SEATTLE, Oct. 30, 2020 /PRNewswire/ -- The housing
market is showing signs of seasonal cooling after a scorching hot
summer sales season that stretched uncharacteristically far into
fall, according to Zillow's Weekly Market Report1. A
nearly six-month acceleration of year-over-year list price
increases stabilized this week at 11.7% above 2019. Buyers are
quickly buying up what few homes are left on the market, with
sales continuing to be dragged down somewhat by increasingly
short inventory.
Buyer demand continues to push beyond seasonal norms
- Newly pending sales are up 19.3% since this time in 2019, but
slowed 1.5% since last week in the latest installment of a
seven-week downward seasonal trend. In the first week of September,
newly pending sales were up 23.8% year over year.
- A lack of new inventory and seasonal slowing appear to finally
be tempering record sales figures, but weekly pending figures are
now similar to those from last April and July -- both of which are
traditionally strong sales periods.
- Houses are on the market for a median of 12 days before an
offer is accepted, which is unchanged from the past two weeks. This
is 17 days faster than last year -- another effect of strong demand
pushing this year's home shopping season past its usual
endpoint.
The inventory well keeps getting drier
- The downward slide of inventory that began in late May
continued, dropping 1.3% week over week and reaching 37.2% lower
than at this time last year. The last time inventory grew
year-over-year was at the end of July 2019.
- New listings are down 3.7% from last year and 7.1% from the
week prior2.
Sales price growth hits new high
- A run of weekly list price increases that began in late April
has finally flattened out, with median list prices holding steady
at $346,080, and could begin to fall
as soon as next week in a typical-though-late decline. List prices
climbed from 2.8% above 2019 the week of Feb. 1 up to 11.7% year over year this week.
- The median sale price was $288,225 in the week ending Sept. 12, up 11.4% since 2019 and up 0.2% week
over week.
Would-be sellers are confident price growth is here to
stay
- A Zillow survey shows general life uncertainty caused by the
COVID-19 pandemic and precarious financial positions are the most
common reasons people are waiting to list their homes for
sale.
- Nearly 40% of those planning to sell in the next three years
anticipate a more favorable sale price if they wait, suggesting
many homeowners don't feel pressure to list during today's buying
frenzy in order to get a good price.
- While soaring home prices bring challenges for buyers trying to
save for a down payment, ultra-low mortgage rates are making
monthly payments more affordable for those who can get into a new
home.
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
|
-37.2%
|
-3.7%
|
19.3%
|
-1.5%
|
11.7%
|
0.0%
|
11.4%
|
New York,
NY
|
-19.6%
|
1.5%
|
56.2%
|
0.6%
|
15.2%
|
0.0%
|
5.6%
|
Los Angeles-Long
Beach-Anaheim, CA
|
-23.0%
|
20.0%
|
-0.6%
|
-5.4%
|
13.1%
|
0.0%
|
11.0%
|
Chicago,
IL
|
-27.8%
|
8.8%
|
35.5%
|
-2.1%
|
8.3%
|
-0.4%
|
11.9%
|
Dallas-Fort Worth,
TX
|
-35.8%
|
-19.8%
|
27.3%
|
-2.1%
|
5.3%
|
-0.3%
|
10.0%
|
Philadelphia,
PA
|
-38.1%
|
4.7%
|
78.2%
|
6.7%
|
11.4%
|
0.1%
|
9.6%
|
Houston,
TX
|
-30.0%
|
-8.9%
|
30.6%
|
0.5%
|
10.1%
|
-0.1%
|
7.5%
|
Washington,
DC
|
-34.3%
|
-2.7%
|
90.6%
|
10.4%
|
8.3%
|
-0.8%
|
8.5%
|
Miami-Fort
Lauderdale, FL
|
-15.9%
|
-9.8%
|
20.4%
|
0.6%
|
2.3%
|
0.1%
|
14.7%
|
Atlanta,
GA
|
-33.8%
|
-16.1%
|
10.3%
|
-1.2%
|
9.3%
|
0.0%
|
10.9%
|
Boston, MA
|
-32.0%
|
-7.5%
|
-20.8%
|
-8.4%
|
12.5%
|
-0.3%
|
12.1%
|
San Francisco,
CA
|
-1.9%
|
23.0%
|
29.6%
|
0.7%
|
12.4%
|
0.0%
|
16.4%
|
Detroit,
MI
|
-40.7%
|
-11.1%
|
34.5%
|
-1.8%
|
11.6%
|
-0.4%
|
9.8%
|
Riverside,
CA
|
-46.4%
|
-6.9%
|
20.6%
|
2.7%
|
16.3%
|
0.1%
|
11.9%
|
Phoenix,
AZ
|
-21.4%
|
-1.6%
|
26.0%
|
1.0%
|
10.6%
|
0.0%
|
12.1%
|
Seattle,
WA
|
-29.6%
|
4.6%
|
18.0%
|
-4.3%
|
4.5%
|
-0.4%
|
10.8%
|
Minneapolis-St Paul,
MN
|
-27.5%
|
-7.0%
|
29.1%
|
-1.8%
|
1.1%
|
-0.7%
|
10.4%
|
San Diego,
CA
|
-34.8%
|
19.4%
|
|
|
9.5%
|
0.0%
|
11.6%
|
St. Louis,
MO
|
-39.1%
|
0.5%
|
26.3%
|
-0.9%
|
4.8%
|
-0.5%
|
14.7%
|
Tampa, FL
|
-35.4%
|
-24.4%
|
|
|
10.3%
|
0.3%
|
11.6%
|
Baltimore,
MD
|
-46.4%
|
-9.1%
|
108.5%
|
9.3%
|
3.2%
|
-0.6%
|
4.7%
|
Denver, CO
|
-37.7%
|
-3.1%
|
21.6%
|
-1.9%
|
5.9%
|
0.5%
|
8.3%
|
Pittsburgh,
PA
|
-33.3%
|
-0.8%
|
17.4%
|
-1.8%
|
19.4%
|
-0.5%
|
4.6%
|
Portland,
OR
|
-37.0%
|
5.8%
|
26.9%
|
0.6%
|
11.0%
|
0.5%
|
10.1%
|
Charlotte,
NC
|
-47.4%
|
-17.2%
|
0.3%
|
-2.7%
|
9.9%
|
-0.3%
|
9.5%
|
Sacramento,
CA
|
-42.2%
|
10.8%
|
20.1%
|
-0.9%
|
14.9%
|
0.5%
|
9.9%
|
San Antonio,
TX
|
-29.4%
|
-14.1%
|
44.8%
|
0.8%
|
6.1%
|
-0.2%
|
10.8%
|
Orlando,
FL
|
-19.5%
|
-27.4%
|
|
|
1.5%
|
0.0%
|
6.6%
|
Cincinnati,
OH
|
-36.9%
|
4.3%
|
20.3%
|
0.9%
|
16.6%
|
-1.0%
|
12.5%
|
Cleveland,
OH
|
-41.0%
|
0.8%
|
48.3%
|
-3.1%
|
3.9%
|
-1.3%
|
15.0%
|
Kansas City,
MO
|
-42.3%
|
-5.7%
|
22.6%
|
0.6%
|
11.5%
|
-0.4%
|
12.1%
|
Las Vegas,
NV
|
-23.6%
|
3.7%
|
17.9%
|
-0.7%
|
9.2%
|
0.3%
|
3.2%
|
Columbus,
OH
|
-42.0%
|
-5.7%
|
11.3%
|
-2.7%
|
10.7%
|
0.3%
|
12.1%
|
Indianapolis,
IN
|
-39.7%
|
-6.1%
|
19.2%
|
-3.2%
|
7.0%
|
-1.4%
|
12.3%
|
San Jose,
CA
|
-12.1%
|
46.5%
|
-18.8%
|
2.7%
|
13.1%
|
-0.8%
|
14.7%
|
Austin, TX
|
-39.6%
|
-14.0%
|
26.0%
|
1.0%
|
23.6%
|
0.5%
|
14.6%
|
Virginia Beach,
VA
|
-40.5%
|
24.2%
|
|
|
5.1%
|
-0.9%
|
8.8%
|
Nashville,
TN
|
-30.2%
|
-17.2%
|
|
|
5.1%
|
-0.3%
|
6.7%
|
Providence,
RI
|
-39.7%
|
1.3%
|
-11.9%
|
1.5%
|
4.3%
|
-0.2%
|
10.2%
|
Milwaukee,
WI
|
-5.5%
|
4.9%
|
|
|
5.8%
|
-0.6%
|
10.6%
|
Jacksonville,
FL
|
-41.9%
|
-12.5%
|
33.3%
|
0.6%
|
3.4%
|
-0.8%
|
6.0%
|
Memphis,
TN
|
-45.1%
|
-16.5%
|
12.1%
|
-2.0%
|
3.5%
|
1.0%
|
19.9%
|
Oklahoma City,
OK
|
-35.9%
|
-21.8%
|
31.3%
|
-0.1%
|
9.5%
|
0.0%
|
11.1%
|
Louisville-Jefferson
County, KY
|
-43.9%
|
-12.0%
|
14.2%
|
-1.5%
|
-1.8%
|
-1.1%
|
14.2%
|
Hartford,
CT
|
-40.7%
|
7.0%
|
49.8%
|
-0.3%
|
12.8%
|
0.0%
|
9.6%
|
Richmond,
VA
|
-43.5%
|
-14.8%
|
|
|
16.6%
|
0.9%
|
7.7%
|
New Orleans,
LA
|
-44.0%
|
-15.0%
|
23.3%
|
-2.4%
|
12.0%
|
0.1%
|
10.2%
|
Buffalo,
NY
|
-40.5%
|
-24.4%
|
17.3%
|
-0.7%
|
6.6%
|
-1.6%
|
16.9%
|
Raleigh,
NC
|
-43.8%
|
-3.6%
|
10.6%
|
1.3%
|
10.6%
|
0.0%
|
11.0%
|
Birmingham,
AL
|
-33.3%
|
1.5%
|
40.7%
|
-4.5%
|
-1.5%
|
0.0%
|
4.8%
|
Salt Lake City,
UT
|
-50.1%
|
-17.2%
|
|
|
10.9%
|
1.1%
|
12.7%
|
*Table ordered by market size
**Sale price data as of the week ending Sept. 12
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/.
2 Due to changes in the set of listings
included, there have been significant restatements to the New
For-Sale Inventory metric from April to September 2020. Historical data is revised
regularly to make the best use of the available data, and the
current set is more representative of the market. This revision
reflects a significant increase in the number of new listings that
occurred during the summer, now showing a faster recovery in new
listings nationwide.
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SOURCE Zillow