Prices are Climbing as Homes Sell Faster and More Often Than Last Year

Rhea-AI Summary

Zillow's Weekly Market Report reveals a 17% year-over-year increase in newly pending sales. Despite a 4.3% rise in new listings this week, they remain 13.2% lower than last year, contributing to a 27.6% decline in total inventory. The median list price in the U.S. is now $344,660, a 7.3% increase from last year, while the median sale price is $269,700, up 1.8% year over year. Urban and suburban markets are performing similarly, although certain areas like Manhattan and San Francisco show divergence.

Positive

• 17% year-over-year increase in newly pending sales.
• 4.3% increase in new listings week-over-week.
• Median list price rose to $344,660, 7.3% higher than last year.
• Median sale price increased to $269,700, up 1.8% year-over-year.

Negative

• New listings are 13.2% lower than last year.
• Total inventory down 27.6% year-over-year.

SEATTLE, Aug. 14, 2020 /PRNewswire/ -- Newly pending sales are up nearly 17% year over year and price growth is accelerating, Zillow's Weekly Market Reportⁱ shows. More new listings were added to the market last week than the week prior, but not enough to keep up with the pace of sales as total inventory fell further below where it was last year. That strong buyer demand has been evident in both urban and suburban areas of the country during the coronavirus pandemic. 

Home sales set new record pace

• Newly pending sales rose 1.3% from the previous week, and are now up 16.9% year over year.
• Homes sold last week typically went under contract after 13 days, which is 11 days faster than during the same period last year and a new record low in Zillow data that dates back to the start of 2019.
• The fastest-moving large markets -- Cincinnati, Columbus, Kansas City and Raleigh -- saw sellers typically accept an offer after their homes were on the market only four days. 

New listings boost not enough to keep total inventory from falling further

• There were 4.3% more new for-sale listings added to the market than the week prior.
• Still, new listings are 13.2% lower than a year ago. And total inventory slipped further, now down 27.6% year over year. 

Prices are on the upswing

• The median list price in the U.S. last week was $344,660, up 7.3% year over year. In early May, list prices were up 1.1% annually.
• In the week ending June 27, the median sale price in the U.S. was $269,700, 1.8% higher than the same period a year earlier. Year-over-year sale price growth slowed throughout May but is climbing again, up from 0.7% from two weeks earlier. 

Urban real estate is keeping pace with suburban markets

• Urban and suburban housing markets across the U.S. have shown similar strength in key housing indicators since the beginning of the coronavirus pandemic, an extensive Zillow analysis shows.
• Manhattan, San Francisco and the national rental market are notable exceptions where there has been a divergence between urban areas and the suburbs. 

 

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	16.9%	1.3%	13	-13.2%	4.3%	-27.6%	$269,700	1.8%
New York/Newark, NY/NJ	46.2%	-3.0%	29	-3.2%	-6.1%	-18.6%	$442,600	5.9%
Los Angeles, CA	3.4%	3.7%	13	-1.4%	3.3%	-27.3%	$677,700	2.9%
Chicago, IL	39.4%	2.4%	14	-2.6%	5.6%	-25.8%	$251,980	0.8%
Dallas-Fort Worth, TX	22.6%	-1.4%	24	-21.4%	2.1%	-25.6%	$289,000	2.3%
Philadelphia, PA	28.3%	0.8%	9	-6.7%	1.7%	-37.2%	$262,880	-0.6%
Houston, TX	19.5%	0.5%	16	-21.7%	10.8%	-22.9%	$256,400	1.7%
Washington,  DC	25.5%	0.7%	6	3.3%	4.3%	-34.6%	$428,930	0.1%
Miami-Fort Lauderdale, FL	12.5%	-0.8%	30	-9.9%	1.8%	-11.5%	$319,672	8.7%
Atlanta, GA	9.3%	-1.2%	16	-17.6%	1.3%	-20.2%	$270,190	2.1%
Boston, MA	17.5%	6.2%	7	-7.0%	6.9%	-24.1%	$506,800	4.0%
San Francisco, CA	30.9%	3.1%	11	23.8%	9.6%	-5.9%	$867,500	2.6%
Detroit, MI	31.7%	3.0%	8	-7.5%	12.0%	-32.3%	$199,200	-2.8%
Riverside, CA	5.2%	-1.2%	11	-2.0%	12.4%	-45.2%	$390,534	4.4%
Phoenix, AZ	7.5%	0.6%	11	-3.0%	5.7%	-28.2%	$309,359	6.2%
Seattle, WA	6.1%	4.3%	6	-2.6%	-4.7%	-35.9%	$530,580	5.7%
Minneapolis- St. Paul, MN	17.4%	1.6%	17	-5.5%	7.7%	-24.7%	$298,340	4.7%
San Diego, CA	197.8%	3.3%	8	-2.1%	4.2%	-37.8%	$601,700	0.7%
St. Louis, MO	16.3%	3.2%	6	-7.0%	6.4%	-29.9%	$205,980	1.4%
Tampa, FL	N/A	N/A	9	-11.1%	7.4%	-30.7%	$248,875	7.2%
Baltimore, MD	12.6%	0.9%	10	-11.5%	2.1%	-43.3%	$304,250	-1.3%
Denver, CO	16.7%	3.5%	6	0.3%	5.4%	-28.3%	$437,385	2.0%
Pittsburgh, PA	22.3%	1.2%	8	-7.3%	-2.6%	-25.1%	$186,780	-2.0%
Portland, OR	15.5%	2.0%	6	-3.9%	7.1%	-31.0%	$422,899	3.9%
Charlotte, NC	-12.5%	2.9%	6	-25.8%	0.1%	-39.0%	$272,980	0.4%
Sacramento, CA	14.3%	0.0%	8	-7.2%	6.4%	-38.2%	$442,000	3.8%
San Antonio, TX	53.4%	-1.5%	25	-17.4%	14.7%	-21.4%	$246,753	3.8%
Orlando, FL	N/A	N/A	12	-5.2%	8.1%	-15.7%	$272,309	3.3%
Cincinnati, OH	3.8%	0.4%	4	-20.3%	-7.5%	-37.2%	$210,380	8.7%
Cleveland, OH	23.8%	2.5%	15	-3.9%	4.8%	-37.4%	$170,490	2.8%
Kansas City, MO	3.0%	3.1%	4	-12.0%	1.3%	-39.6%	$245,232	2.3%
Las Vegas, NV	3.8%	-1.2%	17	0.1%	10.8%	-26.7%	$306,700	2.8%
Columbus, OH	4.3%	3.5%	4	-24.2%	-3.8%	-36.1%	$223,510	0.4%
Indianapolis, IN	2.2%	2.3%	5	-15.2%	5.2%	-38.0%	$214,680	6.3%
San Jose, CA	-21.6%	-0.7%	14	18.7%	16.6%	-23.7%	$1,121,000	0.8%
Austin, TX	23.9%	3.2%	9	-11.4%	7.6%	-27.1%	$342,345	3.7%
Virginia Beach, VA	-73.8%	6.2%	32	-10.8%	-12.3%	-36.2%	$266,960	3.0%
Nashville, TN	N/A	N/A	36	-23.1%	2.0%	-13.3%	$306,500	0.6%
Providence, RI	-2.8%	2.8%	11	-14.3%	4.8%	-33.4%	$306,800	2.6%
Milwaukee, WI	N/A	N/A	31	1.9%	16.7%	-11.3%	$244,320	1.2%
Jacksonville, FL	23.0%	-0.8%	14	-4.4%	18.3%	-29.2%	$259,357	0.9%
Memphis, TN	8.0%	4.0%	6	-20.9%	7.0%	-38.4%	$205,450	2.1%
Oklahoma City, OK	18.6%	1.9%	10	-18.0%	5.2%	-29.7%	$200,762	1.5%
Louisville, KY	-5.2%	-0.5%	6	-24.1%	-1.1%	-39.6%	$208,159	2.7%
Hartford, CT	26.4%	-4.9%	8	-20.6%	-13.8%	-41.8%	$240,390	-0.3%
Richmond, VA	N/A	N/A	6	-20.0%	9.2%	-33.3%	$275,450	2.6%
New Orleans, LA	19.4%	0.0%	17	-3.6%	10.7%	-37.0%	$223,300	1.8%
Buffalo, NY	12.2%	6.4%	10	-8.9%	10.1%	-30.6%	$171,050	-0.9%
Raleigh, NC	7.7%	3.5%	4	-10.2%	19.6%	-32.3%	$301,450	1.0%
Birmingham, AL	34.6%	1.9%	9	-15.6%	9.2%	-32.0%	$219,965	0.0%
Salt Lake City, UT	N/A	N/A	6	-29.7%	15.3%	-39.6%	$366,565	7.4%

*Table ordered by market size
**Sale price data as of the week ending June 27

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, five-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/.

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SOURCE Zillow

FAQ

What were the newly pending sales figures reported by Zillow for August 2020?

Zillow reported a 16.9% year-over-year increase in newly pending sales.

How much did the median list price increase according to Zillow's report?

The median list price rose to $344,660, an increase of 7.3% year-over-year.

What is the current trend in total inventory based on Zillow's Weekly Report?

Total inventory has decreased by 27.6% year-over-year.

What region showed a divergence between urban and suburban housing markets?

Manhattan and San Francisco are notable exceptions showing divergence between urban and suburban markets.