Pace of Home Sales Trending Well Ahead of Last Year

Rhea-AI Summary

According to Zillow's Weekly Market Report, homes moving from for-sale to pending are up 16.1% year over year, indicating strong buyer demand. However, new listings are down 12.2% year over year, contributing to a 26.3% decrease in total inventory. Homes are selling at a record pace, typically within 14 days. While newly pending sales dropped 1.4% month over month, they continue to outpace last year's figures. List prices rose by 0.3% week over week, now averaging $342,660, 6% higher than a year ago.

Positive

• Homes shifting from for-sale to pending are up 16.1% year over year.
• Homes are selling in an average of 14 days, one day faster than the previous week.
• List prices have increased by 0.3% week over week, up 6% year over year.

Negative

• New listings fell 12.2% year over year, leading to shrinking inventory.
• Total housing inventory is down 26.3% year over year.

SEATTLE, July 31, 2020 /PRNewswire/ -- Homes shifting from for-sale to pending, a leading indicator of completed sales, are 16.1% higher than last year, Zillow's Weekly Market Reportⁱ shows. New listings are not keeping pace with buyer demand, causing homes to typically sell after only two weeks on the market -- a record pace in Zillow data that dates back to the start of 2019.

Newly pending sales are slowing as we enter the last summer month, but market pace remains well ahead of last year

• Newly pending sales are down 1.4% month over month due to seasonal trends, but are up 16.1% year over year and are continuing to post accelerating growthⁱⁱ. 
• Homes that went under contract last week typically were plucked off the market after just 14 days, one day faster than the previous week and nine days faster than last year.

Sellers continue to remain largely on the sidelines

• New for-sale listings fell 2.2% from last week, and are now down 12.2% year over year. 
• Total inventory continues to fall without an influx of new listings. Total inventory fell 0.9% from the previous week, and is now down 26.3% year over year.

Prices continue on steady climb

• List prices have been steadily rising throughout 2020, up 0.3% week over week to $342,660. That's 6% higher than a year ago. 
• The median sale price the week ending June 13 was $263,819, 0.5% higher than the previous week and up 0.7% year over year. 
• 4.2% of listings last week had cut their price, the same share as the week prior and 1.3 percentage points less than a year ago. 

Metropolitan Area*	Newly Pending Sales - YoY	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	16.1%	-0.6%	14	-12.2%	-2.2%	-26.3%	$263,819	0.7%
New York, NY	N/A	3.5%	28	12.7%	1.3%	-20.6%	$427,040	4.1%
Los Angeles- Long Beach- Anaheim, CA	2.1%	2.0%	14	-7.0%	-0.6%	-27.4%	$663,000	1.7%
Chicago, IL	37.0%	0.6%	14	-3.5%	-2.7%	-24.8%	$249,600	0.0%
Dallas-Fort Worth, TX	22.3%	-3.2%	24	-19.8%	-5.1%	-23.0%	$284,150	0.8%
Philadelphia, PA	N/A	-1.5%	9	8.9%	4.5%	-35.4%	$259,490	0.6%
Houston, TX	N/A	-0.4%	18	-12.9%	-3.7%	-21.5%	$249,728	0.2%
Washington, DC	N/A	2.8%	7	0.3%	2.6%	-34.4%	$427,246	0.0%
Miami-Fort Lauderdale, FL	N/A	-0.7%	31	-4.5%	2.3%	-10.8%	$316,550	8.9%
Atlanta, GA	13.7%	-4.0%	16	-21.1%	0.1%	-17.2%	$263,453	0.4%
Boston, MA	17.5%	-0.7%	8	-13.8%	-13.8%	-24.2%	$495,390	3.6%
San Francisco, CA	N/A	5.0%	12	15.7%	1.9%	-8.7%	$851,000	-1.6%
Detroit, MI	N/A	-0.5%	8	-11.4%	-3.1%	-29.3%	$201,830	-1.8%
Riverside, CA	13.7%	-0.6%	12	-9.9%	-3.0%	-42.1%	$386,184	2.8%
Phoenix, AZ	N/A	-2.1%	14	1.0%	-0.7%	-28.2%	$303,314	4.2%
Seattle, WA	N/A	3.5%	6	-10.4%	-3.8%	-37.5%	$512,247	0.6%
Minneapolis- St Paul, MN	N/A	-0.5%	18	-18.9%	-4.9%	-23.4%	$293,850	2.9%
San Diego, CA	N/A	4.1%	8	-7.4%	1.7%	-37.4%	$598,650	2.4%
St. Louis, MO	13.5%	0.8%	7	-10.7%	1.4%	-29.0%	$203,980	2.4%
Tampa, FL	N/A	N/A	11	-8.8%	2.7%	-29.6%	$243,576	6.3%
Baltimore, MD	12.6%	-0.7%	11	-15.0%	-1.0%	-42.0%	$301,100	-0.7%
Denver, CO	18.9%	-0.6%	7	1.2%	-6.8%	-26.3%	$435,872	0.7%
Pittsburgh, PA	N/A	-1.2%	8	-13.6%	-12.0%	-25.2%	$180,080	-2.4%
Portland, OR	15.3%	1.9%	6	-6.3%	4.9%	-29.7%	$416,198	1.6%
Charlotte, NC	-8.2%	-2.0%	7	-26.7%	-0.8%	-37.2%	$263,039	-2.3%
Sacramento, CA	16.8%	-2.5%	9	-3.8%	-4.4%	-33.4%	$435,400	2.3%
San Antonio, TX	N/A	-0.8%	26	-25.1%	-5.9%	-19.8%	$244,860	3.0%
Orlando, FL	N/A	N/A	12	-10.2%	0.4%	-15.5%	$268,580	3.4%
Cincinnati, OH	4.4%	-2.0%	4	-25.8%	-3.9%	-35.5%	$202,640	6.4%
Cleveland, OH	24.1%	0.9%	15	-13.7%	-0.5%	-36.7%	$166,430	2.0%
Kansas City, MO	N/A	-3.2%	5	-20.5%	-8.3%	-37.8%	$242,932	2.7%
Las Vegas, NV	N/A	-1.4%	20	-3.6%	0.9%	-26.9%	$302,349	2.4%
Columbus, OH	4.1%	-1.2%	4	-27.2%	-0.5%	-33.9%	$223,120	2.2%
Indianapolis, IN	N/A	-1.1%	4	-14.6%	-1.3%	-35.8%	$212,700	7.6%
San Jose, CA	N/A	-3.4%	16	22.0%	-13.0%	-25.9%	$1,116,580	1.2%
Austin, TX	N/A	-1.8%	8	-22.3%	-6.1%	-25.6%	$337,545	1.8%
Virginia Beach, VA	N/A	5.1%	37	0.6%	-0.5%	-35.0%	$265,095	1.0%
Nashville, TN	N/A	N/A	34	-28.4%	-0.3%	-12.4%	$305,995	1.8%
Providence, RI	N/A	-0.3%	12	-0.9%	-4.8%	-32.4%	$304,400	2.9%
Milwaukee, WI	N/A	N/A	28	2.8%	10.5%	-11.3%	$245,860	3.0%
Jacksonville, FL	24.2%	1.3%	16	-3.9%	0.3%	-27.9%	$254,209	1.7%
Memphis, TN	N/A	1.1%	6	-22.6%	-6.9%	-36.5%	$199,480	1.8%
Oklahoma City, OK	N/A	0.7%	9	-14.1%	-3.9%	-27.0%	$196,994	2.8%
Louisville, KY	N/A	0.7%	6	-22.6%	-6.9%	-37.7%	$203,660	1.9%
Hartford, CT	40.3%	1.6%	9	-10.8%	-13.2%	-39.6%	$236,650	0.2%
Richmond, VA	N/A	N/A	6	-25.3%	-8.1%	-30.2%	$273,500	3.8%
New Orleans, LA	32.9%	0.2%	17	-13.3%	-4.6%	-34.6%	$223,154	5.4%
Buffalo, NY	12.2%	0.4%	9	13.0%	4.1%	-29.3%	$174,299	4.1%
Raleigh, NC	N/A	-2.6%	5	-9.9%	-8.1%	-31.7%	$298,350	0.5%
Birmingham, AL	30.8%	-1.2%	8	-15.2%	-9.4%	-30.8%	$220,362	0.4%
Salt Lake City, UT	N/A	N/A	7	-20.0%	7.5%	-36.9%	$357,930	4.5%
*Table ordered by market size
**As of the week ending June 13

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.

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

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. 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. For more information, visit www.zillow.com/research/.
ⁱⁱ 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.

 

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SOURCE Zillow

FAQ

How much did newly pending sales increase year over year for Zillow (ZG,Z)?

Newly pending sales are up 16.1% year over year.

What is the average time homes are selling on Zillow (ZG,Z)?

Homes are selling in an average of 14 days.

What is the change in total inventory reported by Zillow (ZG,Z)?

Total inventory has decreased by 26.3% year over year.

What is the current average list price reported by Zillow (ZG,Z)?

The average list price is $342,660.

How much did new listings decline in the latest report from Zillow (ZG,Z)?

New listings fell by 12.2% year over year.