SEATTLE, Sept. 11, 2020 /PRNewswire/ -- The familiar
drumbeat of high buyer demand and rising prices kept its rhythm
into September as buyers scooped houses off the market at record
rates, according to Zillow's Weekly Market Report. Although total
housing inventory continues to tighten, sellers are feeling more
comfortable listing their homes, with more new listings coming on
the market than at any point since the beginning of the pandemic.
Optimism is rising in both the housing market and in the economy as
buyers, sellers and economists gain confidence, new data show.
Houses still going under contract quickly in extended buying
season
- Newly pending sales are up 25.5% compared to the same week last
year, the highest year-over-year increase in the weekly Zillow
database reaching back through 2019. That figure is down 0.7% since
last month but up 0.7% compared to last week, at a time when sales
volume typically falls. In the same week last year, newly pending
sales fell 9.3% month over month and 5% versus the week prior.
Together it's more evidence that demand for houses is still strong
and that the buying season has been pushed back after a delayed
start in the spring.
- Typical days-to-pending for houses on the market remained a
lightning-fast 13 days for the fifth week in a row. This is 14 days
faster than last year and the shortest time on market going back
through 2019.
New sellers join the marketplace amidst strong
sales
- Total for-sale inventory continues a long run of tightening,
down 29% compared to 2019. Total inventory is down 3% since last
month and has fallen week-over-week for the last 14 weeks.
- New for-sale inventory, on the other hand, is up 16.2% month
over month and rose 17.6% since just last week, though it is still
down 3.5% year over year. New for-sale inventory is at its highest
level since March 22, following
yearly trends of increasing new listings to start September and
suggesting that more homeowners are deciding that now is a good
time to sell.
Robust demand drives prices higher
- The median sale price from the week ending July 25 was $281,844, which is 7.8% higher than last year and
the highest yearly rise in prices going back through January 2019. It's up 4.5% month over
month.
- Median list price is $345,824, up
9.3% year over year -- the highest year-over-year increase going
back through January 2019. However,
median list prices are up only 0.2% month over month and saw no
change from the week before.
- The share of listings with a price cut is 4.2%, down 1.3
percentage points from last year and 0.1 percentage points from
last month. The median price cut is 2.5%.
Optimism rises in the housing market and economy
- The Fannie Mae Home Purchase Sentiment Index increased 3.3
points in August, recovering from a slight dip in July. Five of the
six components of the index rose month over month, showing rising
optimism among buyers and sellers. The national survey of consumers
showed that 59% of respondents said they thought August was a good
time to buy a house, up from 53% in July and a yearly low of 48% in
April.
- The U.S. economy is recovering from the pandemic-related
downturn faster than expected, said economists polled by the Wall
Street Journal, although an expected rebound in growth in the third
and fourth quarters is not likely to make up for ground lost in the
second quarter, when GDP shrank at a 31.7% annual rate.
- Employment is still hurting, however, as first-time jobless
claims totalled 884,000 last week, which is unchanged from the week
prior and worse than the expected 850,000. Continuing claims from
those receiving at least two weeks of unemployment rose to 13.385
million.
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
|
25.5%
|
0.7%
|
13
|
-3.5%
|
17.6%
|
-29.0%
|
$281,844
|
7.8%
|
New York/Newark,
NY/NJ
|
62.2%
|
3.4%
|
32
|
-15.7%
|
3.8%
|
-13.5%
|
$445,250
|
2.1%
|
Los Angeles,
CA
|
9.1%
|
-0.6%
|
13
|
4.3%
|
9.3%
|
-24.2%
|
$716,750
|
6.6%
|
Chicago,
IL
|
46.4%
|
-2.5%
|
12
|
0.2%
|
13.8%
|
-26.8%
|
$263,160
|
6.0%
|
Dallas-Fort Worth,
TX
|
30.6%
|
0.2%
|
23
|
-15.6%
|
8.2%
|
-28.2%
|
$300,062
|
8.0%
|
Philadelphia,
PA
|
28.1%
|
-3.2%
|
9
|
-17.6%
|
0.8%
|
-37.5%
|
$276,825
|
3.4%
|
Houston,
TX
|
25.1%
|
-1.8%
|
16
|
-15.0%
|
18.5%
|
-25.1%
|
$269,474
|
9.8%
|
Washington,
DC
|
22.1%
|
-3.9%
|
6
|
-10.3%
|
5.3%
|
-33.2%
|
$452,412
|
5.5%
|
Miami-Fort
Lauderdale, FL
|
40.2%
|
2.6%
|
27
|
33.5%
|
58.7%
|
-10.1%
|
$323,750
|
11.2%
|
Atlanta,
GA
|
22.3%
|
0.7%
|
14
|
-15.2%
|
8.5%
|
-24.2%
|
$276,750
|
6.0%
|
Boston, MA
|
25.5%
|
-0.2%
|
7
|
-42.3%
|
-16.0%
|
-22.9%
|
$517,719
|
6.8%
|
San Francisco,
CA
|
51.7%
|
-0.9%
|
12
|
-14.1%
|
17.4%
|
3.9%
|
$889,750
|
10.0%
|
Detroit,
MI
|
44.5%
|
-1.5%
|
8
|
-0.7%
|
3.4%
|
-35.8%
|
$221,750
|
8.7%
|
Riverside,
CA
|
14.3%
|
1.0%
|
9
|
-3.6%
|
10.7%
|
-46.5%
|
$405,625
|
7.7%
|
Phoenix,
AZ
|
11.0%
|
1.7%
|
10
|
18.4%
|
13.7%
|
-22.9%
|
$321,112
|
10.7%
|
Seattle,
WA
|
28.7%
|
2.3%
|
6
|
-16.5%
|
1.6%
|
-27.3%
|
$543,744
|
10.7%
|
Minneapolis-St. Paul,
MN
|
25.7%
|
-0.2%
|
16
|
-12.9%
|
-1.9%
|
-25.4%
|
$304,475
|
9.2%
|
San Diego,
CA
|
|
|
8
|
6.4%
|
3.5%
|
-36.5%
|
$635,862
|
8.7%
|
St. Louis,
MO
|
26.7%
|
0.8%
|
6
|
-4.4%
|
7.2%
|
-31.4%
|
$213,688
|
12.0%
|
Tampa, FL
|
|
|
8
|
0.6%
|
8.4%
|
-31.2%
|
$255,312
|
8.6%
|
Baltimore,
MD
|
6.8%
|
-4.2%
|
10
|
-10.6%
|
-0.3%
|
-44.5%
|
$321,250
|
2.9%
|
Denver, CO
|
28.9%
|
1.1%
|
6
|
-13.6%
|
-8.5%
|
-29.7%
|
$454,686
|
5.1%
|
Pittsburgh,
PA
|
61.2%
|
19.5%
|
8
|
-4.6%
|
4.2%
|
-23.7%
|
$197,238
|
7.8%
|
Portland,
OR
|
31.4%
|
1.4%
|
6
|
-12.5%
|
-2.8%
|
-30.2%
|
$429,054
|
6.3%
|
Charlotte,
NC
|
1.1%
|
1.5%
|
6
|
-15.1%
|
2.0%
|
-39.5%
|
$282,500
|
5.7%
|
Sacramento,
CA
|
22.8%
|
0.3%
|
7
|
6.0%
|
15.4%
|
-41.0%
|
$464,375
|
10.4%
|
San Antonio,
TX
|
42.3%
|
0.3%
|
27
|
6.1%
|
34.4%
|
-23.4%
|
$253,476
|
7.5%
|
Orlando,
FL
|
|
|
11
|
-1.0%
|
-0.2%
|
-13.1%
|
$272,500
|
3.8%
|
Cincinnati,
OH
|
14.5%
|
0.7%
|
4
|
-9.9%
|
6.8%
|
-37.0%
|
$208,125
|
8.7%
|
Cleveland,
OH
|
68.2%
|
19.8%
|
19
|
-9.6%
|
9.2%
|
-37.2%
|
$173,250
|
6.3%
|
Kansas City,
MO
|
19.4%
|
0.1%
|
4
|
5.3%
|
3.2%
|
-41.6%
|
$257,738
|
10.9%
|
Las Vegas,
NV
|
8.5%
|
-1.1%
|
13
|
5.2%
|
19.1%
|
-23.0%
|
$310,155
|
3.7%
|
Columbus,
OH
|
12.7%
|
-0.9%
|
4
|
-6.5%
|
6.6%
|
-37.7%
|
$239,812
|
10.1%
|
Indianapolis,
IN
|
13.0%
|
1.8%
|
4
|
-5.1%
|
9.0%
|
-39.9%
|
$225,422
|
11.3%
|
San Jose,
CA
|
-4.4%
|
9.1%
|
15
|
14.3%
|
8.8%
|
-18.8%
|
########
|
1.1%
|
Austin, TX
|
35.2%
|
-2.6%
|
8
|
0.9%
|
25.6%
|
-31.1%
|
$359,000
|
11.1%
|
Virginia Beach,
VA
|
|
|
33
|
23.8%
|
13.7%
|
-37.1%
|
$276,938
|
5.7%
|
Nashville,
TN
|
|
|
36
|
-22.5%
|
11.3%
|
-15.5%
|
$321,212
|
7.3%
|
Providence,
RI
|
3.4%
|
-0.6%
|
12
|
-14.6%
|
2.9%
|
-36.0%
|
$320,350
|
7.7%
|
Milwaukee,
WI
|
|
|
26
|
4.8%
|
-0.9%
|
-8.4%
|
$248,850
|
5.6%
|
Jacksonville,
FL
|
37.9%
|
3.7%
|
14
|
-3.3%
|
7.6%
|
-31.9%
|
$274,175
|
5.8%
|
Memphis,
TN
|
30.8%
|
6.5%
|
8
|
-4.0%
|
-5.1%
|
-39.4%
|
$212,550
|
5.0%
|
Oklahoma City,
OK
|
30.9%
|
0.4%
|
10
|
12.4%
|
5.8%
|
-33.3%
|
$203,133
|
9.0%
|
Louisville,
KY
|
9.0%
|
2.4%
|
6
|
-21.0%
|
1.5%
|
-41.9%
|
$224,750
|
10.0%
|
Hartford,
CT
|
40.2%
|
4.0%
|
9
|
-2.4%
|
19.6%
|
-41.4%
|
$251,975
|
3.5%
|
Richmond,
VA
|
|
|
5
|
-5.9%
|
15.7%
|
-35.2%
|
$279,844
|
4.4%
|
New Orleans,
LA
|
10.9%
|
-2.8%
|
15
|
-17.4%
|
12.5%
|
-41.7%
|
$233,250
|
9.8%
|
Buffalo,
NY
|
28.1%
|
0.5%
|
9
|
-14.7%
|
-8.6%
|
-32.0%
|
$184,488
|
5.1%
|
Raleigh,
NC
|
20.9%
|
-0.1%
|
5
|
-12.4%
|
3.0%
|
-36.4%
|
$309,375
|
4.9%
|
Birmingham,
AL
|
38.0%
|
-0.6%
|
8
|
4.7%
|
7.3%
|
-33.4%
|
$227,225
|
12.1%
|
Salt Lake City,
UT
|
|
|
6
|
-41.0%
|
-8.1%
|
-40.3%
|
$376,758
|
8.0%
|
*Table ordered by market size
**Sale price data as of the week ending July 25
1 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/.
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SOURCE Zillow