Zillow Weekly Market Report: Data Through June 20, 2020
For-sale inventory took a step back last week as the rate of new home listings slowed. Despite limited inventory, newly pending sales rose once again as buyer activity continues to be strong, and those sales are typically happening faster than they have since 2018.
Newly pending sales are up again, and homes are selling faster than they have in more than two years
- Newly pending sales continue to grow, up 2.1% week over week and 13.7% month over month.
- Among the 50 largest U.S. metros, newly pending sales rose the most from the previous week in Buffalo (+26.3%), San Jose (+19%) and Nashville (+14.4%).
- U.S. homes are selling at their fastest pace in more than two years. Homes sold during the week ending June 20 typically stayed on the market for 21 days.
Inventory took another small hit last week
- New for-sale listings fell 1.2% week over week, though they remain up 3% from a month ago.
- Total inventory was down 0.6% from the previous week, and is now 18.8% lower than at the same time last year.
List prices continue to climb
- The median list price in the U.S. grew 0.7% from the week prior to $335,160, and now sits 3.2% higher than a year ago.
- List prices are higher than a year ago in 45 of the 50 largest U.S. markets, up as much as 15.8% year over year in Cincinnati.
Zillow’s pending sales and home price forecast remains steady
- The most recent forecast from Zillow’s economic research team shows an expected 1.8% drop in prices from April to October 2020, with a slow recovery through 2021.
- Zillow economists expect pending sales volume reached its bottom in early April, about 50% below February levels. Pending sales are forecasted to recover almost fully by the end of the year.
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.