Realtor.com® October Housing Report: Homes Sell Even Faster While Buyers Pay Summer Prices

Rhea-AI Summary

The U.S. housing market showed resilience in October, with homes selling faster than in September for the first time since 2011, taking an average of 53 days. Median home prices held steady at $350,000, marking a year-over-year increase of 12.2%. Despite a 38.3% drop in homes for sale, new listings improved, indicating potential relief for buyers. Key metros such as Los Angeles and Philadelphia saw significant price increases. However, the overall inventory remains critically low, emphasizing the ongoing competition among buyers.

Positive

• Homes sold in 53 days in October, 13 days faster than last year.
• Median home prices reached $350,000, a 12.2% increase year-over-year.
• Newly listed homes improved, down only 7.7% compared to last year.

Negative

• The total number of homes for sale declined by 38.3%, affecting buyer options.
• Newly listed homes were still down 7.7% compared to last year, indicating continued inventory challenges.

SANTA CLARA, Calif., Nov. 5, 2020 /PRNewswire/ -- The U.S. housing market continued to near record levels in October, thwarting the usual fall slowdown. For the first time since 2011*, homes sold faster** in October than September and prices remained at their summer peak of $350,000, according to realtor.com^®'s Monthly Housing Trends Report released today. However, October also saw an improvement in declines of newly listed homes which could signal some relief on the horizon for weary buyers. 

"In the fall, we normally see homes sell more slowly and prices pull back from peak levels. But this October, we saw a drop in the time it takes to sell a home even while home prices remain at their summer peak" said Danielle Hale, chief economist for realtor.com^®. "Drawn in by low mortgage rates and the hope of more space, buyers have stayed in the housing market this fall, keeping prices high and pushing time on market to unseasonable lows. Although we saw growth in newly listed properties in the Northeast and West this month, we'll need a consistent wave of fresh homes hitting the market in order to better match persistent buyer demand."

Home sales speed up in October compared to September

• Homes sold in 53 days in October, 13 days faster than last year and one day faster than September.
• This is the first time the pace of sales has sped up from September to October since 2011, signaling buyers continued to face tough competition in this anything but normal year.
• Within the nation's 50 largest metros, homes sold even faster, spending only 45 days on market. Buffalo, N.Y. was the only metro to have homes sell slower than last year with an additional seven days on market. The metros where homes sold the fastest compared to last year included:
• Hartford, Conn. (-23 days);
• Virginia Beach, Va. (-22 days); and
• San Diego (-20 days).

Home prices remain fixed near summer's peak and accelerate over September

• The median listing price grew 12.2% year-over-year, to $350,000 in October. This is an acceleration from September when prices grew by 11.1%.
• In a normal year, prices would have dropped 1-4% from summer's price peak by October.
• While prices increased nationwide, the largest gains were seen in the Northeast (+11.4%), followed by the West (+10.1%), Midwest (+9%) and South (+7.3%).
• Within the nation's 50 largest metros, prices increased by 8.9%, which is a slight slow down from September when prices grew 9.3% and could signal a shift in the market balance that may lead to further slowdowns in the pace of price growth. 
• The metros which had the largest gains in prices included:
• Los Angeles (+16.9%),
• Philadelphia (+16.7%), and
• Cincinnati (16.3%).

A severe lack of homes for sale continued despite improvement in newly listed homes

• Nationally, the number of homes for sale was down 38.3%, amounting to roughly half a million fewer homes for sale than last year.
• Newly listed homes were down 7.7% compared to last year, but this is substantial improvement from September when new listings were down 13.8%. Western (+7.2%) and Northeastern markets (+4.1%) are seeing the strongest improvements with more new listings hitting the market, while the Midwest (-9.5%) and South (-13.8%) were still down compared to last year.
• Within the nation's 50 largest metros, the number of homes for sale declined 38.6%. The metros with the largest declines in new listings compared to last year included:
• Nashville, Tenn. (-27.5%);
• Charlotte, N.C. (-22.9%); and
• Richmond, VA. (-21.8%).
• The metros which saw the most new listings hit the market included:
• San Jose, Calif. (+30.6%);
• New York (+28.2%); and
• San Francisco (+25.9%).

Metros With the Largest Increase in Newly Listed Homes

Metro	New Listing Count YoY	Median Listing Price YoY	Median Listing Price	Median Days on Market Y- Y	Median Days on Market	Active Listing Count YoY
San Jose-Sunnyvale-Santa Clara, Calif.	30.6%	8.1%	$1,199,100	-8	34	-18.5%
New York-Newark-Jersey City, N.Y.-N.J.-Pa.	28.2%	15.1%	$639,100	-9	58	-6.1%
San Francisco-Oakland-Hayward, Calif.	25.9%	11.6%	$1,049,100	0	35	-4.2%
Los Angeles-Long Beach-Anaheim, Calif.	17.2%	16.9%	$995,100	-6	49	-22.9%
Hartford-West Hartford-East Hartford, Conn.	15.9%	7.1%	$300,000	-23	41	-31.3%
Boston-Cambridge-Newton, Mass.-N.H.	15.1%	13.9%	$669,100	-15	33	-29.4%
Seattle-Tacoma-Bellevue, Wash.	12.5%	6.4%	$625,000	-8	35	-31.6%
Sacramento--Roseville--Arden-Arcade, Calif.	11.3%	12.3%	$549,100	-15	35	-48.4%
Minneapolis-St. Paul-Bloomington, Minn.-Wis.	9.9%	2.4%	$348,000	-7	37	-30.1%
Washington-Arlington-Alexandria, DC-Va.- Md.-W. Va.	5.4%	4.6%	$502,100	-7	36	-36.7%
Las Vegas-Henderson-Paradise, Nev.	0.4%	7.9%	$345,300	-8	41	-7.8%
San Diego-Carlsbad, Calif.	-0.6%	11.2%	$795,100	-20	24	-25.4%
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	-1.2%	16.7%	$349,100	-13	48	-41.8%
Denver-Aurora-Lakewood, Colo.	-2.0%	5.0%	$520,000	-7	36	-44.2%
Birmingham-Hoover, Ala.	-2.4%	1.7%	$260,000	-16	51	-36.1%
Portland-Vancouver-Hillsboro, Ore.-Wash.	-2.7%	9.1%	$510,100	-2	49	-44.0%
Riverside-San Bernardino-Ontario, Calif.	-3.8%	14.6%	$470,100	-12	41	-53.6%
Rochester, N.Y.	-3.9%	12.9%	$228,700	-13	31	-43.3%
St. Louis, Mo.-Ill.	-4.4%	10.3%	$248,000	-10	56	-38.4%
Virginia Beach-Norfolk-Newport News, Va.- N.C.	-4.9%	6.9%	$320,600	-22	39	-46.7%
Baltimore-Columbia-Towson, Md.	-7.3%	4.6%	$340,000	-10	43	-51.4%
Raleigh, N.C.	-7.3%	6.8%	$390,000	-11	49	-45.4%
Milwaukee-Waukesha-West Allis, Wis.	-7.6%	3.8%	$300,000	-6	42	-39.2%
Houston-The Woodlands-Sugar Land, Texas	-7.6%	7.8%	$334,100	-11	52	-32.8%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.	-7.9%	9.5%	$345,000	-7	43	-32.6%
Buffalo-Cheektowaga-Niagara Falls, N.Y.	-8.2%	7.5%	$215,000	7	52	-46.7%
Tampa-St. Petersburg-Clearwater, Fla.	-8.2%	10.0%	$308,000	-12	48	-43.0%
Miami-Fort Lauderdale-West Palm Beach, Fla.	-8.8%	2.5%	$410,100	-1	93	-15.6%
Austin-Round Rock, Texas	-9.0%	15.9%	$413,200	-13	46	-47.7%
Orlando-Kissimmee-Sanford, Fla.	-9.2%	1.6%	$325,000	-4	59	-20.9%
Cleveland-Elyria, Ohio	-9.3%	3.2%	$200,000	-16	47	-48.2%
Phoenix-Mesa-Scottsdale, Ariz.	-9.3%	7.7%	$415,600	-7	36	-41.8%
Pittsburgh, Pa.	-9.4%	N/A	$245,100	-10	57	-36.8%
Providence-Warwick, R.I.-Mass.	-10.3%	6.1%	$400,000	-10	42	-52.5%
Kansas City, Mo.-Kan.	-11.1%	10.1%	$330,100	-10	47	-48.7%
New Orleans-Metairie, La.	-12.8%	15.7%	$329,100	-8	64	-39.1%
Cincinnati, Ohio-Ky.-Ind.	-13.7%	16.3%	$310,000	-12	39	-44.9%
Oklahoma City, Okla.	-15.4%	6.6%	$270,000	-5	48	-40.5%
San Antonio-New Braunfels, Texas	-16.0%	3.6%	$300,000	-9	53	-40.8%
Dallas-Fort Worth-Arlington, Texas	-16.1%	4.1%	$356,000	-10	47	-46.8%
Louisville/Jefferson County, Ky.-Ind.	-17.4%	2.2%	$258,100	-12	35	-50.2%
Columbus, Ohio	-17.5%	9.0%	$305,100	-10	35	-47.8%
Atlanta-Sandy Springs-Roswell, Ga.	-18.8%	10.6%	$355,100	-8	46	-45.5%
Indianapolis-Carmel-Anderson, Ind.	-19.8%	5.7%	$275,000	-13	43	-47.8%
Jacksonville, Fla.	-20.4%	2.6%	$318,100	-15	55	-45.5%
Memphis, Tenn.-Miss.-Ark.	-21.7%	14.0%	$263,800	-12	45	-49.3%
Detroit-Warren-Dearborn, Mich	-21.7%	12.4%	$269,100	-8	38	-47.4%
Richmond, Va.	-21.8%	11.7%	$357,000	-8	45	-48.2%
Charlotte-Concord-Gastonia, N.C.-S.C.	-22.9%	9.0%	$365,400	-14	43	-48.7%
Nashville-Davidson--Murfreesboro--Franklin, Tenn.	-27.5%	8.1%	$400,000	-5	32	-43.6%

*Based on realtor.com^® records back to 2016 and NAR data before 2016.
**Based on the realtor.com^® time on market calculation.
***Some data for Pittsburgh has been excluded due to data quality.

About realtor.com^®
Realtor.com^® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com^® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com^® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com^® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS^®. For more information, visit realtor.com^®.

Media Contacts: 
Cody Horvat, cody.horvat@move.com

View original content:http://www.prnewswire.com/news-releases/realtorcom-october-housing-report-homes-sell-even-faster-while-buyers-pay-summer-prices-301166981.html

SOURCE realtor.com

FAQ

What were the home sales trends in October 2020 for NWSA?

In October 2020, homes sold faster than in September, averaging 53 days, marking the first increase in sales speed since 2011.

What is the median home price in the U.S. as of October 2020?

The median home price in the U.S. reached $350,000 in October 2020, reflecting a 12.2% year-over-year increase.

How did inventory levels change for homes in October 2020?

In October 2020, the number of homes for sale decreased by 38.3%, indicating a significant inventory shortage.

Which metros saw the largest increases in home prices in October 2020?

Los Angeles, Philadelphia, and Cincinnati had some of the highest price increases in October 2020.

How did the newly listed homes trend in October 2020?

Newly listed homes in October 2020 were down 7.7% compared to last year, though this was an improvement from a 13.8% decline in September.