SEATTLE, Nov. 6, 2020 /PRNewswire/ -- Intense
and persistent buyer demand is keeping the time on market for
houses at incredible lows and pushing prices ever higher above
2019, according to Zillow's Weekly Market Report1. Sales
remain high above last year and are expected to stay robust in the
coming months.
Time on market still short as pending sales stay high over
2019
- Robust buyer-side demand persisted through October. For the
fourth consecutive week, houses are typically staying on the market
for 12 days, a full 17 days faster than last year.
- Pending sales are up 19.7% year over year, though they have
slowed 3.1% since last month and 1.3% since last week.
Scalding homebuyer demand keeps inventory in a
vise-grip
- Available inventory fell for the 23rd straight week and is now
down 37.4% compared to last year. Demand for homes is still
sky high, while current homeowners cite a lack of confidence in
their ability to secure and afford a new home among reasons they're
not selling.
- New listings dropped 7.4% year over year and 7.9% since last
week.
Price growth over 2019 increases as hot market stretches
further into fall
- Median list prices have risen further above last year's figures
every week since early May and are now up 11.8% year over year.
List prices fell $500 since last week
to $345,500 -- the first weekly drop
since mid-April.
- Homeowners who decide to sell are benefitting from insatiable
demand. Median sale prices rose to $289,625 in the week ending September 19, up 12.5% over 2019.
Metropolitan
Area*
|
Total For-
Sale
Listings -
YOY
|
New For-
Sale
Listings -
YOY
|
Newly
Pending
Sales -
YOY
|
Newly
Pending
Sales -
WOW
|
Median
List Price
- YOY
|
Median
List Price
- WOW
|
Median
Sale Price
-
YOY**
|
United
States
|
-37.4%
|
-7.4%
|
19.7%
|
-1.3%
|
11.8%
|
-0.1%
|
12.5%
|
New York,
NY
|
-19.3%
|
-0.8%
|
53.8%
|
-0.3%
|
15.4%
|
0.0%
|
6.9%
|
Los Angeles-
Long Beach-
Anaheim, CA
|
-21.4%
|
3.6%
|
-5.8%
|
-6.3%
|
12.5%
|
-0.1%
|
12.6%
|
Chicago,
IL
|
-27.8%
|
3.2%
|
36.8%
|
-1.2%
|
8.3%
|
-0.7%
|
12.8%
|
Dallas-Fort
Worth, TX
|
-36.7%
|
-21.7%
|
26.8%
|
-1.2%
|
4.9%
|
-0.4%
|
11.8%
|
Philadelphia,
PA
|
-38.2%
|
-5.4%
|
85.1%
|
-0.6%
|
12.0%
|
0.0%
|
10.9%
|
Houston,
TX
|
-30.4%
|
1.2%
|
33.3%
|
1.6%
|
10.1%
|
0.0%
|
8.5%
|
Washington,
DC
|
-33.8%
|
0.3%
|
96.4%
|
1.3%
|
7.5%
|
-0.9%
|
9.0%
|
Miami-Fort
Lauderdale, FL
|
-16.2%
|
0.0%
|
23.1%
|
0.7%
|
2.4%
|
0.1%
|
17.0%
|
Atlanta,
GA
|
-34.2%
|
-14.7%
|
13.1%
|
2.1%
|
9.1%
|
-0.2%
|
11.3%
|
Boston, MA
|
-31.5%
|
-2.1%
|
-27.9%
|
-11.0%
|
12.0%
|
-0.4%
|
13.6%
|
San Francisco,
CA
|
-0.2%
|
50.1%
|
36.4%
|
4.9%
|
12.0%
|
-0.4%
|
15.4%
|
Detroit,
MI
|
-41.2%
|
-12.6%
|
37.3%
|
-0.9%
|
11.8%
|
-0.2%
|
10.4%
|
Riverside,
CA
|
-46.1%
|
-17.0%
|
22.6%
|
2.1%
|
16.3%
|
0.0%
|
12.8%
|
Phoenix,
AZ
|
-21.2%
|
9.8%
|
28.4%
|
1.5%
|
10.2%
|
-0.1%
|
11.7%
|
Seattle,
WA
|
-29.7%
|
5.3%
|
19.0%
|
-1.8%
|
4.1%
|
-0.4%
|
12.6%
|
Minneapolis-St
Paul, MN
|
-28.0%
|
-4.1%
|
32.3%
|
-1.7%
|
0.4%
|
-0.6%
|
11.3%
|
San Diego,
CA
|
-34.6%
|
6.6%
|
|
|
9.8%
|
0.0%
|
12.3%
|
St. Louis,
MO
|
-40.1%
|
-16.0%
|
26.5%
|
-1.0%
|
4.4%
|
-0.5%
|
15.3%
|
Tampa, FL
|
-35.5%
|
-8.6%
|
|
|
10.6%
|
0.0%
|
12.3%
|
Baltimore,
MD
|
-46.5%
|
-13.4%
|
117.2%
|
2.7%
|
3.2%
|
-0.7%
|
6.5%
|
Denver, CO
|
-38.3%
|
12.7%
|
24.0%
|
-3.2%
|
6.3%
|
0.4%
|
7.8%
|
Pittsburgh,
PA
|
-33.7%
|
-10.2%
|
17.6%
|
-0.6%
|
19.4%
|
-0.5%
|
10.0%
|
Portland,
OR
|
-37.0%
|
9.2%
|
33.0%
|
0.2%
|
12.1%
|
0.7%
|
10.8%
|
Charlotte,
NC
|
-47.0%
|
-4.9%
|
-2.0%
|
-1.2%
|
9.7%
|
-0.1%
|
10.8%
|
Sacramento,
CA
|
-41.3%
|
2.5%
|
26.4%
|
3.3%
|
15.3%
|
0.4%
|
12.8%
|
San Antonio,
TX
|
-29.6%
|
4.7%
|
46.3%
|
1.8%
|
5.7%
|
-0.4%
|
11.4%
|
Orlando,
FL
|
-19.6%
|
-3.8%
|
|
|
1.5%
|
0.0%
|
6.3%
|
Cincinnati,
OH
|
-36.5%
|
3.0%
|
23.6%
|
2.3%
|
13.0%
|
-1.5%
|
14.1%
|
Cleveland,
OH
|
-41.0%
|
6.4%
|
49.1%
|
-1.6%
|
3.3%
|
-1.2%
|
12.8%
|
Kansas City,
MO
|
-42.2%
|
-1.7%
|
24.6%
|
0.7%
|
11.7%
|
-0.6%
|
13.7%
|
Las Vegas,
NV
|
-23.9%
|
-7.1%
|
17.7%
|
0.3%
|
8.9%
|
-0.2%
|
3.2%
|
Columbus,
OH
|
-42.0%
|
-9.6%
|
16.3%
|
-1.0%
|
12.0%
|
0.4%
|
12.6%
|
Indianapolis,
IN
|
-40.4%
|
9.5%
|
19.0%
|
-1.8%
|
6.7%
|
-1.0%
|
13.8%
|
San Jose,
CA
|
-9.2%
|
73.6%
|
-18.2%
|
-2.6%
|
13.1%
|
-0.4%
|
16.4%
|
Austin, TX
|
-40.0%
|
6.0%
|
27.0%
|
0.4%
|
23.1%
|
0.2%
|
16.5%
|
Virginia Beach,
VA
|
-40.1%
|
15.1%
|
|
|
3.9%
|
-1.0%
|
8.0%
|
Nashville,
TN
|
-30.9%
|
-18.1%
|
|
|
4.8%
|
-0.3%
|
7.0%
|
Providence,
RI
|
-39.5%
|
-9.3%
|
-12.0%
|
3.2%
|
4.9%
|
-0.1%
|
8.8%
|
Milwaukee,
WI
|
-5.6%
|
15.5%
|
|
|
5.3%
|
-0.4%
|
7.4%
|
Jacksonville,
FL
|
-41.6%
|
-5.7%
|
26.7%
|
-6.6%
|
2.2%
|
-0.8%
|
5.3%
|
Memphis,
TN
|
-45.2%
|
-17.3%
|
19.0%
|
1.1%
|
4.2%
|
0.9%
|
20.4%
|
Oklahoma City,
OK
|
-37.0%
|
-36.5%
|
27.2%
|
-3.5%
|
9.5%
|
0.0%
|
11.3%
|
Louisville-
Jefferson
County, KY
|
-44.0%
|
-11.6%
|
18.6%
|
-0.5%
|
-1.8%
|
-1.6%
|
13.4%
|
Hartford,
CT
|
-40.7%
|
10.7%
|
49.8%
|
0.2%
|
11.6%
|
-0.4%
|
11.5%
|
Richmond,
VA
|
-44.6%
|
4.0%
|
|
|
17.7%
|
0.7%
|
9.1%
|
New Orleans,
LA
|
-44.5%
|
-10.8%
|
24.2%
|
-3.0%
|
12.4%
|
0.1%
|
8.9%
|
Buffalo,
NY
|
-41.8%
|
-11.7%
|
19.6%
|
-2.0%
|
7.5%
|
-1.3%
|
17.8%
|
Raleigh,
NC
|
-44.7%
|
-15.2%
|
12.7%
|
0.7%
|
11.1%
|
0.1%
|
13.6%
|
Birmingham,
AL
|
-33.3%
|
16.1%
|
44.0%
|
1.5%
|
-2.6%
|
0.0%
|
10.7%
|
Salt Lake City,
UT
|
-50.0%
|
-13.3%
|
|
|
10.6%
|
0.5%
|
10.7%
|
*Table ordered by market size
**Sale price data as of the week ending Sept. 19
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/.
About Zillow
Zillow, the most visited 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.
Zillow is owned and operated by Zillow Group, Inc. (NASDAQ:Z and
ZG).
View original
content:http://www.prnewswire.com/news-releases/intense-buyer-demand-continues-to-drive-hot-housing-market-301167757.html
SOURCE Zillow