SEATTLE, Oct. 9, 2020 /PRNewswire/ -- Home price momentum continued into early October, with annual median list price growth reaching double digits, according to Zillow's Weekly Market Report1. Although the frenetic pace of newly pending sales seems to be subsiding in a delayed seasonal slowdown, a dire lack of inventory is keeping the market in sellers' courts.
"The consequences of months of tightening inventory are being felt keenly by the nation's housing market in the form of jaw-dropping price appreciation this fall," said Zillow senior economist Jeff Tucker. "Our data on closed sales show sellers within a hair's breadth of double digit year-over-year appreciation, an outcome almost unthinkable after prices stalled out in the depths of nationwide lockdowns this spring. Strong price growth seems poised to continue into the near future as buyers battle to outdo each other, bidding on a record-small pool of homes for sale."
Late seasonal slowdown continues as buying activity cools
Inventory drops to record lows as sellers stay sidelined
Prices maintain momentum to push high above last year's levels
Stimulus talks stumble, adding to long-term economic uncertainty
Metropolitan Area* | Newly Pending Sales - YoY | Newly Pending Sales - WoW | Median Days to Pending | Total For-Sale Listings - YoY | New For-Sale Listings - YoY | New For-Sale Listings - WoW | Median Sale Price** | Median Sale Price - YoY** |
United States | 17.6% | -2.2% | 13 | -35.7% | -18.1% | -0.6% | $285,843 | 9.9% |
New York/Newark, NY/NJ | 48.7% | -1.6% | 30 | -20.5% | -0.7% | -2.8% | $454,872 | 5.3% |
Los Angeles, CA | 9.4% | 0.4% | 12 | -24.2% | 5.8% | 2.1% | $721,100 | 10.0% |
Chicago, IL | 31.7% | -2.8% | 12 | -28.7% | 1.3% | 1.5% | $269,750 | 10.8% |
Dallas-Fort Worth, TX | 25.2% | -1.9% | 22 | -33.8% | -29.0% | 2.9% | $301,750 | 8.8% |
Philadelphia, PA | 45.1% | 12.5% | 12 | -37.8% | -14.0% | -1.9% | $280,125 | 5.9% |
Houston, TX | 26.6% | -1.8% | 16 | -30.0% | -20.5% | 18.9% | $267,850 | 7.3% |
Washington, DC | 33.8% | 16.2% | 10 | -34.9% | -12.7% | 8.3% | $450,688 | 8.0% |
Miami-Fort Lauderdale, FL | 19.7% | -2.3% | 26 | -14.9% | -13.5% | 2.9% | $329,625 | 11.9% |
Atlanta, GA | 11.1% | -3.6% | 14 | -32.8% | -25.7% | -0.4% | $284,250 | 12.8% |
Boston, MA | -4.6% | -1.3% | 8 | -30.3% | -22.1% | 1.5% | $527,488 | 9.6% |
San Francisco, CA | 21.7% | 1.4% | 11 | -6.4% | 18.0% | -0.5% | $916,250 | 15.8% |
Detroit, MI | 32.6% | -1.6% | 9 | -39.6% | -8.0% | 2.1% | $224,862 | 13.2% |
Riverside, CA | 8.0% | -2.6% | 9 | -48.0% | -8.2% | -4.1% | $410,312 | 9.6% |
Phoenix, AZ | 23.2% | 0.5% | 11 | -21.3% | 4.4% | 13.1% | $326,000 | 13.5% |
Seattle, WA | 17.2% | -1.6% | 6 | -31.4% | 6.3% | 4.8% | $530,112 | 9.0% |
Minneapolis-St. Paul, MN | 32.1% | -2.0% | 16 | -27.2% | -2.1% | -4.6% | $314,725 | 9.9% |
San Diego, CA | 8 | -36.8% | 15.4% | 12.9% | $638,250 | 9.0% | ||
St. Louis, MO | 17.8% | -1.5% | 6 | -39.2% | -3.0% | 2.7% | $216,850 | 9.8% |
Tampa, FL | 7 | -36.3% | -14.3% | 4.9% | $259,848 | 10.8% | ||
Baltimore, MD | 43.1% | 15.5% | 13 | -45.2% | -16.3% | -6.8% | $321,875 | 4.6% |
Denver, CO | 19.0% | -1.6% | 5 | -35.8% | -7.8% | -5.4% | $462,486 | 7.6% |
Pittsburgh, PA | 21.7% | -20.2% | 10 | -30.7% | -11.4% | -4.4% | $200,312 | 6.7% |
Portland, OR | 15.0% | -2.4% | 7 | -38.3% | -1.6% | -4.7% | $444,000 | 8.8% |
Charlotte, NC | -0.1% | -3.0% | 6 | -45.9% | -27.4% | -4.1% | $287,875 | 11.1% |
Sacramento, CA | 16.1% | -3.1% | 7 | -44.5% | 13.1% | 13.1% | $466,000 | 9.7% |
San Antonio, TX | 34.7% | -1.6% | 25 | -26.9% | -30.6% | 10.1% | $254,250 | 8.1% |
Orlando, FL | 11 | -19.1% | -23.3% | -3.3% | $287,192 | 9.8% | ||
Cincinnati, OH | 8.1% | -1.1% | 4 | -38.9% | -7.2% | 8.7% | $214,500 | 15.1% |
Cleveland, OH | 43.9% | -15.9% | 13 | -42.0% | -4.3% | -7.9% | $177,212 | 10.8% |
Kansas City, MO | 10.2% | -2.4% | 5 | -44.1% | -14.7% | 0.0% | $253,850 | 11.1% |
Las Vegas, NV | 18.2% | 0.7% | 15 | -22.8% | -10.8% | -2.6% | $310,625 | 1.4% |
Columbus, OH | 12.6% | -1.4% | 4 | -40.8% | -21.1% | -2.1% | $235,125 | 16.7% |
Indianapolis, IN | 12.6% | -0.2% | 4 | -39.9% | -1.9% | -1.2% | $220,642 | 10.1% |
San Jose, CA | -23.0% | -6.7% | 14 | -18.4% | 10.2% | -9.5% | $1,133,250 | 10.6% |
Austin, TX | 20.5% | -3.3% | 7 | -38.2% | -27.4% | 4.8% | $351,250 | 8.7% |
Virginia Beach, VA | 25 | -40.3% | -11.8% | 1.5% | $273,762 | 6.7% | ||
Nashville, TN | 35 | -27.0% | -29.3% | 0.2% | $317,862 | 6.0% | ||
Providence, RI | -10.5% | -5.0% | 10 | -39.3% | -9.8% | -7.9% | $333,625 | 11.8% |
Milwaukee, WI | 34 | -5.5% | -14.2% | -7.7% | $212,375 | 7.4% | ||
Jacksonville, FL | 31.5% | -5.5% | 11 | -40.9% | -20.5% | 11.6% | $265,998 | 2.8% |
Memphis, TN | 18.9% | -7.3% | 5 | -47.0% | -8.8% | -0.1% | $205,362 | 7.8% |
Oklahoma City, OK | 18.1% | -3.7% | 9 | -36.3% | -10.9% | 11.7% | $207,975 | 11.3% |
Louisville, KY | -0.4% | 1.3% | 6 | -43.8% | -10.4% | -3.6% | $216,206 | 10.1% |
Hartford, CT | 49.1% | 0.3% | 8 | -40.8% | 2.5% | 5.9% | $263,650 | 8.1% |
Richmond, VA | 6 | -41.6% | -15.0% | -3.6% | $280,862 | 4.8% | ||
New Orleans, LA | 10.7% | -1.1% | 13 | -44.1% | -21.7% | 1.6% | $229,375 | 8.2% |
Buffalo, NY | 10.7% | -6.1% | 10 | -38.8% | 0.4% | 6.9% | $195,000 | 7.4% |
Raleigh, NC | 9.2% | -3.3% | 5 | -43.6% | -23.3% | 7.9% | $311,688 | 6.2% |
Birmingham, AL | 40.7% | -2.5% | 8 | -34.7% | -7.3% | -11.5% | $222,925 | 6.2% |
Salt Lake City, UT | 5 | -47.3% | -38.2% | 6.4% | $377,125 | 11.0% |
*Table ordered by market size |
**Sale price data as of the week ending August 22 |
About Zillow
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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. 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, four-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