|
-24.6%
|
8.2%
|
-38.8%
|
4.2%
|
Denver, CO
|
-0.1%
|
-2.5%
|
9
|
-27.5%
|
-13.6%
|
-20.4%
|
5.9%
|
Pittsburgh,
PA
|
N/A
|
N/A
|
10
|
-11.6%
|
0.9%
|
-24.4%
|
13.3%
|
Portland,
OR
|
5.6%
|
6.0%
|
8
|
-26.6%
|
-6.7%
|
-24.6%
|
1.8%
|
Charlotte,
NC
|
-2.7%
|
1.3%
|
11
|
-33.7%
|
-3.4%
|
-30.0%
|
5.2%
|
Sacramento,
CA
|
11.9%
|
-1.9%
|
13
|
-26.9%
|
2.6%
|
-23.5%
|
2.7%
|
San Antonio,
TX
|
N/A
|
N/A
|
31
|
-27.3%
|
1.0%
|
-11.8%
|
2.3%
|
Orlando,
FL
|
N/A
|
N/A
|
22
|
-14.8%
|
7.0%
|
-12.1%
|
0.1%
|
Cincinnati,
OH
|
-2.4%
|
-8.8%
|
5
|
-19.8%
|
4.5%
|
-31.3%
|
17.2%
|
Cleveland,
OH
|
0.7%
|
3.3%
|
15
|
-25.8%
|
-3.0%
|
-35.7%
|
9.9%
|
Kansas City,
MO
|
1.3%
|
-5.8%
|
5
|
-32.2%
|
-7.2%
|
-32.7%
|
12.1%
|
Las Vegas,
NV
|
-6.4%
|
-3.4%
|
30
|
-21.0%
|
9.3%
|
-22.4%
|
3.2%
|
Columbus,
OH
|
5.8%
|
-8.2%
|
6
|
-33.1%
|
-5.5%
|
-29.6%
|
7.1%
|
Indianapolis,
IN
|
-12.8%
|
-4.4%
|
5
|
-29.8%
|
-12.4%
|
-29.9%
|
11.4%
|
San Jose,
CA
|
-19.8%
|
-14.6%
|
20
|
25.7%
|
-16.1%
|
-26.4%
|
7.0%
|
Austin, TX
|
-10.9%
|
-9.9%
|
10
|
-20.8%
|
-1.1%
|
-18.2%
|
9.4%
|
Virginia Beach,
VA
|
N/A
|
N/A
|
56
|
-11.8%
|
6.0%
|
-32.7%
|
9.4%
|
Nashville,
TN
|
N/A
|
N/A
|
34
|
-36.8%
|
-4.9%
|
-5.6%
|
1.9%
|
Providence,
RI
|
-1.6%
|
3.2%
|
20
|
-19.0%
|
-6.3%
|
-30.9%
|
8.4%
|
Milwaukee,
WI
|
N/A
|
N/A
|
30
|
-12.2%
|
-6.8%
|
-12.9%
|
6.9%
|
Jacksonville,
FL
|
-8.0%
|
-3.0%
|
24
|
-23.6%
|
7.2%
|
-20.9%
|
2.7%
|
Memphis,
TN
|
N/A
|
N/A
|
9
|
-25.6%
|
-5.6%
|
-32.4%
|
10.2%
|
Oklahoma City,
OK
|
N/A
|
N/A
|
11
|
-20.4%
|
3.4%
|
-22.2%
|
10.5%
|
Louisville,
KY
|
0.5%
|
1.4%
|
9
|
-26.1%
|
2.2%
|
-33.1%
|
3.1%
|
Hartford,
CT
|
0.1%
|
1.0%
|
9
|
-23.1%
|
-7.0%
|
-37.0%
|
8.8%
|
Richmond,
VA
|
N/A
|
N/A
|
6
|
-19.1%
|
9.1%
|
-24.5%
|
9.1%
|
New Orleans,
LA
|
-20.1%
|
-21.7%
|
21
|
-27.9%
|
14.1%
|
-29.5%
|
5.8%
|
Buffalo,
NY
|
36.2%
|
2.8%
|
9
|
-25.4%
|
-10.9%
|
-26.2%
|
8.4%
|
Raleigh,
NC
|
1.3%
|
7.4%
|
7
|
-31.1%
|
3.4%
|
-25.6%
|
3.1%
|
Birmingham,
AL
|
-0.8%
|
-8.3%
|
17
|
-20.2%
|
-10.5%
|
-25.9%
|
4.3%
|
Salt Lake City,
UT
|
10.5%
|
-0.8%
|
12
|
-38.8%
|
-16.3%
|
-31.4%
|
6.1%
|
*Table ordered by
market size
|
About Zillow
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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
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In addition to for-sale and rental listings, Zillow Offers buys
and sells homes directly in dozens of markets across the country,
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our affiliate lender, provides our customers with an easy option to
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Millions of people visit Zillow Group sites every month to start
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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, days
to pending and median list price data reflect weekly counts using a
smoothed, four-week trailing average. For more information, visit
www.zillow.com/research/.
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SOURCE Zillow