SEATTLE, June 26, 2020 /PRNewswire/
-- For-sale inventory took a step back last week as the
rate of new home listings slowed, according to Zillow's Weekly
Market Reporti. Despite limited inventory, newly pending
sales rose once again as buyer activity continues to be strong, and
those sales are typically happening faster than they have since
2018.
Newly pending sales are up again, and homes are selling
faster than they have in more than two years
- Newly pending sales continue to grow, up 2.1% week over week
and 13.7% month over month.
- Among the 50 largest U.S. metros, newly pending sales rose the
most from the previous week in Buffalo (+26.3%), San Jose (+19%)
and Nashville (+14.4%).
- U.S. homes are selling at their fastest pace in more than two
years. Homes sold during the week ending June 20 typically stayed on the market for 21
days.
Inventory took another small hit last week
- New for-sale listings fell 1.2% week over week, though they
remain up 3% from a month ago.
- Total inventory was down 0.6% from the previous week, and is
now 18.8% lower than at the same time last year.
List prices continue to climb
- The median list price in the U.S. grew 0.7% from the week prior
to $335,160, and now sits 3.2% higher
than a year ago.
- List prices are higher than a year ago in 45 of the 50 largest
U.S. markets, up as much as 15.8% year over year in
Cincinnati.
Metropolitan
Area*
|
Newly Pending
Sales - MoM
|
Newly Pending
Sales - WoW
|
New For-Sale
Listings - YoY
|
New For-Sale
Listings - WoW
|
Total For-Sale
Listings - YoY
|
Median List Price
- YoY
|
United
States
|
13.7%
|
2.1%
|
-20.8%
|
-1.2%
|
-18.8%
|
3.2%
|
New York,
NY
|
57.2%
|
8.8%
|
-10.7%
|
-0.7%
|
-27.0%
|
2.5%
|
Los Angeles-Long
Beach-Anaheim, CA
|
35.2%
|
4.2%
|
-22.4%
|
0.7%
|
-25.3%
|
7.3%
|
Chicago,
IL
|
29.5%
|
8.1%
|
-17.9%
|
1.0%
|
-21.0%
|
-2.0%
|
Dallas-Fort Worth,
TX
|
4.4%
|
-3.4%
|
-21.3%
|
1.6%
|
-10.3%
|
-1.7%
|
Philadelphia,
PA
|
37.9%
|
-4.8%
|
-12.6%
|
5.9%
|
-33.6%
|
11.6%
|
Houston,
TX
|
5.1%
|
1.2%
|
-17.8%
|
3.2%
|
-8.9%
|
0.2%
|
Washington,
DC
|
8.9%
|
3.8%
|
-25.4%
|
-4.3%
|
-31.2%
|
8.9%
|
Miami-Fort
Lauderdale, FL
|
26.5%
|
4.5%
|
-5.2%
|
-3.0%
|
-9.7%
|
-0.4%
|
Atlanta,
GA
|
-1.7%
|
-6.0%
|
-22.0%
|
1.4%
|
-2.9%
|
-1.7%
|
Boston, MA
|
26.2%
|
-3.0%
|
-17.1%
|
8.2%
|
-25.6%
|
6.1%
|
San Francisco,
CA
|
26.0%
|
9.4%
|
-8.9%
|
-1.8%
|
-12.1%
|
7.6%
|
Detroit,
MI
|
5.3%
|
5.5%
|
-13.4%
|
5.5%
|
-17.6%
|
0.6%
|
Riverside,
CA
|
15.3%
|
-3.3%
|
-20.6%
|
4.9%
|
-29.1%
|
3.8%
|
Phoenix,
AZ
|
12.1%
|
2.4%
|
-20.5%
|
-6.0%
|
-22.2%
|
6.7%
|
Seattle,
WA
|
6.5%
|
-4.5%
|
-35.9%
|
-10.9%
|
-37.4%
|
4.1%
|
Minneapolis-St Paul,
MN
|
16.2%
|
8.8%
|
-14.5%
|
0.9%
|
-14.9%
|
3.0%
|
San Diego,
CA
|
N/A
|
N/A
|
-10.5%
|
8.2%
|
-29.6%
|
5.1%
|
St. Louis,
MO
|
2.6%
|
1.8%
|
-29.5%
|
-2.3%
|
-24.5%
|
6.4%
|
Tampa, FL
|
N/A
|
N/A
|
-20.2%
|
0.0%
|
-16.9%
|
0.3%
|
Baltimore,
MD
|
20.3%
|
-0.2%
|
-16.0%
|
8.1%
|
-35.8%
|
4.4%
|
Denver, CO
|
4.7%
|
3.1%
|
-9.0%
|
-3.0%
|
-14.0%
|
4.5%
|
Pittsburgh,
PA
|
N/A
|
N/A
|
-7.1%
|
-3.9%
|
-19.4%
|
9.9%
|
Portland,
OR
|
5.3%
|
-4.0%
|
-39.8%
|
-8.0%
|
-20.1%
|
0.7%
|
Charlotte,
NC
|
-3.9%
|
-0.8%
|
-28.4%
|
7.9%
|
-24.0%
|
2.9%
|
Sacramento,
CA
|
26.4%
|
-1.7%
|
-13.1%
|
7.8%
|
-17.8%
|
2.3%
|
San Antonio,
TX
|
N/A
|
N/A
|
-23.7%
|
7.6%
|
-3.8%
|
1.1%
|
Orlando,
FL
|
N/A
|
N/A
|
-21.6%
|
8.1%
|
-7.8%
|
-1.0%
|
Cincinnati,
OH
|
-7.7%
|
-1.0%
|
-22.1%
|
10.8%
|
-27.7%
|
15.8%
|
Cleveland,
OH
|
4.6%
|
0.4%
|
-15.6%
|
-2.6%
|
-35.3%
|
8.4%
|
Kansas City,
MO
|
-7.2%
|
-8.8%
|
-14.6%
|
1.4%
|
-28.6%
|
9.7%
|
Las Vegas,
NV
|
30.4%
|
9.6%
|
-22.3%
|
4.7%
|
-18.7%
|
1.8%
|
Columbus,
OH
|
7.9%
|
-3.7%
|
-25.4%
|
-8.5%
|
-25.8%
|
6.1%
|
Indianapolis,
IN
|
2.4%
|
3.0%
|
-28.7%
|
5.0%
|
-24.4%
|
8.3%
|
San Jose,
CA
|
8.5%
|
19.0%
|
-11.3%
|
5.0%
|
-24.5%
|
2.6%
|
Austin, TX
|
12.5%
|
5.7%
|
-24.9%
|
6.5%
|
-9.0%
|
5.8%
|
Virginia Beach,
VA
|
N/A
|
N/A
|
-25.4%
|
-3.7%
|
-30.4%
|
8.4%
|
Nashville,
TN
|
14.3%
|
14.4%
|
-18.4%
|
7.3%
|
-1.7%
|
0.9%
|
Providence,
RI
|
17.7%
|
0.5%
|
-28.0%
|
1.2%
|
-30.2%
|
7.1%
|
Milwaukee,
WI
|
N/A
|
N/A
|
-17.6%
|
10.9%
|
-15.2%
|
7.8%
|
Jacksonville,
FL
|
-6.2%
|
4.1%
|
-16.0%
|
-15.3%
|
-12.3%
|
0.2%
|
Memphis,
TN
|
N/A
|
N/A
|
-28.5%
|
0.6%
|
-27.9%
|
8.5%
|
Oklahoma City,
OK
|
N/A
|
N/A
|
-16.0%
|
6.2%
|
-17.4%
|
8.5%
|
Louisville,
KY
|
3.4%
|
1.4%
|
-22.5%
|
-8.2%
|
-28.7%
|
3.1%
|
Hartford,
CT
|
18.7%
|
-1.5%
|
-3.1%
|
2.6%
|
-35.7%
|
8.0%
|
Richmond,
VA
|
N/A
|
N/A
|
-28.0%
|
-13.4%
|
-19.2%
|
7.9%
|
New Orleans,
LA
|
8.9%
|
8.2%
|
-31.2%
|
10.1%
|
-22.5%
|
4.5%
|
Buffalo,
NY
|
83.8%
|
26.3%
|
-16.6%
|
2.0%
|
-24.7%
|
6.7%
|
Raleigh,
NC
|
-8.1%
|
5.1%
|
-14.7%
|
5.7%
|
-17.0%
|
1.9%
|
Birmingham,
AL
|
-2.2%
|
-3.5%
|
-17.5%
|
1.4%
|
-21.1%
|
5.1%
|
Salt Lake City,
UT
|
4.2%
|
-17.9%
|
-30.2%
|
-0.5%
|
-26.0%
|
4.3%
|
*Table organized
by market size
|
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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. 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