Realtor.com® Weekly Housing Report: Sellers Inch Their Way Back into the Market

Rhea-AI Summary

According to realtor.com®'s Weekly Housing Report for the week ending Oct. 10, new data reveals a resurgence of sellers in the housing market, with total inventory declines stabilizing for four consecutive weeks. While the number of homes for sale decreased by 38% year-over-year, buyer competition remains intense, with homes selling two weeks faster and listing prices hitting record highs. The median listing price is over $350,000, reflecting a 12.2% increase from last year. The Housing Market Recovery Index stands at 111.8, indicating a stronger market compared to pre-COVID levels.

Positive

• Total inventory declines have stabilized for four weeks.
• Homes are selling two weeks faster than last year.
• Median listing price has reached a record of over $350,000.
• Housing Market Recovery Index is at 111.8, significantly stronger than pre-COVID.

Negative

• Total homes for sale down 38% year-over-year.
• New listings down 5% compared to last year.

SANTA CLARA, Calif., Oct. 15, 2020 /PRNewswire/ -- New data shows sellers are slowly getting back into the market, as declines in newly listed homes improved over last week and total inventory declines stabilized for the fourth week in a row, according to realtor.com^®'s Weekly Housing Report for the week ending Oct. 10. Despite the uptick in available listings, buyer competition remains at an all-time high -- homes sold a full two weeks faster and were listed for $38,000 more than this time last year.

"Home sales are shaping up for a record breaking October. There are so many buyers in the market right now that even the slight improvements we're seeing in inventory could push the number of homes sold this month near mid-2000s levels," said Javier Vivas, director of economic research for realtor.com^®. "If sky-high prices continue to lure more sellers into the market, it could prompt the inventory rebound we've been waiting for -- which would be welcome news for frustrated buyers."

Number of homes for sale shows slight improvement

• As of this week, the total number of homes for sale in the market is down 38% compared to last year. However, this week marks the fourth week in a row that the number of homes for sale have stayed even or improved, indicating that inventory declines may be stabilizing.
• The number of new listings hitting the market was down 5% compared to this time last year. This is an improvement over last week when new listings were down 7%.

Homes are selling a full two weeks fast than last year

• Homes sold in 52 days, a full two weeks faster than this time last year, and a day faster than last week. The rapid turnover of homes for sale reflects the unusually high number of buyers in the housing market this fall, which is fueling fierce competition.

Home prices show the first sign of slowing down but continue to break records

• The U.S. median listing price grew 12.2% over last year, which was down from last week's increase of 12.9%, marking the first weekly deceleration in price gains since April.
• Despite the slight slowdown, the median listing price continued to set a new record for listing prices this time of year at just over $350,000. This week also marks the 9th straight week of double-digit growth in listing prices, with the typical home now listing for $38,000 more than this time last year.

Overall housing market health intensifies in early October

• Realtor.com^® tracks the overall strength of the housing market through its proprietary Housing Market Recovery Index, which compares real-time key indicators including trends in number of searchers on realtor.com^®, median listing prices, the number of newly listed homes, and the time it takes to sell to January 2020, prior to the pandemic.
• This week, the index was 111.8, an increase of 1.3 points above last week and 11.8 points stronger than it was pre-COVID.

 

Metro	Median Listing Price YoY	Total Listings YoY	Median Days on Market YoY
Akron, Ohio	6.5%	-51.3%	12 days faster
Albany-Schenectady-Troy, N.Y.	15.0%	-42.6%	18 days faster
Albuquerque, N.M.	16.7%	-51.2%	7 days faster
Allentown-Bethlehem-Easton, Pa.-N.J.	22.3%	-56.7%	35 days faster
Atlanta-Sandy Springs-Roswell, Ga.	12.9%	-46.5%	10 days faster
Augusta-Richmond County, Ga.-S.C.	10.3%	-46.8%	23 days faster
Austin-Round Rock, Texas	15.1%	-45.7%	13 days faster
Bakersfield, Calif.	17.4%	-45.3%	14 days faster
Baltimore-Columbia-Towson, Md.	4.6%	-49.7%	12 days faster
Baton Rouge, La.	12.9%	-37.3%	2 days faster
Birmingham-Hoover, Ala.	3.5%	-36.0%	17 days faster
Boise City, Idaho	16.7%	-71.3%	4 days faster
Boston-Cambridge-Newton, Mass.-N.H.	14.5%	-29.5%	18 days faster
Bridgeport-Stamford-Norwalk, Conn.	1.6%	-24.8%	42 days faster
Buffalo-Cheektowaga-Niagara Falls, N.Y.	7.5%	-46.9%	7 days slower
Cape Coral-Fort Myers, Fla.	13.3%	-36.4%	18 days faster
Charleston-North Charleston, S.C.	16.6%	-42.4%	20 days faster
Charlotte-Concord-Gastonia, N.C.-S.C.	9.1%	-48.5%	15 days faster
Chattanooga, Tenn.-Ga.	12.3%	-52.0%	13 days faster
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.	10.3%	-32.7%	8 days faster
Cincinnati, Ohio-Ky.-Ind.	17.0%	-45.6%	11 days faster
Cleveland-Elyria, Ohio	0.5%	-46.8%	16 days faster
Colorado Springs, Colo.	7.1%	-53.2%	11 days faster
Columbia, S.C.	8.8%	-48.3%	19 days faster
Columbus, Ohio	9.0%	-48.1%	12 days faster
Dallas-Fort Worth-Arlington, Texas	5.9%	-46.4%	10 days faster
Dayton, Ohio	17.7%	-45.8%	13 days faster
Deltona-Daytona Beach-Ormond Beach, Fla.	5.7%	-43.3%	22 days faster
Denver-Aurora-Lakewood, Colo.	4.0%	-42.4%	7 days faster
Des Moines-West Des Moines, Iowa	4.8%	-35.8%	9 days faster
Detroit-Warren-Dearborn, Mich	12.1%	-46.6%	7 days faster
Durham-Chapel Hill, N.C.	18.5%	-46.1%	8 days faster
El Paso, Texas	17.9%	-45.8%	13 days faster
Fresno, Calif.	7.4%	-55.1%	18 days faster
Grand Rapids-Wyoming, Mich	8.8%	-48.0%	2 days slower
Greensboro-High Point, N.C.	10.4%	-49.5%	18 days faster
Greenville-Anderson-Mauldin, S.C.	4.7%	-41.5%	9 days faster
Harrisburg-Carlisle, Pa.	9.0%	-52.3%	7 days faster
Hartford-West Hartford-East Hartford, Conn.	7.1%	-32.0%	21 days faster
Houston-The Woodlands-Sugar Land, Texas	7.7%	-32.5%	10 days faster
Indianapolis-Carmel-Anderson, Ind.	7.7%	-47.1%	13 days faster
Jackson, Miss.	17.7%	-47.1%	20 days faster
Jacksonville, Fla.	2.9%	-46.1%	13 days faster
Kansas City, Mo.-Kan.	9.8%	-48.7%	9 days faster
Knoxville, Tenn.	12.3%	-53.8%	13 days faster
Lakeland-Winter Haven, Fla.	7.1%	-29.9%	7 days faster
Las Vegas-Henderson-Paradise, Nev.	8.8%	-8.0%	8 days faster
Little Rock-North Little Rock-Conway, Ark.	19.1%	-49.0%	18 days faster
Los Angeles-Long Beach-Anaheim, Calif.	16.8%	-23.3%	5 days faster
Louisville/Jefferson County, Ky.-Ind.	2.7%	-50.2%	13 days faster
Madison, Wis.	5.0%	-42.3%	9 days faster
McAllen-Edinburg-Mission, Texas	17.4%	-46.4%	30 days faster
Memphis, Tenn.-Miss.-Ark.	12.6%	-48.3%	12 days faster
Miami-Fort Lauderdale-West Palm Beach, Fla.	2.5%	-14.7%	2 days faster
Milwaukee-Waukesha-West Allis, Wis.	6.6%	-39.5%	5 days faster
Minneapolis-St. Paul-Bloomington, Minn.-Wis.	2.9%	-30.1%	7 days faster
Nashville-Davidson--Murfreesboro--Franklin, Tenn.	8.1%	-41.3%	7 days faster
New Haven-Milford, Conn.	8.7%	-22.5%	28 days faster
New Orleans-Metairie, La.	13.3%	-39.5%	7 days faster
New York-Newark-Jersey City, N.Y.-N.J.-Pa.	15.3%	-6.7%	10 days faster
North Port-Sarasota-Bradenton, Fla.	4.2%	-33.3%	24 days faster
Oklahoma City, Okla.	6.3%	-39.7%	8 days faster
Omaha-Council Bluffs, Neb.-Iowa	6.0%	-47.5%	8 days slower
Orlando-Kissimmee-Sanford, Fla.	1.6%	-20.1%	4 days faster
Oxnard-Thousand Oaks-Ventura, Calif.	7.6%	-39.6%	16 days faster
Palm Bay-Melbourne-Titusville, Fla.	6.7%	-42.2%	8 days faster
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	17.0%	-40.9%	13 days faster
Phoenix-Mesa-Scottsdale, Ariz.	7.7%	-40.3%	7 days faster
Pittsburgh, Pa.	23.1%	-35.9%	10 days faster
Portland-South Portland, Maine	10.4%	-47.2%	33 days faster
Portland-Vancouver-Hillsboro, Ore.-Wash.	6.4%	-43.4%	4 days faster
Providence-Warwick, R.I.-Mass.	6.6%	-52.1%	12 days faster
Raleigh, N.C.	6.9%	-45.3%	12 days faster
Richmond, Va.	11.2%	-46.3%	9 days faster
Riverside-San Bernardino-Ontario, Calif.	14.7%	-53.7%	13 days faster
Rochester, N.Y.	10.2%	-44.1%	15 days faster
Sacramento--Roseville--Arden-Arcade, Calif.	12.7%	-49.0%	14 days faster
Salt Lake City, Utah	18.4%	-51.7%	8 days faster
San Antonio-New Braunfels, Texas	4.1%	-40.5%	10 days faster
San Diego-Carlsbad, Calif.	12.0%	-25.3%	26 days faster
San Francisco-Oakland-Hayward, Calif.	11.0%	-4.2%	No change
San Jose-Sunnyvale-Santa Clara, Calif.	7.2%	-17.9%	10 days faster
Scranton--Wilkes-Barre--Hazleton, Pa.	23.1%	-55.0%	30 days faster
Seattle-Tacoma-Bellevue, Wash.	6.8%	-30.6%	14 days faster
Spokane-Spokane Valley, Wash.	11.6%	-48.9%	7 days faster
Springfield, Mass.	23.1%	-43.4%	20 days faster
St. Louis, Mo.-Ill.	10.7%	-38.2%	10 days faster
Stockton-Lodi, Calif.	10.6%	-63.0%	6 days faster
Syracuse, N.Y.	8.1%	-43.5%	7 days faster
Tampa-St. Petersburg-Clearwater, Fla.	10.4%	-42.5%	12 days faster
Toledo, Ohio	12.5%	-39.7%	10 days faster
Tucson, Ariz.	7.8%	-41.1%	9 days faster
Tulsa, Okla.	12.0%	-40.0%	10 days faster
Urban Honolulu, Hawaii	-11.4%	24.4%	3 days slower
Virginia Beach-Norfolk-Newport News, Va.-N.C.	8.4%	-46.7%	22 days faster
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.	7.3%	-34.9%	7 days faster
Wichita, Kan.	9.6%	-42.6%	11 days faster
Winston-Salem, N.C.	9.8%	-50.8%	13 days faster
Worcester, Mass.-Conn.	10.3%	-51.9%	27 days faster
Youngstown-Warren-Boardman, Ohio-Pa.	8.4%	-53.6%	17 days faster

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 Contact
Cody Horvat - cody.horvat@move.com

 

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SOURCE realtor.com

FAQ

What is the current status of the home inventory according to realtor.com's October report?

Home inventory has stabilized for four consecutive weeks, but it remains down 38% year-over-year.

How fast are homes selling in the current market?

Homes are selling a full two weeks faster than last year, averaging 52 days on the market.

What is the median listing price of homes right now?

The median listing price has reached over $350,000, reflecting a 12.2% increase from last year.

What does the Housing Market Recovery Index indicate?

The index is at 111.8, 11.8 points stronger than pre-COVID levels, indicating a healthier market.

How do current home prices compare to last year?

Current home prices are $38,000 higher than this time last year.