Zillow Weekly Market Report: Data Through June 13, 2020
Home buyer demand continues to grow, but their choices became slimmer last week. Newly pending sales rose, but new listings and total listings fell.
Market Trends
U.S. Home Value Growth Slows, Signalling Potential Price Decline to Come (May 2020 Market Report)
The typical U.S. home value grew 4.3% year over year in May, to $251,598. But monthly growth slowed noticeably from April.
Mortgage Rates Fall Slightly, But Where do They Go From Here?
After falling sharply for about a week, mortgage rates leveled off in recent days and ultimately finished the last seven days down just slightly.
May Housing Starts: Slowly Coming Back
May housing starts rose 4.3% from April, to 974,000 (SAAR), and were down 23.2 percent from a year ago, according to the U.S. Census Bureau.
LGBT Home Buyers May Be Priced Out of Areas With Legal Protections From Discrimination
The typical cost of buying a home in areas with explicit legal protections for the LGBT community is $328,575, ~63% more than areas with no protections.
Almost 3 Million Adults Moved Back Home in Wake of Coronavirus
There were 32 million adults living with their parents or grandparents in April, the highest number on record.
Mortgage Rates Fall After Fed Commits to Buy Mortgage-Backed Securities
Mortgage rates fell after a wild week, thanks in large part to the Federal Reserve committing to purchase large amounts of mortgage-backed securities.
Newly Unemployed Service Workers Owe More Than $1.7 Billion in Monthly Housing Payments
More than 25% of the total housing payments due from U.S. food service workers is owed by those who are newly unemployed during the coronavirus pandemic.
Experts: Spring’s Missing Home Sales Will be Added to Coming Years
Almost half of experts surveyed by Zillow expect the U.S. recovery to follow a 'U' shape, with a recession lasting several quarters.
Mortgage Rates Rise Slightly, But Look Poised to Remain Low for a While
Average mortgage rates rose slightly over the last seven days, but remain near all-time lows and don't look to be heading much higher any time soon.
