More Homes Were Sold Last Week Despite Desperately Low Inventory

Rhea-AI Summary

Zillow's Weekly Market Report indicates a surge in the housing market with homes going under contract at an accelerated rate. Newly pending sales saw a significant increase of 10.9% week-over-week, although they remain 2.4% below last month. Homes sold last week had a median time on the market of 15 days, matching last week's record. However, new listings fell by 0.2% week-over-week, resulting in a 25.5% decrease in inventory year-over-year. The median sale price rose to $262,600, reflecting a 1% year-on-year increase.

Positive

• Newly pending sales increased by 10.9% week-over-week.
• Homes typically went under contract in 15 days, indicating strong demand.
• Median sale price rose to $262,600, up 1% year-over-year.

Negative

• New for-sale listings dropped by 0.2% week-over-week and 14.6% year-over-year.
• Total for-sale inventory is down 25.5% compared to last year.

SEATTLE, July 24, 2020 /PRNewswire/ -- More homes went under contract last week than the week prior, and the housing market kept up its blistering pace, according to -27151%2F&a=Zillow%27s+Weekly+Market+Report" rel="nofollow">Zillow's Weekly Market Reportⁱ. Homes that sold last week were on the market for just more than two weeks, tying a record pace in Zillow data that dates back to 2019. 

Newly pending sales return to strong weekly growth

• After falling week-over-week in the past four Weekly Market Reports, newly pending sales rose 10.9% this time around. They remain 2.4% below the previous month. 
• Even with this increased volume, homes continued to fly off the market quickly. Homes that were sold last week typically went under contract after just 15 daysⁱⁱ, same as the previous week and eight days faster than last year.

With sales strong and no uptick in new listings, inventory falls to new record low

• New for-sale listings dropped 0.2% from the previous week, and are now down 14.6% year over year. 
• For-sale inventory continues to fall, down 0.9% week over week and 3.3% from the previous month. The uptick in sales pushed total inventory down more than new listings last week.
• There are now 25.5% fewer homes on the market than this time last year. 

Prices continue to rise

• In the first week of June, the median sale price was $262,600, up 1% year over year. 
• As of last week, the median list price was up 5.3% higher than a year earlier, now at $341,640. 
• With demand strong, only 4.2% of listings had cut their price. That's 1.3 percentage points lower than the same week a year ago. 

Virtual home buying and selling is growing in popularity

• Americans say they are more likely to buy or sell a home virtually, and virtual tours have become more popular during the coronavirus pandemic, according to a -27568%2F&a=new+Zillow+survey" rel="nofollow">new Zillow surveyⁱⁱⁱ.
• More than a third of Americans (36%) say they are more likely to try to buy a home entirely online during the coronavirus pandemic, and 30% say after the current outbreak ends, they would do the same.  
• During the pandemic, 43% say they are more likely to try to sell a home entirely online. When the current outbreak ends, 33% anticipate they would still be more likely to try and sell a home entirely online. 

 

Metropolitan Area*	Newly Pending Sales - MoM	Newly Pending Sales - WoW	Median Days to Pending**	New For-Sale Listings - YoY	New For-Sale Listings - WoW	Total For-Sale Listings - YoY	Median Sale Price***	Median Sale Price - YoY***
United States	-2.4%	10.9%	15	-14.6%	-0.2%	-25.5%	$262,600	1.0%
New York, NY	14.1%	1.4%	28	2.3%	-5.8%	-22.2%	$428,540	4.4%
Los Angeles-Long Beach-Anaheim, CA	6.5%	10.5%	14	-10.1%	0.5%	-27.1%	$658,150	1.1%
Chicago, IL	-3.9%	14.9%	14	-3.4%	-6.9%	-24.2%	$249,100	0.5%
Dallas-Fort Worth, TX	-4.8%	6.2%	24	-18.7%	-3.2%	-21.4%	$280,539	-0.2%
Philadelphia, PA	0.3%	13.9%	10	-13.6%	-0.5%	-35.0%	$259,360	3.6%
Houston, TX	-5.8%	9.2%	19	-14.8%	9.2%	-20.5%	$247,785	-0.1%
Washington, DC	-0.9%	15.5%	8	-15.6%	-1.5%	-34.2%	$428,260	1.4%
Miami-Fort Lauderdale, FL	-5.2%	3.0%	33	-11.9%	-3.4%	-10.6%	$311,540	8.2%
Atlanta, GA	-2.7%	-2.5%	17	-16.2%	3.9%	-15.4%	$261,069	0.8%
Boston, MA	-5.6%	40.3%	9	-6.8%	-3.7%	-24.5%	$496,240	4.3%
San Francisco, CA	-2.1%	6.7%	12	-0.8%	1.4%	-10.0%	$840,500	-2.0%
Detroit, MI	5.1%	23.3%	9	-15.5%	-1.1%	-27.6%	$201,790	-0.1%
Riverside, CA	-2.3%	-0.3%	13	-16.5%	7.8%	-39.9%	$386,350	3.0%
Phoenix, AZ	-10.2%	6.8%	16	-1.1%	8.2%	-27.8%	$300,750	3.1%
Seattle, WA	5.7%	19.5%	6	-15.8%	2.6%	-38.6%	$506,247	-0.7%
Minneapolis-St. Paul, MN	3.3%	6.5%	18	-5.0%	-9.3%	-22.6%	$294,625	4.7%
San Diego, CA	N/A	N/A	9	-10.7%	-1.2%	-36.6%	$598,400	2.9%
St. Louis, MO	1.1%	16.1%	7	-14.5%	-0.6%	-28.4%	$203,672	3.1%
Tampa, FL	N/A	N/A	12	-10.9%	-1.1%	N/A	$243,749	7.7%
Baltimore, MD	-2.6%	12.1%	12	-21.1%	1.2%	-41.0%	$303,858	-0.2%
Denver, CO	-4.2%	30.8%	7	6.8%	0.2%	-24.8%	$437,580	1.2%
Pittsburgh, PA	N/A	N/A	8	8.6%	2.0%	-25.3%	$183,980	1.6%
Portland, OR	-1.7%	23.7%	7	-25.9%	-2.7%	-28.7%	$415,500	1.4%
Charlotte, NC	-8.4%	0.4%	7	-23.9%	10.8%	-36.0%	$261,000	-1.2%
Sacramento, CA	1.2%	6.1%	9	-17.0%	5.0%	-30.5%	$432,750	2.1%
San Antonio, TX	N/A	N/A	29	-28.7%	-5.9%	-18.3%	$244,260	3.1%
Orlando, FL	N/A	N/A	13	-9.8%	-3.7%	-15.2%	$268,980	5.0%
Cincinnati, OH	-1.7%	6.5%	4	-14.0%	-2.0%	-34.1%	$199,720	7.0%
Cleveland, OH	4.7%	5.2%	16	-18.6%	2.3%	-36.5%	$165,080	3.5%
Kansas City, MO	-0.8%	18.8%	5	-21.4%	0.4%	-36.4%	$243,773	3.7%
Las Vegas, NV	-5.7%	-6.9%	22	-13.3%	5.1%	-26.1%	$302,894	2.0%
Columbus, OH	-4.0%	11.4%	4	-18.9%	-3.3%	-32.7%	$223,770	2.9%
Indianapolis, IN	-9.2%	10.5%	5	-19.7%	-4.0%	-34.2%	$212,756	8.9%
San Jose, CA	2.8%	7.6%	19	9.3%	6.3%	-26.8%	$1,134,580	2.7%
Austin, TX	-18.6%	-2.3%	8	-21.4%	-0.5%	-24.3%	$338,935	1.4%
Virginia Beach, VA	N/A	N/A	40	2.2%	-5.5%	-34.4%	$265,900	2.2%
Nashville, TN	N/A	N/A	33	-21.9%	-8.8%	-9.9%	$304,578	0.7%
Providence, RI	-0.3%	22.7%	14	-11.2%	12.7%	-32.1%	$306,700	3.7%
Milwaukee, WI	N/A	N/A	30	-26.9%	-3.6%	-11.7%	$246,180	4.8%
Jacksonville, FL	-8.2%	11.5%	17	-15.1%	5.2%	-27.2%	$256,068	2.6%
Memphis, TN	N/A	N/A	5	-9.8%	7.3%	-35.0%	$204,200	4.0%
Oklahoma City, OK	N/A	N/A	9	-12.4%	6.7%	-25.9%	$193,990	3.5%
Louisville, KY	-7.1%	13.8%	7	-25.7%	-2.4%	-36.2%	$201,730	2.1%
Hartford, CT	-3.6%	1.7%	9	-6.2%	9.5%	-38.7%	$237,500	2.3%
Richmond, VA	N/A	N/A	6	-22.4%	-2.0%	-28.7%	$276,000	6.7%
New Orleans, LA	-5.6%	2.3%	18	-9.6%	9.4%	-33.2%	$221,264	6.6%
Buffalo, NY	-12.1%	12.9%	9	-1.8%	16.1%	-29.0%	$173,119	5.4%
Raleigh, NC	-3.3%	21.0%	5	-4.6%	5.4%	-31.5%	$298,790	1.7%
Birmingham, AL	17.9%	18.1%	9	-6.6%	8.3%	-29.9%	$219,348	-0.5%
Salt Lake City, UT	-2.5%	19.4%	8	-35.7%	-4.9%	-35.7%	$356,180	4.1%
*Table ordered by market size
**The Days to Pending metric has been restated as of this week's report, generally producing lower values
***Sales price data as of the week ending June 6

About Zillow
Zillow, the top 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.

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Zillow and Zillow Offers are registered trademarks of Zillow, Inc.

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i 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. Newly pending sales and new for-sale listings data reflect daily counts using a smoothed, seven-day trailing average. Total for-sale listings, days to pending and median list price data reflect weekly counts using a smoothed, four-week trailing average. For more information, visit www.zillow.com/research/.

ii Due to a methodology improvement, the Days to Pending time series has been restated. Generally, the restatement produced lower numbers (i.e., homes were sold faster) than previously reported.

iii Data was collected by Zillow Group Population Science from a survey of 2,600 U.S. adults recruited and interviewed between May 11th, 2020 and May 15th, 2020. Respondents were recruited from multiple general population internet respondent panels of U.S. adults from the contiguous United States. To promote the representativeness of the estimates, the sample data was weighted to align with key U.S. Census demographic benchmarks observed in the target population.

 

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SOURCE Zillow

FAQ

What is Zillow's newly pending sales growth for last week?

Zillow reported a newly pending sales increase of 10.9% week-over-week.

How long did homes stay on the market according to Zillow's report?

Homes sold last week were on the market for a median of 15 days.

What is the current median sale price of homes according to Zillow?

The median sale price reported by Zillow is $262,600.

How much has the inventory of homes changed year-over-year?

Zillow indicated that total for-sale inventory is down 25.5% year-over-year.

Did Zillow see an increase in virtual home buying?

Yes, a survey revealed that more Americans are inclined to buy or sell homes virtually during the pandemic.