SEATTLE, Aug. 28, 2020 /PRNewswire/ -- Home seller
confidence is growing and the number of new homes on the market is
recovering closer to levels seen last year, according to Zillow's
Weekly Market Reporti. Still, buyer demand is outpacing
this new supply as newly pending sales are up big in year-over-year
numbers, driven partly by mortgage rates that fell even further
this week.
Buyer demand is holding strong
- Newly pending sales were up 16.5% from the same week last year
as strong buyer demand is continuing into the late summer. That's
the biggest year-over-year jump since mid-February, before the
coronavirus pandemic took hold.
- Home sellers that accepted an offer last week typically did so
after 13 days, which is 13 days faster than a year ago.
More sellers are entering the market, but demand is still
outpacing supply
- New for-sale listings were down 10.6% year over year last week.
That's the narrowest gap since late March, a possible sign that
sellers are belatedly entering the market as home shopping season
extends later in the year than usual.
- Fannie Mae's National Housing Survey shows confidence is
growing that now is a good time to sell a home. In July, 45% of
respondents shared that belief, up from 41% in June and a recent
low of 29% in April.
- Still, due to the pace of pending sales, total for-sale
inventory fell further below last year's level. As of last week,
there were 28.9% fewer homes on the market than a year
ago.
Last week marked biggest year-over-year list price growth
since summer 2019
- The median U.S. list price is $345,255, 8.3% higher than a year ago. That's the
biggest annual change since the week ending July 13, 2019.
- The share of listings with a price cut is holding steady at
4.2%, which is down from 5.7% at this time last year.
- In the week ending July 11, the
median sale price of U.S. homes was $277,500, a 5.1% year-over-year
increase.
Mortgage rates dip lower after FHFA fee delay
- Mortgage rates listed by third-party lenders on
Zillowii fell sharply midweek after the Federal Housing
Finance Agency announced a delay in its new 0.5% fee on some
refinances. The Adverse Market Refinance Fee, which applies to all
mortgage refinances serviced by government entities, will be
delayed to December 1, rather than
September 1.
- Additionally, Federal Reserve Chairman Jerome Powell formally announced a policy shift
that will allow for higher inflation in some cases, which is
expected to keep interest rates low for a sustained period. The
immediate impact on mortgage rates will likely be negligible, and
longer-term it's possible this actually moves mortgage rates higher
depending on other factors, such as the pace of the economic
recovery.
Metropolitan
Area*
|
Newly
Pending
Sales -
YoY
|
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
|
16.5%
|
-0.7%
|
13
|
-10.6%
|
0.9%
|
-28.9%
|
$277,500
|
5.1%
|
New York/Newark,
NY/NJ
|
41.5%
|
-2.4%
|
29
|
9.4%
|
-0.2%
|
-16.2%
|
$447,500
|
2.7%
|
Los Angeles,
CA
|
3.8%
|
-1.1%
|
13
|
1.4%
|
-1.0%
|
-26.4%
|
$699,000
|
4.6%
|
Chicago,
IL
|
40.1%
|
-1.7%
|
13
|
0.7%
|
-0.3%
|
-26.9%
|
$258,374
|
3.3%
|
Dallas-Fort Worth,
TX
|
21.7%
|
-3.1%
|
23
|
-20.9%
|
-0.9%
|
-27.7%
|
$297,250
|
6.3%
|
Philadelphia,
PA
|
25.1%
|
-2.7%
|
9
|
-3.5%
|
-4.7%
|
-38.6%
|
$270,625
|
1.5%
|
Houston,
TX
|
22.8%
|
-0.9%
|
16
|
-23.9%
|
-5.4%
|
-24.4%
|
$265,625
|
6.7%
|
Washington,
DC
|
27.1%
|
-1.5%
|
6
|
-0.5%
|
2.7%
|
-34.2%
|
$434,912
|
0.9%
|
Miami-Fort
Lauderdale, FL
|
13.9%
|
-1.2%
|
28
|
-0.9%
|
3.8%
|
-12.1%
|
$326,375
|
11.5%
|
Atlanta,
GA
|
13.9%
|
1.5%
|
15
|
-18.4%
|
8.6%
|
-22.7%
|
$274,536
|
5.6%
|
Boston, MA
|
17.3%
|
-3.3%
|
7
|
-12.1%
|
-3.7%
|
-23.2%
|
$514,516
|
6.8%
|
San Francisco,
CA
|
39.0%
|
-1.6%
|
12
|
15.3%
|
4.4%
|
-0.3%
|
$871,750
|
6.5%
|
Detroit,
MI
|
33.0%
|
0.3%
|
8
|
-1.1%
|
3.6%
|
-35.2%
|
$212,975
|
6.7%
|
Riverside,
CA
|
5.5%
|
-1.1%
|
10
|
-3.5%
|
-0.4%
|
-46.8%
|
$400,125
|
6.3%
|
Phoenix,
AZ
|
6.7%
|
0.6%
|
10
|
-6.5%
|
-1.0%
|
-26.2%
|
$315,625
|
9.4%
|
Seattle,
WA
|
14.2%
|
0.8%
|
6
|
6.5%
|
-1.9%
|
-31.5%
|
$541,067
|
8.8%
|
Minneapolis-St. Paul,
MN
|
19.4%
|
0.2%
|
16
|
-0.4%
|
5.5%
|
-25.9%
|
$302,200
|
7.3%
|
San Diego,
CA
|
N/A
|
N/A
|
8
|
6.8%
|
-2.8%
|
-37.7%
|
$617,750
|
2.5%
|
St. Louis,
MO
|
21.7%
|
-0.9%
|
7
|
-9.3%
|
4.9%
|
-31.4%
|
$211,875
|
7.5%
|
Tampa, FL
|
N/A
|
N/A
|
8
|
-5.8%
|
5.3%
|
-31.5%
|
$253,350
|
8.1%
|
Baltimore,
MD
|
11.5%
|
-1.8%
|
9
|
-10.2%
|
-5.9%
|
-44.3%
|
$311,875
|
1.2%
|
Denver, CO
|
19.2%
|
0.2%
|
6
|
-7.5%
|
-0.5%
|
-29.5%
|
$449,712
|
4.8%
|
Pittsburgh,
PA
|
23.8%
|
0.0%
|
8
|
-0.3%
|
0.7%
|
-25.7%
|
$194,846
|
3.2%
|
Portland,
OR
|
21.3%
|
1.0%
|
6
|
-5.3%
|
-2.4%
|
-31.1%
|
$425,375
|
5.2%
|
Charlotte,
NC
|
-7.9%
|
1.6%
|
6
|
-15.9%
|
4.4%
|
-40.2%
|
$283,750
|
5.0%
|
Sacramento,
CA
|
17.1%
|
1.0%
|
7
|
-14.1%
|
2.0%
|
-40.9%
|
$457,250
|
7.6%
|
San Antonio,
TX
|
48.9%
|
-1.3%
|
25
|
-21.2%
|
-6.4%
|
-23.3%
|
$250,987
|
6.5%
|
Orlando,
FL
|
N/A
|
N/A
|
11
|
-2.0%
|
6.5%
|
-15.1%
|
$273,298
|
3.9%
|
Cincinnati,
OH
|
6.1%
|
0.1%
|
4
|
-15.7%
|
-8.3%
|
-37.6%
|
$210,074
|
9.2%
|
Cleveland,
OH
|
29.5%
|
0.7%
|
15
|
0.1%
|
11.5%
|
-37.9%
|
$174,250
|
5.9%
|
Kansas City,
MO
|
10.8%
|
0.2%
|
4
|
-9.7%
|
-1.3%
|
-41.3%
|
$251,875
|
6.0%
|
Las Vegas,
NV
|
8.9%
|
3.4%
|
14
|
-4.8%
|
-3.1%
|
-24.4%
|
$312,000
|
3.7%
|
Columbus,
OH
|
3.7%
|
-0.9%
|
4
|
-14.7%
|
10.3%
|
-38.0%
|
$228,238
|
1.6%
|
Indianapolis,
IN
|
0.8%
|
-2.1%
|
5
|
4.8%
|
5.0%
|
-40.0%
|
$219,095
|
9.5%
|
San Jose,
CA
|
-14.2%
|
2.9%
|
15
|
23.6%
|
0.9%
|
-20.4%
|
$1,125,250
|
0.9%
|
Austin, TX
|
29.9%
|
-0.2%
|
7
|
-15.8%
|
-0.1%
|
-30.0%
|
$349,547
|
5.3%
|
Virginia Beach,
VA
|
N/A
|
N/A
|
25
|
7.1%
|
-4.1%
|
-37.7%
|
$272,473
|
4.2%
|
Nashville,
TN
|
N/A
|
N/A
|
36
|
-14.8%
|
6.9%
|
-13.8%
|
$314,341
|
4.5%
|
Providence,
RI
|
0.6%
|
-2.6%
|
10
|
-8.5%
|
11.3%
|
-35.0%
|
$314,600
|
5.5%
|
Milwaukee,
WI
|
N/A
|
N/A
|
28
|
-2.7%
|
2.3%
|
-10.1%
|
$245,000
|
2.7%
|
Jacksonville,
FL
|
20.4%
|
-1.9%
|
13
|
-13.9%
|
-10.2%
|
-31.4%
|
$265,749
|
2.3%
|
Memphis,
TN
|
7.4%
|
-1.9%
|
6
|
-11.1%
|
6.7%
|
-39.5%
|
$208,062
|
0.5%
|
Oklahoma City,
OK
|
26.1%
|
0.4%
|
10
|
-22.6%
|
-9.5%
|
-32.8%
|
$201,945
|
4.0%
|
Louisville,
KY
|
-5.2%
|
-3.8%
|
6
|
-8.0%
|
6.1%
|
-41.5%
|
$214,128
|
4.8%
|
Hartford,
CT
|
22.7%
|
-1.0%
|
8
|
18.3%
|
26.1%
|
-43.1%
|
$250,500
|
1.9%
|
Richmond,
VA
|
N/A
|
N/A
|
5
|
-10.9%
|
0.2%
|
-36.1%
|
$274,219
|
-0.9%
|
New Orleans,
LA
|
7.1%
|
-2.4%
|
13
|
-16.4%
|
-3.7%
|
-40.2%
|
$227,675
|
4.6%
|
Buffalo,
NY
|
19.3%
|
-1.2%
|
10
|
-15.3%
|
0.0%
|
-32.5%
|
$177,375
|
-0.8%
|
Raleigh,
NC
|
14.7%
|
1.2%
|
5
|
-24.8%
|
-10.6%
|
-34.6%
|
$306,750
|
4.0%
|
Birmingham,
AL
|
33.3%
|
-0.7%
|
8
|
-9.2%
|
-2.6%
|
-33.4%
|
$225,638
|
7.9%
|
Salt Lake City,
UT
|
N/A
|
N/A
|
6
|
-37.9%
|
3.7%
|
-40.8%
|
$372,312
|
7.4%
|
|
*Table ordered by
market size
|
**Sale price data
as of the week ending July 11
|
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________________________
|
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. New for-sale listings data reflect daily counts
using a smoothed, seven-day trailing average. Total for-sale
listings, newly pending sales, days to pending and median list
price data reflect weekly counts using a smoothed, four-week
trailing average. National newly pending sales trends are based
upon aggregation of the 38 largest metro areas where historic
pending listing data coverage is most statistically reliable, and
excludes some metros due to upstream data coverage issues. For more
information, visit www.zillow.com/research/.
|
ii Zillow
Group Marketplace, Inc. is a licensed mortgage broker, NMLS
#1303160.
|
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SOURCE Zillow