Pending Sales Dipped Slightly Last Week, But Homes Are Still Moving at Record Pace

Rhea-AI Summary

Homes are selling faster than ever, with the average listing time dropping to just 20 days, the lowest since 2018, according to Zillow's Weekly Market Report. Despite a slight decline in newly pending sales by 1.8% week over week, the number is up 18.8% from last month. The national median listing price rose to $337,160, up 3.8% year over year. Inventory continues to fall, with new listings down 5.1% over the past week and total inventory down 20.7% compared to last year.

Positive

• Homes sold typically in 20 days, the fastest in two years.
• National median list price increased to $337,160, up 3.8% year over year.
• Newly pending sales rose 18.8% from the previous month.

Negative

• Newly pending sales fell 1.8% week over week.
• New for-sale listings decreased by 5.1% week over week.
• Total inventory is down 20.7% compared to last year.

SEATTLE, July 2, 2020 /PRNewswire/ -- Homes continue to fly off the market just weeks after they're listed -- faster than any time in at least the past two years, according to -27151%2F&a=Zillow%27s+Weekly+Market+Report" rel="nofollow">Zillow's Weekly Market Report¹. That's despite newly pending sales falling week over week for the first time since late May, though they remain well ahead of last month's pace.

Homes Are Going Under Contract at the Fastest Pace in at Least Two Years

• Homes sold in the week ending June 27 were typically on the market just 20 days before a contract to sell is signed, the fewest number of days recorded since at least 2018 (when Zillow began tracking the data).
• That time on market is -27382%2F&a=one+day+less+than+last+week" rel="nofollow">one day less than last week, and full week less than the same period a year ago.
• Homes sold last week typically went under agreement in a week or less in six of the nation's 50 largest metros: St. Louis (7 days), Indianapolis (6), Seattle (6), Kansas City (5), Cincinnati (5) and Columbus (4).

List prices continue to climb as more-expensive listings stage a comeback

• The median price of homes listed for sale nationwide was $337,160 last week, up 0.6% from a week ago and 3.8% from the same time last year.
• In a reversal of the -27447%2F&a=prevailing+trend+from+earlier+in+the+spring" rel="nofollow">prevailing trend from earlier in the spring, newly listed homes in the most-affordable price ranges are now down far more compared to a year ago than listings in more-expensive tiers – contributing the overall bump in median list price.
• List prices last week were higher than a year ago in 45 of the 50 largest U.S. markets. They were up the most year over year in Cincinnati (+16.6%), and down the most in Chicago (-1%).

Newly pending sales slipped week over week for the first time since the end of May, but remain up from the previous month

• Newly pending sales were down 1.8% from the week ended June 20, but were up 18.8% from the same period a month ago.
• Among the 50 largest U.S. metros, newly pending sales rose the most from the previous week in Cincinnati (+12.2%), Philadelphia (+8.9%) and Birmingham (+8.1%). Newly pending sales fell the most from the prior week in Providence (-9.8%) Indianapolis (-8.5%) and Houston (-8.5%).

Inventory Continues to Fall

• New for-sale listings nationwide fell 5.1% week over week, though they remain up 5.2% from a month ago.
• Total inventory was down 0.7% from the previous week, and is now 20.7% lower than at the same time last year.

Metropolitan Area*	Newly Pending Sales - MoM	Newly Pending Sales - WoW	New For-Sale Listings - YoY	New For-Sale Listings - WoW	Total For-Sale Listings - YoY	Median List Price - YoY
United States	18.8%	-1.8%	-21.8%	-5.1%	-20.7%	3.8%
New York, NY	74.4%	5.4%	-2.4%	3.8%	-26.0%	2.7%
Los Angeles-Long Beach-Anaheim, CA	26.1%	6.2%	-12.9%	1.3%	-25.7%	8.2%
Chicago, IL	35.3%	-0.4%	-9.4%	-3.7%	-21.8%	-1.0%
Dallas-Fort Worth, TX	0.5%	-0.5%	-18.5%	-4.2%	-13.2%	-0.6%
Philadelphia, PA	30.8%	8.9%	-13.7%	-8.2%	-33.9%	11.9%
Houston, TX	4.3%	-8.5%	-26.3%	-9.3%	-12.4%	1.1%
Washington, DC	4.7%	-7.8%	-23.4%	-0.5%	-32.3%	9.8%
Miami-Fort Lauderdale, FL	23.8%	0.6%	-10.2%	-7.6%	-9.7%	-0.2%
Atlanta, GA	13.6%	6.4%	-24.4%	-11.3%	-6.0%	-0.5%
Boston, MA	14.3%	-5.1%	-16.9%	-3.5%	-25.2%	7.2%
San Francisco, CA	11.2%	-6.2%	1.6%	-1.8%	-12.3%	9.2%
Detroit, MI	20.7%	-3.4%	-16.6%	-5.7%	-20.5%	2.6%
Riverside, CA	10.2%	-1.2%	-23.7%	-5.2%	-31.9%	4.7%
Phoenix, AZ	3.4%	-7.7%	-15.8%	-1.2%	-23.6%	7.7%
Seattle, WA	6.3%	-4.9%	-20.7%	13.7%	-38.6%	5.0%
Minneapolis-St Paul, MN	29.7%	-1.2%	-19.2%	-10.0%	-17.4%	3.5%
San Diego, CA	N/A	N/A	-19.9%	-8.5%	-31.8%	6.9%
St. Louis, MO	5.5%	-3.6%	-25.7%	-3.2%	-25.9%	6.7%
Tampa, FL	N/A	N/A	-15.3%	1.6%	-20.3%	1.1%
Baltimore, MD	9.0%	2.5%	-26.0%	-12.7%	-37.5%	4.1%
Denver, CO	6.0%	-6.9%	-25.2%	-1.7%	-17.5%	5.2%
Pittsburgh, PA	N/A	N/A	-16.5%	-1.7%	-23.5%	11.9%
Portland, OR	6.7%	-4.9%	-33.6%	11.5%	-22.6%	1.2%
Charlotte, NC	3.2%	-4.4%	-29.4%	-7.3%	-26.9%	3.9%
Sacramento, CA	30.1%	3.4%	-15.2%	-9.9%	-20.6%	2.4%
San Antonio, TX	N/A	N/A	-23.9%	-13.5%	-8.0%	1.8%
Orlando, FL	N/A	N/A	-15.3%	-2.6%	-10.1%	-0.5%
Cincinnati, OH	19.6%	12.2%	-25.3%	10.0%	-29.6%	16.6%
Cleveland, OH	14.5%	0.0%	-25.0%	-4.7%	-35.5%	8.9%
Kansas City, MO	10.2%	4.6%	-26.8%	-8.8%	-30.7%	11.0%
Las Vegas, NV	20.1%	-4.5%	-23.6%	-3.3%	-20.6%	2.5%
Columbus, OH	24.6%	3.5%	-25.4%	-2.7%	-27.7%	6.7%
Indianapolis, IN	-1.1%	-8.5%	-20.2%	1.6%	-27.4%	10.0%
San Jose, CA	16.5%	1.6%	-0.3%	4.3%	-25.9%	4.7%
Austin, TX	7.0%	-5.2%	-23.5%	-4.8%	-14.2%	7.6%
Virginia Beach, VA	N/A	N/A	-20.1%	-1.1%	-31.7%	9.0%
Nashville, TN	N/A	N/A	-24.2%	-7.8%	-3.7%	1.3%
Providence, RI	-2.8%	-9.8%	-24.6%	-5.6%	-30.7%	7.6%
Milwaukee, WI	N/A	N/A	-24.3%	-13.6%	-14.2%	7.4%
Jacksonville, FL	-3.0%	-5.4%	-18.5%	-4.1%	-17.0%	1.6%
Memphis, TN	N/A	N/A	-31.4%	1.9%	-30.2%	9.3%
Oklahoma City, OK	N/A	N/A	-18.6%	-9.1%	-20.1%	9.8%
Louisville, KY	6.7%	-7.6%	-28.1%	-1.3%	-31.4%	3.0%
Hartford, CT	11.5%	0.1%	-17.9%	-12.2%	-36.5%	8.1%
Richmond, VA	N/A	N/A	-31.9%	-3.6%	-22.6%	8.5%
New Orleans, LA	14.9%	1.2%	-33.9%	-6.2%	-26.3%	5.2%
Buffalo, NY	75.2%	-5.7%	-18.1%	-3.5%	-25.6%	7.1%
Raleigh, NC	-2.0%	-5.4%	-31.1%	-10.0%	-22.1%	2.5%
Birmingham, AL	25.2%	8.1%	-20.4%	-2.9%	-23.7%	4.8%
Salt Lake City, UT	-7.2%	-1.9%	-32.0%	-5.9%	-28.9%	5.4%
*Table organized by market size

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.

Launched in 2006, Zillow is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG) and headquartered in Seattle.

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

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. 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/.

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SOURCE Zillow

FAQ

What does Zillow's Weekly Market Report indicate about home sales as of July 2020?

Zillow's report shows that homes are being sold faster than ever, averaging just 20 days on the market, despite a recent 1.8% decline in newly pending sales.

What is the current median home listing price according to Zillow?

The median listing price is now $337,160, which reflects a 3.8% increase year over year.

How have newly pending sales changed compared to last month?

Newly pending sales increased by 18.8% from the previous month despite a week-over-week decline of 1.8%.

What is the trend regarding inventory in the housing market according to the report?

The report indicates that total inventory has decreased by 20.7% compared to last year, with new listings down by 5.1% week over week.

How fast are homes being sold in major metropolitan areas?

In several major metros, homes are going under contract in a week or less, with the fastest in Columbus at just 4 days.