Realtor.com® Weekly Recovery Report: Final Piece of Recovery Puzzle Falls into Place with New Listings Growth

Rhea-AI Summary

The realtor.com® Weekly Recovery Report, dated August 13, 2020, highlights a significant recovery in the U.S. housing market, with new listings growth surpassing pre-pandemic levels for the first time since January 2020. The Recovery Index increased to 105.6, indicating a 5.6-point rise above pre-COVID benchmarks. While new listings are down 6% year-over-year, the pace of sales is improving, with homes selling 4 days faster than last year. Median listing prices rose by 9.9%. However, total inventory decreased by 36%, keeping demand and price pressure high.

Positive

• New listings growth has surpassed January 2020 levels.
• Recovery Index increased to 105.6, indicating market improvement.
• Median listing prices rose by 9.9% year-over-year.
• Time on market decreased by 4 days compared to last year.

Negative

• New listings are down 6% year-over-year.
• Total inventory decreased by 36%, indicating supply constraints.

SANTA CLARA, Calif., Aug. 13, 2020 /PRNewswire/ -- For the first time since the pandemic began, new listings growth has surpassed its January 2020 level, according to realtor.com^®'s Weekly Recovery Report for the week ending Aug. 8. Now, all four major components of housing activity -- new listings, housing demand, asking prices, and the pace of sales -- are all growing above realtor.com^®'s pre-COVID baseline of January 2020 levels, an important first step towards broader recovery.

The realtor.com^® Housing Market Recovery Index reached 105.6 nationwide for the week ending Aug. 8, posting a 1.9 point increase over last week and 5.6 points above the pre-COVID baseline. Weekly data shows new supply growth reached 101.7 nationwide, beating January levels by 1.7 points.

"Seller confidence has been improving gradually after reaching its bottom in mid-April, and now it appears to have reached an important recovery milestone," said Javier Vivas, director of economic research for realtor.com^®. "After five long months, sellers are back in the housing market; while encouraging, the improvement to new listings is only the first step in the long road to solving low inventory issues keeping many buyers at bay."

Weekly Listing Data Findings:

• While new listings growth has recovered to pre-COVID levels, they were down 6 percent year-over-year. This is the second single-digit yearly decline since early March. The small number of homes for sale has been a key limiting factor for buyers in the market, so continued recovery in new listings bodes well for home sales in the coming months.
• Time on market is still 4 days faster than last year. While the rapid pace of home sales can create a stressful environment for would-be buyers who will feel the pressure to quickly pull the trigger, a rising share of new listings is giving them more options to choose from.
• Median listing prices grew at 9.9 percent over last year, another tick up in the pace of increases. Home asking price growth continues to surprise on the high side. Selling prices have not quite kept pace, but are still rising. The combination of eager buyers, low mortgage rates, and dwindling for-sale homes set the stage for further price increases. But the tide could be turning as sellers come back to the market and new construction picks up. This could help price growth move back to a more normal rate of increase.
• Total inventory was down 36 percent. As mortgage rates notched their eighth record low of the year, buyers were active in the market, scooping up the new listings that came up for sale and driving overall inventory lower. As long as buyer demand remains strong and inventory scarce, expect home price gains to continue. But the combination of prolonged economic weakness plus faster than normal price gains could wear on buyers and eventually cause demand to cool.

Listings Data Summary

	Week ending Aug 8	Week ending Aug 1	Week ending July 25	First Two Weeks March
Total Listings	-36% YOY	-35% YOY	-34% YOY	-16% YOY
Time on Market	4 days faster YOY	4 days faster YOY	4 days faster YOY	4 days faster YOY
Median Listing Prices	+9.9% YOY	+9.4% YOY	+9.1% YOY	+4.5% YOY
New Listings	-6% YOY	-11% YOY	-11% YOY	+5% YOY

Top 50 Metros Recovery Index

Rank	Metro	Recovery Index (Week Ending 8/8)	Recovery Index (Weekly Change)
1	Las Vegas-Henderson-Paradise, Nev.	125.7	8.7
2	Seattle-Tacoma-Bellevue, Wash.	120.5	5
3	Boston-Cambridge-Newton, Mass.-N.H.	115.6	0.4
4	New York-Newark-Jersey City, N.Y.-N.J.-Pa.	115.2	-14.4
5	Denver-Aurora-Lakewood, Colo.	114.6	-0.4
6	Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	113.5	-1.6
7	Phoenix-Mesa-Scottsdale, Ariz.	112	3.7
8	Austin-Round Rock, Texas	111.1	2.6
9	Portland-Vancouver-Hillsboro, Ore.-Wash.	110.8	3.5
10	Rochester, N.Y.	110.7	8.3
11	Los Angeles-Long Beach-Anaheim, Calif.	109.6	-4.5
12	Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.	109.2	0.2
13	Riverside-San Bernardino-Ontario, Calif.	109	3
14	San Jose-Sunnyvale-Santa Clara, Calif.	108.5	-2.2
15	San Diego-Carlsbad, Calif.	108.3	-3.6
16	Baltimore-Columbia-Towson, Md.	107.3	0.3
17	Virginia Beach-Norfolk-Newport News, Va.-N.C.	106.2	-0.4
18	San Antonio-New Braunfels, Texas	105.9	5
19	Tampa-St. Petersburg-Clearwater, Fla.	105.6	3.4
20	Detroit-Warren-Dearborn, Mich	105.4	7.5
21	San Francisco-Oakland-Hayward, Calif.	104.3	-5.8
22	Pittsburgh, Pa.	103.8	-1.8
23	Orlando-Kissimmee-Sanford, Fla.	103.5	1
24	Houston-The Woodlands-Sugar Land, Texas	102.6	2.3
25	Raleigh, N.C.	102.4	0.1
26	Charlotte-Concord-Gastonia, N.C.-S.C.	102.4	1
27	Nashville-Davidson--Murfreesboro--Franklin, Tenn.	102	2.4
28	Kansas City, Mo.-Kan.	101.5	0.5
29	New Orleans-Metairie, La.	101.4	7
30	Miami-Fort Lauderdale-West Palm Beach, Fla.	100.9	4.1
31	Sacramento--Roseville--Arden-Arcade, Calif.	100.8	1.2
32	Memphis, Tenn.-Miss.-Ark.	100.4	1.2
33	Dallas-Fort Worth-Arlington, Texas	100.1	1.8
34	Birmingham-Hoover, Ala.	100.1	5.8
35	Cleveland-Elyria, Ohio	99.7	0.6
36	Providence-Warwick, R.I.-Mass.	99.4	-4
37	Louisville/Jefferson County, Ky.-Ind.	98.8	-0.1
38	Oklahoma City, Okla.	98.7	7.3
39	Atlanta-Sandy Springs-Roswell, Ga.	98.2	-0.6
40	Cincinnati, Ohio-Ky.-Ind.	98	-7.2
41	Minneapolis-St. Paul-Bloomington, Minn.-Wis.	98	-1.7
42	Hartford-West Hartford-East Hartford, Conn.	97.9	-6.3
43	Richmond, Va.	97.6	3.6
44	Buffalo-Cheektowaga-Niagara Falls, N.Y.	97.6	1.1
45	St. Louis, Mo.-Ill.	97.1	-2.4
46	Jacksonville, Fla.	97.1	-2.2
47	Chicago-Naperville-Elgin, Ill.-Ind.-Wis.	96.1	0.7
48	Columbus, Ohio	95.4	2.5
49	Indianapolis-Carmel-Anderson, Ind.	94.4	2.4
50	Milwaukee-Waukesha-West Allis, Wis.	90.5	1.2

Link to Weekly Stats Blog Post:
https://www.realtor.com/research/weekly-housing-trends-view-data-week-august-8-2020/

Link to Index Commentary Blog Post:
https://www.realtor.com/research/housing-market-recovery-index-trends-august-8-data/

Methodology: The Weekly Housing Index leverages a weighted average of realtor.com^® search traffic, median list prices, new listings, and median time on market and compares it to the January 2020 market trend, as a baseline for pre-COVID market growth. The overall index is set to 100 in this baseline period. The higher a market's index value, the higher its recovery and vice versa.

cbsa_title	hh_rank	median_listing_price_yy	active_listing_count_yy	median_days_on_market_by_day_yy	median_days_on_market_yy	new_listing_count_yy	new_listing_share_yy	price_reduced_count_yy	price_reduced_share_yy
new york-newark-jersey city, ny-nj-pa	1	8.00%	-12.20%	-17	-24.60%	7.80%	1.40%	-37.60%	-1.60%
los angeles-long beach-anaheim, ca	2	22.70%	-25.80%	9	20.50%	-6.40%	2.40%	-46.90%	-2.00%
chicago-naperville-elgin, il-in-wi	3	6.00%	-34.50%	-2	-4.60%	-9.70%	3.40%	-39.50%	-0.90%
dallas-fort worth-arlington, tx	4	3.30%	-39.90%	-3	-6.10%	-15.40%	3.40%	-51.40%	-2.50%
houston-the woodlands-sugar land, tx	5	4.90%	-29.00%	-2	-3.80%	-3.90%	2.50%	-39.40%	-1.50%
philadelphia-camden-wilmington, pa-nj-de-md	6	19.00%	-45.90%	-15	-25.00%	-13.70%	4.30%	-52.00%	-1.20%
washington-arlington-alexandria, dc-va-md-wv	7	10.50%	-43.90%	-14	-31.80%	-6.10%	6.40%	-53.60%	-1.70%
miami-fort lauderdale-west palm beach, fl	8	-1.70%	-7.40%	-2	-2.10%	94.00%	5.40%	-28.20%	-1.30%
atlanta-sandy springs-roswell, ga	9	8.90%	-41.70%	-1	-2.00%	-17.60%	3.30%	-52.70%	-1.70%
boston-cambridge-newton, ma-nh	10	13.60%	-33.90%	-13	-25.50%	-3.20%	4.50%	-41.90%	-1.30%
san francisco-oakland-hayward, ca	11	9.80%	-13.30%	5	16.70%	7.10%	2.90%	-22.00%	-0.80%
detroit-warren-dearborn, mi	12	9.20%	-38.60%	-2	-5.10%	-9.80%	4.40%	-51.80%	-2.20%
phoenix-mesa-scottsdale, az	13	7.30%	-43.20%	-7	-14.30%	6.60%	7.60%	-57.30%	-3.50%
seattle-tacoma-bellevue, wa	14	4.20%	-28.60%	-4	-10.50%	19.30%	7.10%	-42.50%	-2.40%
minneapolis-st. paul-bloomington, mn-wi	15	3.70%	-28.10%	4	11.40%	2.30%	4.30%	-50.80%	-2.70%
riverside-san bernardino-ontario, ca	16	9.30%	-54.80%	-2	-3.90%	-9.10%	7.70%	-74.80%	-3.60%
tampa-st. petersburg-clearwater, fl	17	7.10%	-39.70%	-3	-5.40%	-6.60%	4.10%	-40.70%	-0.50%
san diego-carlsbad, ca	18	8.10%	-44.50%	0	0.00%	-7.70%	6.50%	-59.50%	-2.70%
st. louis, mo-il	19	9.20%	-36.60%	2	3.60%	-14.90%	2.80%	-49.40%	-1.80%
denver-aurora-lakewood, co	20	8.00%	-35.50%	-2	-5.30%	-6.00%	4.70%	-47.00%	-2.70%
baltimore-columbia-towson, md	21	4.90%	-51.80%	-14	-25.00%	-17.70%	5.20%	-63.50%	-2.50%
pittsburgh, pa	22	25.00%	-34.60%	-3	-5.20%	-8.10%	3.00%	-36.00%	-0.40%
portland-vancouver-hillsboro, or-wa	23	5.80%	-42.20%	-3	-6.50%	-9.20%	5.10%	-26.70%	1.90%
charlotte-concord-gastonia, nc-sc	24	6.70%	-47.40%	-6	-12.00%	-18.90%	4.60%	-63.60%	-3.30%
orlando-kissimmee-sanford, fl	25	0.60%	-17.50%	2	3.50%	4.30%	2.00%	-28.80%	-1.30%
cleveland-elyria, oh	26	16.60%	-50.00%	0	0.00%	-22.40%	4.50%	-56.00%	-1.40%
san antonio-new braunfels, tx	27	5.40%	-36.90%	-2	-3.60%	0.10%	4.00%	-46.00%	-1.70%
cincinnati, oh-ky-in	28	18.40%	-47.70%	1	2.30%	-30.80%	3.10%	-50.70%	-0.80%
sacramento--roseville--arden-arcade, ca	29	5.50%	-48.20%	0	0.00%	-1.90%	8.20%	-63.60%	-3.60%
kansas city, mo-ks	30	12.40%	-48.40%	1	2.00%	-31.70%	2.90%	-55.70%	-1.40%
columbus, oh	31	7.70%	-46.60%	-2	-5.30%	-16.30%	6.10%	-57.60%	-3.20%
indianapolis-carmel-anderson, in	32	9.10%	-53.70%	-1	-2.00%	-27.70%	4.80%	-58.50%	-1.50%
las vegas-henderson-paradise, nv	33	5.10%	-12.80%	-7	-14.30%	17.20%	2.70%	-44.30%	-4.10%
austin-round rock, tx	34	10.30%	-38.70%	-9	-17.70%	0.10%	4.90%	-60.70%	-4.30%
nashville-davidson--murfreesboro--franklin, tn	35	3.70%	-31.70%	-6	-16.20%	-9.50%	3.30%	-40.50%	-1.20%
san jose-sunnyvale-santa clara, ca	36	7.90%	-26.70%	0	0.00%	22.40%	6.50%	-50.00%	-3.50%
virginia beach-norfolk-newport news, va-nc	37	11.60%	-43.60%	-18	-31.00%	-6.30%	4.40%	-68.00%	-2.90%
milwaukee-waukesha-west allis, wi	38	4.60%	-41.10%	8	22.20%	-11.60%	5.00%	-50.20%	-1.80%
providence-warwick, ri-ma	39	12.20%	-49.40%	-5	-9.80%	-14.30%	5.70%	-59.60%	-1.60%
jacksonville, fl	40	2.10%	-35.40%	-1	-1.50%	-16.70%	2.10%	-50.10%	-2.10%
oklahoma city, ok	41	7.10%	-34.40%	0	0.00%	0.80%	4.10%	-44.60%	-1.80%
louisville/jefferson county, ky-in	42	7.10%	-51.20%	-3	-7.10%	-34.40%	3.20%	-62.50%	-2.40%
memphis, tn-ms-ar	43	11.30%	-48.10%	-2	-3.90%	-22.70%	4.10%	-47.10%	-0.20%
new orleans-metairie, la	44	11.70%	-33.60%	0	0.00%	-13.20%	2.10%	-34.40%	-0.20%
richmond, va	45	8.80%	-43.20%	6	13.00%	-16.70%	4.00%	-62.80%	-2.70%
raleigh, nc	46	3.00%	-37.20%	-15	-26.30%	-6.30%	4.00%	-60.60%	-3.90%
buffalo-cheektowaga-niagara falls, ny	47	5.00%	-40.80%	4	10.50%	2.30%	7.30%	-48.20%	-1.70%
hartford-west hartford-east hartford, ct	48	6.90%	-31.70%	-16	-26.70%	-19.10%	1.10%	-67.60%	-3.40%
birmingham-hoover, al	49	6.40%	-36.30%	-6	-10.30%	0.00%	4.10%	-44.70%	-1.10%
rochester, ny	50	12.30%	-39.70%	-14	-32.60%	-7.70%	5.40%	-48.80%	-1.50%
tucson, az	51	10.20%	-43.40%	1	2.10%	-3.90%	5.60%	-50.90%	-1.40%
salt lake city, ut	52	14.40%	-54.70%	-6	-15.80%	-0.50%	10.00%	-61.70%	-2.20%
grand rapids-wyoming, mi	53	7.90%	-40.00%	2	4.60%	-16.30%	4.10%	-64.20%	-3.90%
tulsa, ok	54	16.00%	-39.60%	0	0.00%	-13.00%	3.60%	-36.40%	0.10%
albany-schenectady-troy, ny	55	17.30%	-40.80%	-2	-2.90%	-20.60%	2.30%	-55.90%	-1.80%
albuquerque, nm	56	18.10%	-50.40%	-1	-2.30%	-26.60%	4.20%	-41.40%	1.10%
omaha-council bluffs, ne-ia	57	5.70%	-37.60%	8	21.60%	-20.30%	2.90%	-63.20%	-3.30%
worcester, ma-ct	58	9.50%	-52.40%	-11	-20.00%	-14.80%	6.20%	-69.40%	-3.30%
knoxville, tn	59	3.20%	-48.70%	-2	-3.50%	-19.80%	3.90%	-54.20%	-1.10%
bridgeport-stamford-norwalk, ct	60	-1.90%	-22.30%	-34	-39.50%	-3.80%	1.00%	-58.90%	-2.50%
greenville-anderson-mauldin, sc	61	4.00%	-34.50%	2	3.60%	-18.60%	1.80%	-42.30%	-1.00%
north port-sarasota-bradenton, fl	62	2.10%	-27.30%	-12	-13.60%	31.80%	3.80%	-31.80%	-0.60%
new haven-milford, ct	63	6.10%	-27.70%	-22	-34.40%	7.10%	2.60%	-59.50%	-2.70%
dayton, oh	64	9.50%	-48.60%	-1	-2.60%	-27.40%	4.10%	-58.50%	-2.30%
urban honolulu, hi	65	-11.00%	31.80%	12	20.30%	16.00%	-0.90%	-39.60%	-2.80%
allentown-bethlehem-easton, pa-nj	66	23.50%	-58.70%	-30	-46.20%	-15.80%	7.10%	-67.10%	-1.80%
columbia, sc	67	7.10%	-48.10%	-15	-27.30%	-21.70%	3.80%	-52.00%	-0.90%
baton rouge, la	68	9.20%	-28.90%	0	0.00%	-4.80%	1.90%	-22.60%	0.50%
greensboro-high point, nc	69	11.90%	-43.00%	-5	-8.80%	-14.70%	3.80%	-41.80%	-0.10%
fresno, ca	70	4.20%	-60.40%	-12	-26.10%	-8.80%	10.90%	-66.20%	-1.80%
charleston-north charleston, sc	71	9.10%	-35.40%	-10	-13.20%	-4.90%	2.80%	-54.90%	-3.30%
little rock-north little rock-conway, ar	72	20.00%	-45.50%	-14	-24.10%	-7.70%	4.80%	-38.10%	0.50%
cape coral-fort myers, fl	73	13.30%	-30.70%	-14	-14.40%	-4.90%	1.80%	-28.50%	0.10%
akron, oh	74	9.90%	-50.20%	3	7.00%	-17.70%	5.70%	-42.30%	0.70%
el paso, tx	75	11.60%	-45.50%	1	1.70%	-20.50%	2.90%	-64.40%	-1.50%
oxnard-thousand oaks-ventura, ca	76	14.10%	-46.10%	-1	-2.20%	-12.70%	5.20%	-59.10%	-2.50%
colorado springs, co	77	11.90%	-41.40%	-1	-2.70%	-15.40%	4.80%	-51.60%	-2.10%
madison, wi	78	7.10%	-40.10%	7	15.20%	-9.60%	4.30%	-47.70%	-1.30%
bakersfield, ca	79	11.90%	-52.30%	-12	-24.50%	-22.50%	5.30%	-58.50%	-1.20%
winston-salem, nc	80	11.30%	-45.40%	-3	-4.80%	-12.00%	4.50%	-38.80%	0.40%
syracuse, ny	81	3.20%	-44.50%	8	14.60%	-22.00%	3.30%	-64.10%	-2.80%
deltona-daytona beach-ormond beach, fl	82	2.20%	-37.00%	-5	-6.90%	-22.20%	1.50%	-46.70%	-1.20%
boise city, id	83	8.20%	-56.90%	-1	-2.30%	-35.20%	4.90%	-81.10%	-7.00%
wichita, ks	84	19.00%	-45.90%	-5	-8.90%	-16.90%	4.70%	-42.00%	0.10%
toledo, oh	85	13.70%	-38.30%	-4	-8.20%	-10.90%	4.00%	6.30%	4.90%
des moines-west des moines, ia	86	-1.00%	-29.90%	0	0.00%	1.30%	3.20%	-13.60%	2.20%
springfield, ma	87	21.90%	-45.70%	-1	-2.00%	-1.90%	6.60%	-54.50%	-1.70%
lakeland-winter haven, fl	88	6.50%	-22.40%	3	5.00%	-5.90%	1.60%	-24.40%	-0.30%
palm bay-melbourne-titusville, fl	89	2.60%	-31.70%	3	5.40%	-18.70%	1.40%	-42.60%	-1.50%
mcallen-edinburg-mission, tx	90	10.70%	-43.30%	-5	-5.40%	-17.70%	2.00%	-53.30%	-0.70%
harrisburg-carlisle, pa	91	9.50%	-53.10%	-27	-42.90%	-18.00%	5.60%	-56.40%	-1.00%
scranton--wilkes-barre--hazleton, pa	92	15.00%	-50.40%	-16	-20.50%	-15.00%	4.00%	-55.30%	-0.90%
augusta-richmond county, ga-sc	93	7.30%	-41.20%	-10	-15.90%	6.90%	5.60%	-47.50%	-0.70%
youngstown-warren-boardman, oh-pa	94	4.30%	-51.20%	-7	-11.30%	-20.10%	4.40%	-63.00%	-2.20%
stockton-lodi, ca	95	3.00%	-56.30%	1	2.60%	-3.60%	10.40%	-72.30%	-3.80%
durham-chapel hill, nc	96	10.70%	-35.30%	-8	-13.60%	-1.90%	3.70%	-50.30%	-2.20%
portland-south portland, me	97	10.00%	-46.80%	-7	-12.30%	-19.50%	4.00%	-58.30%	-1.50%
spokane-spokane valley, wa	98	14.10%	-44.20%	10	31.30%	-3.50%	7.40%	-54.00%	-2.00%
chattanooga, tn-ga	99	16.40%	-49.60%	-4	-6.30%	-31.10%	2.80%	-59.30%	-1.60%
jackson, ms	100	20.10%	-37.80%	-12	-14.50%	-2.10%	3.30%	-49.30%	-1.40%

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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-weekly-recovery-report-final-piece-of-recovery-puzzle-falls-into-place-with-new-listings-growth-301111584.html

SOURCE realtor.com

FAQ

What does realtor.com's Weekly Recovery Report indicate for new listings on August 8, 2020?

The report indicates that new listings growth surpassed January 2020 levels, marking a recovery milestone.

What is the Recovery Index reported by realtor.com for the week ending August 8, 2020?

The Recovery Index reached 105.6, which is 5.6 points above the pre-COVID baseline.

How much have median listing prices changed year-over-year according to the report?

Median listing prices increased by 9.9% year-over-year.

What challenges does the housing market face according to the Weekly Recovery Report?

The market faces challenges with total inventory down 36%, which keeps pressure on prices.

How does the time on market for homes compare to last year?

Homes are selling 4 days faster than the previous year.