More homes went under contract last week than the week prior, and the housing market kept up its blistering pace. Homes that sold last week were on the market for just more than two weeks, tying a record pace that dates back to 2019. 

Newly pending sales return to strong weekly growth

• After falling week-over-week in the past four weeks, 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 days, 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.

Methodology

The Zillow Weekly Market 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.

Click here to read past editions of Zillow’s Weekly Market Report.