Realtor.com® Weekly Recovery Report: Summer Buying Season Resists The Usual Fall Slowdown
SANTA CLARA, Calif., Sept. 10, 2020 /PRNewswire/ -- Summer home buying season continues to show resilience against the usual fall slowdown as prices continue to hit new highs and homes sell faster than ever before, according to realtor.com's® Weekly Recovery Report for the week ending Sept. 5. At the same time, data also showed a slight decline in housing demand as well as a slowing of new listings declines, which, if sustained, could be a hopeful sign for weary buyers.
The realtor.com® Housing Market Recovery Index reached 107.7 nationwide for the week ending September 5, 7.7 points above the pre-COVID baseline and an improvement of 1.5 points over last week. The buyer demand component of the index stayed well above its baseline, however, it declined by 3.3 points since last week. Meanwhile, the housing supply component showed improvement as it recovered 3.2 points above last week, but still remains below its pre-COVID baseline.
"Sellers are calling the shots in today's market; prices are rising and housing inventory is vanishing almost as fast as it appears," according to realtor.com®'s Chief Economist, Danielle Hale. "But this week's report revealed two indicators worth keeping an eye on. Housing demand cooled slightly, while new listings showed a smaller decline than previous weeks. This could be a hiccup in weekly activity, or if these trends continue, they could signal a shift in market dynamics leading into the fall when political, economic, and health-related uncertainties abound."
Weekly listings data findings:
- Median listing prices grew 10.8 percent year-over-year, the fastest pace of growth in more than two years. This marks the 17th consecutive week of price growth at or equal to the previous week's yearly pace -- a remarkable feat considering the economic backdrop.
- New listings were down 12 percent. The new listings trend regained some momentum, after declining for three consecutive weeks. This will provide a slight relief for buyers who have found few options to choose from. However, the overall lack of sustained new listings growth could put a dent in Fall home sales despite resilient demand from home shoppers, because new listings are key to home sales.
- Total inventory was down 39 percent. Buyers continue to be motivated by low mortgage rates and a strong desire for the certainty of ownership in an uncertain world. They're quickly putting offers on homes that come up for sale, driving the overall number of homes for sale lower.
- Time on market is now 12 days faster than last year. With unusually high buyer interest this late in the homebuying season, buyers are moving much faster than this time last year to beat out competition and lock in low mortgage rates. This means homes are sitting on the market for much less time, despite notably higher price tags.
Listings data summary:
Week ending | Week ending | Week ending | First Two | |
Total Listings | - | - | - | - |
Time on Market | 12 days faster | 10 days faster | 9 days faster | 4 days faster |
Median Listing | + | + | + | + |
New Listings | - | - | - | + |
Rank | Metro | Recovery | Recovery |
1 | Las Vegas-Henderson-Paradise, Nev. | 131 | 8.5 |
2 | Riverside-San Bernardino-Ontario, Calif. | 118.9 | 4.5 |
3 | Los Angeles-Long Beach-Anaheim, Calif. | 117.8 | 4.5 |
4 | Seattle-Tacoma-Bellevue, Wash. | 116.6 | -2 |
5 | Baltimore-Columbia-Towson, Md. | 114.5 | 4.5 |
6 | Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | 114.4 | -2.2 |
7 | Phoenix-Mesa-Scottsdale, Ariz. | 114 | 0.6 |
8 | Austin-Round Rock, Texas | 112.8 | -0.2 |
9 | Denver-Aurora-Lakewood, Colo. | 112 | -1.8 |
10 | San Diego-Carlsbad, Calif. | 111.6 | -0.4 |
11 | Virginia Beach-Norfolk-Newport News, Va.-N.C. | 110.7 | 2.2 |
12 | Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. | 110.7 | 0.9 |
13 | New York-Newark-Jersey City, N.Y.-N.J.-Pa. | 110.5 | -3.3 |
14 | San Jose-Sunnyvale-Santa Clara, Calif. | 110.1 | -1.6 |
15 | Portland-Vancouver-Hillsboro, Ore.-Wash. | 109.5 | -4.6 |
16 | Sacramento--Roseville--Arden-Arcade, Calif. | 109.3 | 4 |
17 | Charlotte-Concord-Gastonia, N.C.-S.C. | 109.2 | 1.4 |
18 | San Antonio-New Braunfels, Texas | 108.7 | 1.1 |
19 | Miami-Fort Lauderdale-West Palm Beach, Fla. | 108.2 | 2.2 |
20 | Hartford-West Hartford-East Hartford, Conn. | 107.6 | 2 |
21 | Cincinnati, Ohio-Ky.-Ind. | 107.5 | 1.1 |
22 | Orlando-Kissimmee-Sanford, Fla. | 107.4 | 1.8 |
23 | Rochester, N.Y. | 106.9 | -5.1 |
24 | Tampa-St. Petersburg-Clearwater, Fla. | 106.6 | 0.8 |
25 | Pittsburgh, Pa. | 106.1 | -1.4 |
26 | Detroit-Warren-Dearborn, Mich | 106.1 | 1.2 |
27 | Louisville/Jefferson County, Ky.-Ind. | 104.9 | 1.8 |
28 | Kansas City, Mo.-Kan. | 104.7 | 1.7 |
29 | San Francisco-Oakland-Hayward, Calif. | 104.7 | -3.8 |
30 | Memphis, Tenn.-Miss.-Ark. | 104.5 | 2.3 |
31 | Cleveland-Elyria, Ohio | 104 | 1.2 |
32 | Boston-Cambridge-Newton, Mass.-N.H. | 103.9 | -11.9 |
33 | Dallas-Fort Worth-Arlington, Texas | 103.5 | 1.4 |
34 | Atlanta-Sandy Springs-Roswell, Ga. | 103.3 | 2.6 |
35 | Jacksonville, Fla. | 103.2 | 2.5 |
36 | Nashville-Davidson--Murfreesboro--Franklin, Tenn. | 102.9 | 7.1 |
37 | Houston-The Woodlands-Sugar Land, Texas | 102.8 | 3.8 |
38 | New Orleans-Metairie, La. | 102.8 | 4.9 |
39 | Columbus, Ohio | 102 | 1.8 |
40 | Oklahoma City, Okla. | 101.3 | 6.6 |
41 | Milwaukee-Waukesha-West Allis, Wis. | 100.6 | 0.8 |
42 | St. Louis, Mo.-Ill. | 100.5 | -2.4 |
43 | Providence-Warwick, R.I.-Mass. | 99.9 | -4.8 |
44 | Minneapolis-St. Paul-Bloomington, Minn.-Wis. | 99.6 | -6.3 |
45 | Indianapolis-Carmel-Anderson, Ind. | 99.3 | 1.5 |
46 | Richmond, Va. | 99.2 | -2.5 |
47 | Birmingham-Hoover, Ala. | 98.2 | -2.4 |
48 | Chicago-Naperville-Elgin, Ill.-Ind.-Wis. | 98 | 0.6 |
49 | Buffalo-Cheektowaga-Niagara Falls, N.Y. | 96.9 | -13.8 |
50 | Raleigh, N.C. | 96.3 | -5.5 |
Link to Weekly Stats Blog Post:
https://www.realtor.com/research/weekly-housing-trends-view-data-week-sep-5-2020/
Link to Index Commentary Blog Post: https://www.realtor.com/research/housing-market-recovery-index-trends-sep-5-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.
week_end_date | cbsa_code | 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 |
9/5/2020 | 35620 | new york-newark-jersey city, ny-nj-pa | 1 | - | -18 | - | - | - | - | - | |
9/5/2020 | 31080 | los angeles-long beach-anaheim, ca | 2 | - | -3 | - | - | - | - | ||
9/5/2020 | 16980 | chicago-naperville-elgin, il-in-wi | 3 | - | -7 | - | - | - | - | ||
9/5/2020 | 19100 | dallas-fort worth-arlington, tx | 4 | - | -8 | - | - | - | - | ||
9/5/2020 | 26420 | houston-the woodlands-sugar land, tx | 5 | - | -6 | - | - | - | - | ||
9/5/2020 | 37980 | philadelphia-camden-wilmington, pa-nj-de-md | 6 | - | -20 | - | - | - | - | ||
9/5/2020 | 47900 | washington-arlington-alexandria, dc-va-md-wv | 7 | - | -16 | - | - | - | - | ||
9/5/2020 | 33100 | miami-fort lauderdale-west palm beach, fl | 8 | - | -6 | - | - | - | |||
9/5/2020 | 12060 | atlanta-sandy springs-roswell, ga | 9 | - | -9 | - | - | - | - | ||
9/5/2020 | 14460 | boston-cambridge-newton, ma-nh | 10 | - | -14 | - | - | - | - | - | |
9/5/2020 | 41860 | san francisco-oakland-hayward, ca | 11 | - | -2 | - | - | - | - | ||
9/5/2020 | 19820 | detroit-warren-dearborn, mi | 12 | - | -8 | - | - | - | - | ||
9/5/2020 | 38060 | phoenix-mesa-scottsdale, az | 13 | - | -14 | - | - | - | |||
9/5/2020 | 42660 | seattle-tacoma-bellevue, wa | 14 | - | -8 | - | - | - | - | - | |
9/5/2020 | 33460 | minneapolis-st. paul-bloomington, mn-wi | 15 | - | -5 | - | - | - | - | ||
9/5/2020 | 40140 | riverside-san bernardino-ontario, ca | 16 | - | -15 | - | - | - | |||
9/5/2020 | 45300 | tampa-st. petersburg-clearwater, fl | 17 | - | -8 | - | - | - | - | ||
9/5/2020 | 41740 | san diego-carlsbad, ca | 18 | - | -6 | - | - | - | - | ||
9/5/2020 | 41180 | st. louis, mo-il | 19 | - | -7 | - | - | - | - | ||
9/5/2020 | 19740 | denver-aurora-lakewood, co | 20 | - | -7 | - | - | - | - | ||
9/5/2020 | 12580 | baltimore-columbia-towson, md | 21 | - | -20 | - | - | - | - | ||
9/5/2020 | 38300 | pittsburgh, pa | 22 | - | -10 | - | - | - | - | ||
9/5/2020 | 38900 | portland-vancouver-hillsboro, or-wa | 23 | - | -6 | - | - | - | |||
9/5/2020 | 16740 | charlotte-concord-gastonia, nc-sc | 24 | - | -13 | - | - | - | - | ||
9/5/2020 | 36740 | orlando-kissimmee-sanford, fl | 25 | - | -10 | - | - | - | - | ||
9/5/2020 | 17460 | cleveland-elyria, oh | 26 | - | -9 | - | - | - | - | ||
9/5/2020 | 41700 | san antonio-new braunfels, tx | 27 | - | -15 | - | - | - | - | ||
9/5/2020 | 17140 | cincinnati, oh-ky-in | 28 | - | -11 | - | - | - | - | ||
9/5/2020 | 40900 | sacramento--roseville--arden-arcade, ca | 29 | - | -10 | - | - | - | |||
9/5/2020 | 28140 | kansas city, mo-ks | 30 | - | -4 | - | - | - | - | ||
9/5/2020 | 18140 | columbus, oh | 31 | - | -13 | - | - | - | - | ||
9/5/2020 | 26900 | indianapolis-carmel-anderson, in | 32 | - | -3 | - | - | - | |||
9/5/2020 | 29820 | las vegas-henderson-paradise, nv | 33 | - | -13 | - | - | - | |||
9/5/2020 | 12420 | austin-round rock, tx | 34 | - | -16 | - | - | - | - | ||
9/5/2020 | 34980 | nashville-davidson--murfreesboro--franklin, tn | 35 | - | -5 | - | - | - | - | ||
9/5/2020 | 41940 | san jose-sunnyvale-santa clara, ca | 36 | - | -7 | - | - | - | |||
9/5/2020 | 47260 | virginia beach-norfolk-newport news, va-nc | 37 | - | -24 | - | - | - | - | ||
9/5/2020 | 33340 | milwaukee-waukesha-west allis, wi | 38 | - | -4 | - | - | - | - | ||
9/5/2020 | 39300 | providence-warwick, ri-ma | 39 | - | -10 | - | - | - | - | ||
9/5/2020 | 27260 | jacksonville, fl | 40 | - | -11 | - | - | - | - | ||
9/5/2020 | 36420 | oklahoma city, ok | 41 | - | 0 | - | - | ||||
9/5/2020 | 31140 | louisville/jefferson county, ky-in | 42 | - | -13 | - | - | - | - | ||
9/5/2020 | 32820 | memphis, tn-ms-ar | 43 | - | -11 | - | - | - | |||
9/5/2020 | 35380 | new orleans-metairie, la | 44 | - | -14 | - | - | - | - | ||
9/5/2020 | 40060 | richmond, va | 45 | - | -5 | - | - | - | - | ||
9/5/2020 | 39580 | raleigh, nc | 46 | - | -12 | - | - | - | - | ||
9/5/2020 | 15380 | buffalo-cheektowaga-niagara falls, ny | 47 | - | 0 | - | - | - | |||
9/5/2020 | 25540 | hartford-west hartford-east hartford, ct | 48 | - | -21 | - | - | - | |||
9/5/2020 | 13820 | birmingham-hoover, al | 49 | - | -9 | - | - | - | - | ||
9/5/2020 | 40380 | rochester, ny | 50 | - | -13 | - | - | - | - | ||
9/5/2020 | 46060 | tucson, az | 51 | - | -9 | - | - | - | - | ||
9/5/2020 | 41620 | salt lake city, ut | 52 | - | -11 | - | - | - | - | ||
9/5/2020 | 24340 | grand rapids-wyoming, mi | 53 | - | 2 | - | - | - | |||
9/5/2020 | 46140 | tulsa, ok | 54 | - | -9 | - | - | - | - | ||
9/5/2020 | 10580 | albany-schenectady-troy, ny | 55 | - | -15 | - | - | - | - | ||
9/5/2020 | 10740 | albuquerque, nm | 56 | - | -7 | - | - | - | - | ||
9/5/2020 | 36540 | omaha-council bluffs, ne-ia | 57 | - | 8 | - | - | - | |||
9/5/2020 | 49340 | worcester, ma-ct | 58 | - | -23 | - | - | - | - | ||
9/5/2020 | 28940 | knoxville, tn | 59 | - | -11 | - | - | - | - | ||
9/5/2020 | 14860 | bridgeport-stamford-norwalk, ct | 60 | - | - | -39 | - | - | - | - | |
9/5/2020 | 24860 | greenville-anderson-mauldin, sc | 61 | - | -10 | - | - | - | - | ||
9/5/2020 | 35840 | north port-sarasota-bradenton, fl | 62 | - | -21 | - | - | - | |||
9/5/2020 | 35300 | new haven-milford, ct | 63 | - | -25 | - | - | - | |||
9/5/2020 | 19380 | dayton, oh | 64 | - | -10 | - | - | - | |||
9/5/2020 | 46520 | urban honolulu, hi | 65 | - | 5 | - | - | - | - | ||
9/5/2020 | 10900 | allentown-bethlehem-easton, pa-nj | 66 | - | -32 | - | - | - | - | ||
9/5/2020 | 17900 | columbia, sc | 67 | - | -15 | - | - | - | - | ||
9/5/2020 | 12940 | baton rouge, la | 68 | - | -1 | - | - | - | - | ||
9/5/2020 | 24660 | greensboro-high point, nc | 69 | - | -9 | - | - | - | - | ||
9/5/2020 | 23420 | fresno, ca | 70 | - | -20 | - | - | - | - | ||
9/5/2020 | 16700 | charleston-north charleston, sc | 71 | - | -20 | - | - | - | |||
9/5/2020 | 30780 | little rock-north little rock-conway, ar | 72 | - | -19 | - | - | - | |||
9/5/2020 | 15980 | cape coral-fort myers, fl | 73 | - | -22 | - | - | - | |||
9/5/2020 | 10420 | akron, oh | 74 | - | -5 | - | - | - | - | ||
9/5/2020 | 21340 | el paso, tx | 75 | - | -22 | - | - | - | - | ||
9/5/2020 | 37100 | oxnard-thousand oaks-ventura, ca | 76 | - | -22 | - | - | - | |||
9/5/2020 | 17820 | colorado springs, co | 77 | - | -14 | - | - | - | - | ||
9/5/2020 | 31540 | madison, wi | 78 | - | -3 | - | - | - | - | ||
9/5/2020 | 12540 | bakersfield, ca | 79 | - | -15 | - | - | - | - | ||
9/5/2020 | 49180 | winston-salem, nc | 80 | - | -16 | - | - | - | |||
9/5/2020 | 45060 | syracuse, ny | 81 | - | 9 | - | - | - | |||
9/5/2020 | 19660 | deltona-daytona beach-ormond beach, fl | 82 | - | -18 | - | - | - | - | ||
9/5/2020 | 14260 | boise city, id | 83 | - | -4 | - | - | - | - | ||
9/5/2020 | 48620 | wichita, ks | 84 | - | -9 | - | - | - | - | ||
9/5/2020 | 45780 | toledo, oh | 85 | - | -10 | - | - | ||||
9/5/2020 | 19780 | des moines-west des moines, ia | 86 | - | -9 | - | - | - | |||
9/5/2020 | 44140 | springfield, ma | 87 | - | -14 | - | - | - | - | ||
9/5/2020 | 29460 | lakeland-winter haven, fl | 88 | - | -8 | - | - | - | |||
9/5/2020 | 37340 | palm bay-melbourne-titusville, fl | 89 | - | -11 | - | - | - | - | ||
9/5/2020 | 32580 | mcallen-edinburg-mission, tx | 90 | - | -15 | - | - | - | |||
9/5/2020 | 25420 | harrisburg-carlisle, pa | 91 | - | -23 | - | - | - | - | ||
9/5/2020 | 42540 | scranton--wilkes-barre--hazleton, pa | 92 | - | -23 | - | - | - | - | ||
9/5/2020 | 12260 | augusta-richmond county, ga-sc | 93 | - | -20 | - | - | - | |||
9/5/2020 | 49660 | youngstown-warren-boardman, oh-pa | 94 | - | -16 | - | - | - | - | ||
9/5/2020 | 44700 | stockton-lodi, ca | 95 | - | -3 | - | - | - | - | ||
9/5/2020 | 20500 | durham-chapel hill, nc | 96 | - | -9 | - | - | - | - | ||
9/5/2020 | 38860 | portland-south portland, me | 97 | - | -23 | - | - | - | - | ||
9/5/2020 | 44060 | spokane-spokane valley, wa | 98 | - | -4 | - | - | - | - | ||
9/5/2020 | 16860 | chattanooga, tn-ga | 99 | - | -15 | - | - | - | - | ||
9/5/2020 | 27140 | jackson, ms | 100 | - | -11 | - | - | - |
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