SEATTLE, July 24, 2020 /PRNewswire/ -- More homes went
under contract last week than the week prior, and the housing
market kept up its blistering pace, according to Zillow's Weekly
Market Reporti. Homes that sold last week were on the
market for just more than two weeks, tying a record pace in Zillow
data that dates back to 2019.
Newly pending sales return to strong weekly growth
- After falling week-over-week in the past four Weekly Market
Reports, newly pending sales rose 10.9% this time around. They
remain 2.4% below the previous month.
- Even with this increased volume, homes continued to fly off the
market quickly. Homes that were sold last week typically went under
contract after just 15 daysii, same as the previous week
and eight days faster than last year.
With sales strong and no uptick in new listings, inventory
falls to new record low
- New for-sale listings dropped 0.2% from the previous week, and
are now down 14.6% year over year.
- For-sale inventory continues to fall, down 0.9% week over week
and 3.3% from the previous month. The uptick in sales pushed total
inventory down more than new listings last week.
- There are now 25.5% fewer homes on the market than this time
last year.
Prices continue to rise
- In the first week of June, the median sale price was
$262,600, up 1% year over
year.
- As of last week, the median list price was up 5.3% higher than
a year earlier, now at $341,640.
- With demand strong, only 4.2% of listings had cut their price.
That's 1.3 percentage points lower than the same week a year
ago.
Virtual home buying and selling is growing in
popularity
- Americans say they are more likely to buy or sell a home
virtually, and virtual tours have become more popular during the
coronavirus pandemic, according to a new Zillow
surveyiii.
- More than a third of Americans (36%) say they are more likely
to try to buy a home entirely online during the coronavirus
pandemic, and 30% say after the current outbreak ends, they would
do the same.
- During the pandemic, 43% say they are more likely to try to
sell a home entirely online. When the current outbreak ends, 33%
anticipate they would still be more likely to try and sell a home
entirely online.
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 Sale
Price***
|
Median Sale Price
- YoY***
|
United
States
|
-2.4%
|
10.9%
|
15
|
-14.6%
|
-0.2%
|
-25.5%
|
$262,600
|
1.0%
|
New York,
NY
|
14.1%
|
1.4%
|
28
|
2.3%
|
-5.8%
|
-22.2%
|
$428,540
|
4.4%
|
Los Angeles-Long
Beach-Anaheim, CA
|
6.5%
|
10.5%
|
14
|
-10.1%
|
0.5%
|
-27.1%
|
$658,150
|
1.1%
|
Chicago,
IL
|
-3.9%
|
14.9%
|
14
|
-3.4%
|
-6.9%
|
-24.2%
|
$249,100
|
0.5%
|
Dallas-Fort Worth,
TX
|
-4.8%
|
6.2%
|
24
|
-18.7%
|
-3.2%
|
-21.4%
|
$280,539
|
-0.2%
|
Philadelphia,
PA
|
0.3%
|
13.9%
|
10
|
-13.6%
|
-0.5%
|
-35.0%
|
$259,360
|
3.6%
|
Houston,
TX
|
-5.8%
|
9.2%
|
19
|
-14.8%
|
9.2%
|
-20.5%
|
$247,785
|
-0.1%
|
Washington,
DC
|
-0.9%
|
15.5%
|
8
|
-15.6%
|
-1.5%
|
-34.2%
|
$428,260
|
1.4%
|
Miami-Fort
Lauderdale, FL
|
-5.2%
|
3.0%
|
33
|
-11.9%
|
-3.4%
|
-10.6%
|
$311,540
|
8.2%
|
Atlanta,
GA
|
-2.7%
|
-2.5%
|
17
|
-16.2%
|
3.9%
|
-15.4%
|
$261,069
|
0.8%
|
Boston, MA
|
-5.6%
|
40.3%
|
9
|
-6.8%
|
-3.7%
|
-24.5%
|
$496,240
|
4.3%
|
San Francisco,
CA
|
-2.1%
|
6.7%
|
12
|
-0.8%
|
1.4%
|
-10.0%
|
$840,500
|
-2.0%
|
Detroit,
MI
|
5.1%
|
23.3%
|
9
|
-15.5%
|
-1.1%
|
-27.6%
|
$201,790
|
-0.1%
|
Riverside,
CA
|
-2.3%
|
-0.3%
|
13
|
-16.5%
|
7.8%
|
-39.9%
|
$386,350
|
3.0%
|
Phoenix,
AZ
|
-10.2%
|
6.8%
|
16
|
-1.1%
|
8.2%
|
-27.8%
|
$300,750
|
3.1%
|
Seattle,
WA
|
5.7%
|
19.5%
|
6
|
-15.8%
|
2.6%
|
-38.6%
|
$506,247
|
-0.7%
|
Minneapolis-St. Paul,
MN
|
3.3%
|
6.5%
|
18
|
-5.0%
|
-9.3%
|
-22.6%
|
$294,625
|
4.7%
|
San Diego,
CA
|
N/A
|
N/A
|
9
|
-10.7%
|
-1.2%
|
-36.6%
|
$598,400
|
2.9%
|
St. Louis,
MO
|
1.1%
|
16.1%
|
7
|
-14.5%
|
-0.6%
|
-28.4%
|
$203,672
|
3.1%
|
Tampa, FL
|
N/A
|
N/A
|
12
|
-10.9%
|
-1.1%
|
N/A
|
$243,749
|
7.7%
|
Baltimore,
MD
|
-2.6%
|
12.1%
|
12
|
-21.1%
|
1.2%
|
-41.0%
|
$303,858
|
-0.2%
|
Denver, CO
|
-4.2%
|
30.8%
|
7
|
6.8%
|
0.2%
|
-24.8%
|
$437,580
|
1.2%
|
Pittsburgh,
PA
|
N/A
|
N/A
|
8
|
8.6%
|
2.0%
|
-25.3%
|
$183,980
|
1.6%
|
Portland,
OR
|
-1.7%
|
23.7%
|
7
|
-25.9%
|
-2.7%
|
-28.7%
|
$415,500
|
1.4%
|
Charlotte,
NC
|
-8.4%
|
0.4%
|
7
|
-23.9%
|
10.8%
|
-36.0%
|
$261,000
|
-1.2%
|
Sacramento,
CA
|
1.2%
|
6.1%
|
9
|
-17.0%
|
5.0%
|
-30.5%
|
$432,750
|
2.1%
|
San Antonio,
TX
|
N/A
|
N/A
|
29
|
-28.7%
|
-5.9%
|
-18.3%
|
$244,260
|
3.1%
|
Orlando,
FL
|
N/A
|
N/A
|
13
|
-9.8%
|
-3.7%
|
-15.2%
|
$268,980
|
5.0%
|
Cincinnati,
OH
|
-1.7%
|
6.5%
|
4
|
-14.0%
|
-2.0%
|
-34.1%
|
$199,720
|
7.0%
|
Cleveland,
OH
|
4.7%
|
5.2%
|
16
|
-18.6%
|
2.3%
|
-36.5%
|
$165,080
|
3.5%
|
Kansas City,
MO
|
-0.8%
|
18.8%
|
5
|
-21.4%
|
0.4%
|
-36.4%
|
$243,773
|
3.7%
|
Las Vegas,
NV
|
-5.7%
|
-6.9%
|
22
|
-13.3%
|
5.1%
|
-26.1%
|
$302,894
|
2.0%
|
Columbus,
OH
|
-4.0%
|
11.4%
|
4
|
-18.9%
|
-3.3%
|
-32.7%
|
$223,770
|
2.9%
|
Indianapolis,
IN
|
-9.2%
|
10.5%
|
5
|
-19.7%
|
-4.0%
|
-34.2%
|
$212,756
|
8.9%
|
San Jose,
CA
|
2.8%
|
7.6%
|
19
|
9.3%
|
6.3%
|
-26.8%
|
$1,134,580
|
2.7%
|
Austin, TX
|
-18.6%
|
-2.3%
|
8
|
-21.4%
|
-0.5%
|
-24.3%
|
$338,935
|
1.4%
|
Virginia Beach,
VA
|
N/A
|
N/A
|
40
|
2.2%
|
-5.5%
|
-34.4%
|
$265,900
|
2.2%
|
Nashville,
TN
|
N/A
|
N/A
|
33
|
-21.9%
|
-8.8%
|
-9.9%
|
$304,578
|
0.7%
|
Providence,
RI
|
-0.3%
|
22.7%
|
14
|
-11.2%
|
12.7%
|
-32.1%
|
$306,700
|
3.7%
|
Milwaukee,
WI
|
N/A
|
N/A
|
30
|
-26.9%
|
-3.6%
|
-11.7%
|
$246,180
|
4.8%
|
Jacksonville,
FL
|
-8.2%
|
11.5%
|
17
|
-15.1%
|
5.2%
|
-27.2%
|
$256,068
|
2.6%
|
Memphis,
TN
|
N/A
|
N/A
|
5
|
-9.8%
|
7.3%
|
-35.0%
|
$204,200
|
4.0%
|
Oklahoma City,
OK
|
N/A
|
N/A
|
9
|
-12.4%
|
6.7%
|
-25.9%
|
$193,990
|
3.5%
|
Louisville,
KY
|
-7.1%
|
13.8%
|
7
|
-25.7%
|
-2.4%
|
-36.2%
|
$201,730
|
2.1%
|
Hartford,
CT
|
-3.6%
|
1.7%
|
9
|
-6.2%
|
9.5%
|
-38.7%
|
$237,500
|
2.3%
|
Richmond,
VA
|
N/A
|
N/A
|
6
|
-22.4%
|
-2.0%
|
-28.7%
|
$276,000
|
6.7%
|
New Orleans,
LA
|
-5.6%
|
2.3%
|
18
|
-9.6%
|
9.4%
|
-33.2%
|
$221,264
|
6.6%
|
Buffalo,
NY
|
-12.1%
|
12.9%
|
9
|
-1.8%
|
16.1%
|
-29.0%
|
$173,119
|
5.4%
|
Raleigh,
NC
|
-3.3%
|
21.0%
|
5
|
-4.6%
|
5.4%
|
-31.5%
|
$298,790
|
1.7%
|
Birmingham,
AL
|
17.9%
|
18.1%
|
9
|
-6.6%
|
8.3%
|
-29.9%
|
$219,348
|
-0.5%
|
Salt Lake City,
UT
|
-2.5%
|
19.4%
|
8
|
-35.7%
|
-4.9%
|
-35.7%
|
$356,180
|
4.1%
|
*Table ordered by
market size
|
**The Days to
Pending metric has been restated as of this week's report,
generally producing lower values
|
***Sales price
data as of the week ending June 6
|
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
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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
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Millions of people visit Zillow Group sites every month to start
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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/.
|
ii Due to
a methodology improvement, the Days to Pending time series has been
restated. Generally, the restatement produced lower numbers (i.e.,
homes were sold faster) than previously reported.
|
iii Data
was collected by Zillow Group Population Science from a survey of
2,600 U.S. adults recruited and interviewed between May 11th,
2020 and May 15th, 2020. Respondents were recruited from
multiple general population internet respondent panels of U.S.
adults from the contiguous United States. To promote the
representativeness of the estimates, the sample data was weighted
to align with key U.S. Census demographic benchmarks observed in
the target population.
|
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SOURCE Zillow