Intense Buyer Demand Continues to Drive Hot Housing Market

Rhea-AI Summary

According to Zillow's Weekly Market Report, intense buyer demand continues to drive home prices upward and reduce time on the market. Homes are selling in just 12 days, 17 days faster than last year, with pending sales up by 19.7% year-over-year. Despite this, available inventory has decreased for 23 consecutive weeks, down 37.4% from last year. Median list prices have risen 11.8% year-over-year, with current median sale prices at $289,625, reflecting a 12.5% increase over 2019. The overall market remains robust as new listings and inventory continue to decline.

Positive

• Pending sales up 19.7% year-over-year.
• Median list prices increased 11.8% year-over-year.
• Current median sale prices at $289,625, up 12.5% over 2019.
• Time on market reduced to 12 days, 17 days faster than last year.

Negative

• Available inventory down 37.4% year-over-year.
• New listings down 7.4% year-over-year.
• Pending sales have slowed by 3.1% since last month and 1.3% since last week.

SEATTLE, Nov. 6, 2020 /PRNewswire/ -- Intense and persistent buyer demand is keeping the time on market for houses at incredible lows and pushing prices ever higher above 2019, according to Zillow's Weekly Market Report¹. Sales remain high above last year and are expected to stay robust in the coming months.

Time on market still short as pending sales stay high over 2019 

• Robust buyer-side demand persisted through October. For the fourth consecutive week, houses are typically staying on the market for 12 days, a full 17 days faster than last year.
• Pending sales are up 19.7% year over year, though they have slowed 3.1% since last month and 1.3% since last week. 

Scalding homebuyer demand keeps inventory in a vise-grip

• Available inventory fell for the 23rd straight week and is now down 37.4% compared to last year.  Demand for homes is still sky high, while current homeowners cite a lack of confidence in their ability to secure and afford a new home among reasons they're not selling. 
• New listings dropped 7.4% year over year and 7.9% since last week. 

Price growth over 2019 increases as hot market stretches further into fall

• Median list prices have risen further above last year's figures every week since early May and are now up 11.8% year over year. List prices fell $500 since last week to $345,500 -- the first weekly drop since mid-April. 
• Homeowners who decide to sell are benefitting from insatiable demand. Median sale prices rose to $289,625 in the week ending September 19, up 12.5% over 2019.

Metropolitan Area*	Total For- Sale Listings - YOY	New For- Sale Listings - YOY	Newly Pending Sales - YOY	Newly Pending Sales - WOW	Median List Price - YOY	Median List Price - WOW	Median Sale Price - YOY**
United States	-37.4%	-7.4%	19.7%	-1.3%	11.8%	-0.1%	12.5%
New York, NY	-19.3%	-0.8%	53.8%	-0.3%	15.4%	0.0%	6.9%
Los Angeles- Long Beach- Anaheim, CA	-21.4%	3.6%	-5.8%	-6.3%	12.5%	-0.1%	12.6%
Chicago, IL	-27.8%	3.2%	36.8%	-1.2%	8.3%	-0.7%	12.8%
Dallas-Fort Worth, TX	-36.7%	-21.7%	26.8%	-1.2%	4.9%	-0.4%	11.8%
Philadelphia, PA	-38.2%	-5.4%	85.1%	-0.6%	12.0%	0.0%	10.9%
Houston, TX	-30.4%	1.2%	33.3%	1.6%	10.1%	0.0%	8.5%
Washington, DC	-33.8%	0.3%	96.4%	1.3%	7.5%	-0.9%	9.0%
Miami-Fort Lauderdale, FL	-16.2%	0.0%	23.1%	0.7%	2.4%	0.1%	17.0%
Atlanta, GA	-34.2%	-14.7%	13.1%	2.1%	9.1%	-0.2%	11.3%
Boston, MA	-31.5%	-2.1%	-27.9%	-11.0%	12.0%	-0.4%	13.6%
San Francisco, CA	-0.2%	50.1%	36.4%	4.9%	12.0%	-0.4%	15.4%
Detroit, MI	-41.2%	-12.6%	37.3%	-0.9%	11.8%	-0.2%	10.4%
Riverside, CA	-46.1%	-17.0%	22.6%	2.1%	16.3%	0.0%	12.8%
Phoenix, AZ	-21.2%	9.8%	28.4%	1.5%	10.2%	-0.1%	11.7%
Seattle, WA	-29.7%	5.3%	19.0%	-1.8%	4.1%	-0.4%	12.6%
Minneapolis-St Paul, MN	-28.0%	-4.1%	32.3%	-1.7%	0.4%	-0.6%	11.3%
San Diego, CA	-34.6%	6.6%			9.8%	0.0%	12.3%
St. Louis, MO	-40.1%	-16.0%	26.5%	-1.0%	4.4%	-0.5%	15.3%
Tampa, FL	-35.5%	-8.6%			10.6%	0.0%	12.3%
Baltimore, MD	-46.5%	-13.4%	117.2%	2.7%	3.2%	-0.7%	6.5%
Denver, CO	-38.3%	12.7%	24.0%	-3.2%	6.3%	0.4%	7.8%
Pittsburgh, PA	-33.7%	-10.2%	17.6%	-0.6%	19.4%	-0.5%	10.0%
Portland, OR	-37.0%	9.2%	33.0%	0.2%	12.1%	0.7%	10.8%
Charlotte, NC	-47.0%	-4.9%	-2.0%	-1.2%	9.7%	-0.1%	10.8%
Sacramento, CA	-41.3%	2.5%	26.4%	3.3%	15.3%	0.4%	12.8%
San Antonio, TX	-29.6%	4.7%	46.3%	1.8%	5.7%	-0.4%	11.4%
Orlando, FL	-19.6%	-3.8%			1.5%	0.0%	6.3%
Cincinnati, OH	-36.5%	3.0%	23.6%	2.3%	13.0%	-1.5%	14.1%
Cleveland, OH	-41.0%	6.4%	49.1%	-1.6%	3.3%	-1.2%	12.8%
Kansas City, MO	-42.2%	-1.7%	24.6%	0.7%	11.7%	-0.6%	13.7%
Las Vegas, NV	-23.9%	-7.1%	17.7%	0.3%	8.9%	-0.2%	3.2%
Columbus, OH	-42.0%	-9.6%	16.3%	-1.0%	12.0%	0.4%	12.6%
Indianapolis, IN	-40.4%	9.5%	19.0%	-1.8%	6.7%	-1.0%	13.8%
San Jose, CA	-9.2%	73.6%	-18.2%	-2.6%	13.1%	-0.4%	16.4%
Austin, TX	-40.0%	6.0%	27.0%	0.4%	23.1%	0.2%	16.5%
Virginia Beach, VA	-40.1%	15.1%			3.9%	-1.0%	8.0%
Nashville, TN	-30.9%	-18.1%			4.8%	-0.3%	7.0%
Providence, RI	-39.5%	-9.3%	-12.0%	3.2%	4.9%	-0.1%	8.8%
Milwaukee, WI	-5.6%	15.5%			5.3%	-0.4%	7.4%
Jacksonville, FL	-41.6%	-5.7%	26.7%	-6.6%	2.2%	-0.8%	5.3%
Memphis, TN	-45.2%	-17.3%	19.0%	1.1%	4.2%	0.9%	20.4%
Oklahoma City, OK	-37.0%	-36.5%	27.2%	-3.5%	9.5%	0.0%	11.3%
Louisville- Jefferson County, KY	-44.0%	-11.6%	18.6%	-0.5%	-1.8%	-1.6%	13.4%
Hartford, CT	-40.7%	10.7%	49.8%	0.2%	11.6%	-0.4%	11.5%
Richmond, VA	-44.6%	4.0%			17.7%	0.7%	9.1%
New Orleans, LA	-44.5%	-10.8%	24.2%	-3.0%	12.4%	0.1%	8.9%
Buffalo, NY	-41.8%	-11.7%	19.6%	-2.0%	7.5%	-1.3%	17.8%
Raleigh, NC	-44.7%	-15.2%	12.7%	0.7%	11.1%	0.1%	13.6%
Birmingham, AL	-33.3%	16.1%	44.0%	1.5%	-2.6%	0.0%	10.7%
Salt Lake City, UT	-50.0%	-13.3%			10.6%	0.5%	10.7%

*Table ordered by market size 
**Sale price data as of the week ending Sept. 19

¹ The Zillow Weekly Market Reports are a weekly overview of the national and local real estate markets. The reports are compiled by Zillow Economic Research and data is aggregated from public sources and listing data on Zillow.com. New for-sale listings data reflect daily counts using a smoothed, seven-day trailing average. Total for-sale listings, newly pending sales, days to pending and median list price data reflect weekly counts using a smoothed, four-week trailing average. National newly pending sales trends are based upon aggregation of the 38 largest metro areas where historic pending listing data coverage is most statistically reliable, and excludes some metros due to upstream data coverage issues. For more information, visit www.zillow.com/research/.

About Zillow

Zillow, the most visited real estate website in the U.S., is building an on-demand real estate experience. Whether selling, buying, renting or financing, customers can turn to Zillow's businesses to find and get into their next home with speed, certainty and ease.

In addition to for-sale and rental listings, Zillow Offers buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline. Zillow Home Loans, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase.

Millions of people visit Zillow Group sites every month to start their home search, and now they can rely on Zillow to help them finish it — with the same confidence, ease and empowerment they've come to expect from real estate's most trusted brand.

Zillow is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG).

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SOURCE Zillow

FAQ

What does Zillow's Weekly Market Report indicate about home prices?

Zillow's Weekly Market Report shows that median list prices have risen 11.8% year-over-year, reflecting intense buyer demand.

How quickly are homes selling according to Zillow's report?

Homes are selling in an average of 12 days, which is 17 days faster than last year.

What is the status of available housing inventory based on the report?

According to the report, available inventory has decreased for 23 consecutive weeks, down 37.4% compared to last year.

Have pending sales increased or decreased this year?

Pending sales are up 19.7% year-over-year but have slowed by 3.1% since last month.

What is the current median sale price for homes?

The current median sale price is $289,625, which is a 12.5% increase over 2019.