Realtor.com® Weekly Recovery Report: Tech Jobs are the Key to a Quick Recovery

Rhea-AI Summary

Realtor.com®'s Weekly Housing Recovery Report for the week ending June 13 indicates a significant recovery in tech-centric housing markets like Denver, Boston, and Seattle, which have surpassed January 2020 activity levels. The national recovery index reached 90.0, suggesting the U.S. market is nearly halfway back to pre-COVID levels. However, total listings declined by 27% YoY, and new listings fell 20%. Median listing prices increased by 4.6% compared to last year, signaling rising buyer interest despite longer time on market.

Positive

• National Recovery Index increased to 90.0, signifying nearly half recovery from January 2020.
• Tech hubs are showing faster recovery, leading market bounce-back.
• Median listing prices rose by 4.6% YoY, indicating stronger demand.

Negative

• Total listings down 27% YoY, showing reduced supply.
• New listings down 20% YoY, impacting potential sales.
• Time on market is 16 days slower YoY, indicating buyer hesitance.

SANTA CLARA, Calif., June 18, 2020 /PRNewswire/ -- Realtor.com^® today released its Weekly Housing Recovery Report for the week ending June 13, which revealed that local markets with strong tech job creation pre-COVID are bouncing back more quickly than others. In fact, five tech hubs -- Denver, Boston, Seattle, San Francisco and San Diego -- pushed further past their January 2020 pace last week and are now leading the recovery.

"As the market heads into the summer, growth in online home searches and asking prices has surpassed pre-COVID levels, but movement in supply and time on market remains well below seasonal pace," said Javier Vivas, director of economic research for realtor.com^®. "But locally the story is much more nuanced. Markets with stronger job creation pre-COVID are proving to have the crucial edge for real estate activity, particularly those with a strong technology sector. As more tech companies weather the storm, the stable jobs and incomes they offer will continue to power demand for homes in these areas, enabling home sales to bounce back faster than the rest of the country this summer."

• National Recovery Index: The realtor.com Housing Market Recovery Index for the week ending June 13 reached 90.0 nationwide, indicating that the U.S. market has nearly halfway recovered to its January 2020 levels. This week's reading was up 1.2 points over the prior week and 10.0 points below the January trend baseline. The slight increase in this week's overall index represents a 6.9 point increase over the 83.1 trough reached during the week ending May 2.
• Local Recovery Index: Locally, an additional four markets have crossed the recovery index benchmark this week -- Seattle, Rochester, N.Y., Las Vegas, and Los Angeles -- taking the total number of markets above the January baseline to eight. Denver (index 107.6), Boston (index 106.7), San Francisco (index 104.5) and San Diego. (index 104.5) had already surpassed January 2020 levels and remain among those leading the recovery. See table below for full metro index data.

Key Listings Metrics for the Week Ending June 13:

	Week ending June 13	Week ending June 6	Week ending May 30	First Two Weeks March
Total Listings	-27% YOY	-25% YOY	-23% YOY	-16% YOY
Time on Market	16 days slower YOY	16 days slower YOY	17 days slower YOY	-4 days faster YOY
Median Listing Prices	+4.6% YOY	+4.3% YOY	+3.1% YOY	+4.5% YOY
New Listings	-20% YOY	-21% YOY	-23% YOY	+5% YOY

 

• Median listing prices are now growing at 4.6 percent over last year, just above the pace seen pre-COVID.
• New listings are down 20 percent. More sellers are returning to the market compared to the early COVID period, but fewer than a week ago, and the number of new listings remains below last year's levels. New listings typically peak over the next month (mid-June to mid-July). Given the importance of new home listings to sales, to see home sales bounce back, there will need to be a later seasonal peak this year.
• Time on market remains 16 days slower than last year as it takes longer to find a buyer and complete a sale in the current markets. Time on market could speed up if buyers continue to outnumber sellers.
• Total inventory was down 27 percent. Signs are pointing to rising home buyer interest, and steeper declines in inventory are on the horizon unless more sellers list homes for sale.

For information on this week's index data and listings data, please visit: https://www.realtor.com/research/housing-market-recovery-index-trends-june-13-data and
-2020%2F&a=https%3A%2F%2Fwww.realtor.com%2Fresearch%2Fweekly-housing-trends-view-data-week-june-13-2020%2F" rel="nofollow">https://www.realtor.com/research/weekly-housing-trends-view-data-week-june-13-2020/

Realtor.com^® Housing Recovery Index Top 50 Largest Markets

Recovery Rank	Metro	Realtor.com Recovery Index	Week over week change in recovery
1	Denver-Aurora-Lakewood, Colo.	107.6	2.20%
2	Boston-Cambridge-Newton, Mass.-N.H.	106.7	3.70%
3	Seattle-Tacoma-Bellevue, Wash.	106	6.90%
4	San Francisco-Oakland-Hayward, Calif.	104.5	3.50%
5	San Diego-Carlsbad, Calif.	104.5	4.20%
6	Rochester, N.Y.	101.3	7.60%
7	Las Vegas-Henderson-Paradise, Nev.	101.1	1.20%
8	Los Angeles-Long Beach-Anaheim, Calif.	100.5	7.80%
9	Austin-Round Rock, Texas	99	2.80%
10	Detroit-Warren-Dearborn, Mich.	97.5	12.30%
11	Jacksonville, Fla.	97.4	-0.60%
12	Nashville-Davidson--Murfreesboro--Franklin, Tenn.	97.4	-1.30%
13	Miami-Fort Lauderdale-West Palm Beach, Fla.	97.2	1.60%
14	Baltimore-Columbia-Towson, Md.	96.8	10.60%
15	Louisville/Jefferson County, Ky.-Ind.	96.7	4.50%
16	Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.	96.6	8.10%
17	Dallas-Fort Worth-Arlington, Texas	96.5	3.60%
18	Atlanta-Sandy Springs-Roswell, Ga.	96.3	5.90%
19	Birmingham-Hoover, Ala.	96.3	7.10%
20	Kansas City, Mo.-Kan.	95.1	0.80%
21	Memphis, Tenn.-Ms.-Ark.	95	3.80%
22	Philadelphia-Camden-Wilmington, Pa.-N.J.-De.-Md.	94.7	8.20%
23	Phoenix-Mesa-Scottsdale, Ariz.	94	-0.10%
24	Hartford-West Hartford-East Hartford, Conn.	93.4	6.20%
25	Portland-Vancouver-Hillsboro, Ore.-Wash.	93.4	0.20%
26	Riverside-San Bernardino-Ontario, Calif.	93.3	0.50%
27	Richmond, Va.	93.2	8.60%
28	Oklahoma City, Okla.	93.1	2.90%
29	Virginia Beach-Norfolk-Newport News, Va.-N.C.	92.7	3.50%
30	Minneapolis-St. Paul-Bloomington, Minn.-Wis.	92.6	4.10%
31	Houston-The Woodlands-Sugar Land, Texas	92.5	3.60%
32	New York-Newark-Jersey City, N.Y.-N.J.-Pa.	92.4	2.30%
33	Sacramento--Roseville--Arden-Arcade, Calif.	92.2	2.40%
34	San Jose-Sunnyvale-Santa Clara, Calif.	91.8	2.20%
35	Cleveland-Elyria, Ohio	91.4	4.90%
36	Tampa-St. Petersburg-Clearwater, Fla.	90.9	1%
37	San Antonio-New Braunfels, Texas	90.8	0.90%
38	St. Louis, Mo.-Ill.	90.6	7.10%
39	Charlotte-Concord-Gastonia, N.C.-S.C.	90.2	1.40%
40	Cincinnati, Ohio-Ky.-Ind.	89.2	0.20%
41	Pittsburgh, Pa.	88.1	5.90%
42	Orlando-Kissimmee-Sanford, Fla.	87.7	-1.10%
43	Milwaukee-Waukesha-West Allis, Wis.	87.5	3.40%
44	Chicago-Naperville-Elgin, Ill.-Ind.-Wis.	87.3	6%
45	Indianapolis-Carmel-Anderson, Ind.	85.5	0.40%
46	Providence-Warwick, R.I.-Mass.	84.9	4%
47	New Orleans-Metairie, La.	84.2	-7.90%
48	Columbus, Ohio	83.8	2.90%
49	Raleigh, N.C.	82.8	0.10%
50	Buffalo-Cheektowaga-Niagara Falls, N.Y.	81.6	20.60%

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.

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:
Lexie Holbert, lexie.puckett@move.com

cbsa_title	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
akron, oh	8.6%	-38.9%	6	14.0%	-24.9%	2.6%	-52.5%	-2.1%
albany-schenectady-troy, ny	11.7%	-33.4%	28	41.8%	-11.7%	2.3%	-50.2%	-1.7%
albuquerque, nm	16.0%	-44.4%	3	6.1%	-35.3%	1.5%	-42.6%	0.1%
allentown-bethlehem-easton, pa-nj	19.6%	-50.9%	-14	-23.3%	-12.4%	5.6%	-36.9%	1.1%
atlanta-sandy springs-roswell, ga	3.8%	-26.7%	4	8.2%	-18.0%	1.0%	-40.6%	-1.6%
augusta-richmond county, ga-sc	6.6%	-37.0%	4	5.8%	-33.8%	0.4%	-50.3%	-1.3%
austin-round rock, tx	5.7%	-25.9%	4	8.9%	-10.8%	1.9%	-51.5%	-3.6%
bakersfield, ca	5.9%	-40.3%	6	13.6%	-33.9%	1.1%	-47.7%	-0.9%
baltimore-columbia-towson, md	2.9%	-41.3%	2	4.3%	-20.9%	2.9%	-49.5%	-1.4%
baton rouge, la	5.2%	-19.4%	19	25.7%	-23.2%	-0.3%	-27.8%	-0.7%
birmingham-hoover, al	6.6%	-26.6%	4	6.9%	-6.5%	2.1%	-35.7%	-0.8%
boise city, id	5.7%	-24.5%	13	40.6%	-21.8%	0.4%	-57.7%	-4.7%
boston-cambridge-newton, ma-nh	9.2%	-30.3%	-2	-5.4%	-10.0%	3.2%	-45.3%	-1.9%
bridgeport-stamford-norwalk, ct	0.1%	-26.3%	6	9.2%	32.1%	3.5%	-48.0%	-1.7%
buffalo-cheektowaga-niagara falls, ny	8.8%	-31.7%	17	48.6%	-13.6%	3.1%	-52.8%	-2.6%
cape coral-fort myers, fl	12.0%	-25.9%	4	4.2%	5.3%	1.8%	-37.5%	-1.1%
charleston-north charleston, sc	3.5%	-25.4%	13	18.3%	-3.6%	1.8%	-38.1%	-1.8%
charlotte-concord-gastonia, nc-sc	2.3%	-38.0%	6	12.0%	-33.0%	0.8%	-48.9%	-1.6%
chattanooga, tn-ga	16.5%	-35.7%	8	14.0%	-35.5%	0.0%	-50.0%	-1.6%
chicago-naperville-elgin, il-in-wi	0.3%	-26.6%	4	9.5%	-21.5%	0.7%	-39.7%	-1.5%
cincinnati, oh-ky-in	15.5%	-40.6%	7	15.9%	-40.9%	0.0%	-48.1%

FAQ

What does Realtor.com's Weekly Housing Recovery Report indicate for June 2020?

The report highlights a recovery in tech-driven real estate markets, with a national recovery index of 90.0, nearly halfway back to pre-COVID levels.

Which housing markets are leading the recovery according to Realtor.com?

Denver, Boston, Seattle, San Francisco, and San Diego are identified as leading the recovery, surpassing January 2020 activity levels.

How much have median listing prices changed year-over-year as of June 2020?

Median listing prices increased by 4.6% compared to the previous year, signaling rising buyer interest.

What is the status of new listings according to the June 2020 report?

New listings are down 20% YoY, which could hinder the recovery of home sales.

What is the current trend for total listings as reported by Realtor.com?

Total listings have decreased by 27% YoY, indicating a significant reduction in market supply.