SEATTLE, Aug. 28, 2020 /PRNewswire/ -- Home seller confidence is growing and the number of new homes on the market is recovering closer to levels seen last year, according to Zillow's Weekly Market Reporti. Still, buyer demand is outpacing this new supply as newly pending sales are up big in year-over-year numbers, driven partly by mortgage rates that fell even further this week.
Buyer demand is holding strong
More sellers are entering the market, but demand is still outpacing supply
Last week marked biggest year-over-year list price growth since summer 2019
Mortgage rates dip lower after FHFA fee delay
Metropolitan Area* | NewlyPendingSales -YoY | NewlyPendingSales -WoW | MedianDays toPending | NewFor-Sale Listings - YoY | New For-Sale Listings - WoW | Total For-Sale Listings - YoY | Median Sale Price** | Median Sale Price - YoY** |
United States | 16.5% | -0.7% | 13 | -10.6% | 0.9% | -28.9% | $277,500 | 5.1% |
New York/Newark, NY/NJ | 41.5% | -2.4% | 29 | 9.4% | -0.2% | -16.2% | $447,500 | 2.7% |
Los Angeles, CA | 3.8% | -1.1% | 13 | 1.4% | -1.0% | -26.4% | $699,000 | 4.6% |
Chicago, IL | 40.1% | -1.7% | 13 | 0.7% | -0.3% | -26.9% | $258,374 | 3.3% |
Dallas-Fort Worth, TX | 21.7% | -3.1% | 23 | -20.9% | -0.9% | -27.7% | $297,250 | 6.3% |
Philadelphia, PA | 25.1% | -2.7% | 9 | -3.5% | -4.7% | -38.6% | $270,625 | 1.5% |
Houston, TX | 22.8% | -0.9% | 16 | -23.9% | -5.4% | -24.4% | $265,625 | 6.7% |
Washington, DC | 27.1% | -1.5% | 6 | -0.5% | 2.7% | -34.2% | $434,912 | 0.9% |
Miami-Fort Lauderdale, FL | 13.9% | -1.2% | 28 | -0.9% | 3.8% | -12.1% | $326,375 | 11.5% |
Atlanta, GA | 13.9% | 1.5% | 15 | -18.4% | 8.6% | -22.7% | $274,536 | 5.6% |
Boston, MA | 17.3% | -3.3% | 7 | -12.1% | -3.7% | -23.2% | $514,516 | 6.8% |
San Francisco, CA | 39.0% | -1.6% | 12 | 15.3% | 4.4% | -0.3% | $871,750 | 6.5% |
Detroit, MI | 33.0% | 0.3% | 8 | -1.1% | 3.6% | -35.2% | $212,975 | 6.7% |
Riverside, CA | 5.5% | -1.1% | 10 | -3.5% | -0.4% | -46.8% | $400,125 | 6.3% |
Phoenix, AZ | 6.7% | 0.6% | 10 | -6.5% | -1.0% | -26.2% | $315,625 | 9.4% |
Seattle, WA | 14.2% | 0.8% | 6 | 6.5% | -1.9% | -31.5% | $541,067 | 8.8% |
Minneapolis-St. Paul, MN | 19.4% | 0.2% | 16 | -0.4% | 5.5% | -25.9% | $302,200 | 7.3% |
San Diego, CA | N/A | N/A | 8 | 6.8% | -2.8% | -37.7% | $617,750 | 2.5% |
St. Louis, MO | 21.7% | -0.9% | 7 | -9.3% | 4.9% | -31.4% | $211,875 | 7.5% |
Tampa, FL | N/A | N/A | 8 | -5.8% | 5.3% | -31.5% | $253,350 | 8.1% |
Baltimore, MD | 11.5% | -1.8% | 9 | -10.2% | -5.9% | -44.3% | $311,875 | 1.2% |
Denver, CO | 19.2% | 0.2% | 6 | -7.5% | -0.5% | -29.5% | $449,712 | 4.8% |
Pittsburgh, PA | 23.8% | 0.0% | 8 | -0.3% | 0.7% | -25.7% | $194,846 | 3.2% |
Portland, OR | 21.3% | 1.0% | 6 | -5.3% | -2.4% | -31.1% | $425,375 | 5.2% |
Charlotte, NC | -7.9% | 1.6% | 6 | -15.9% | 4.4% | -40.2% | $283,750 | 5.0% |
Sacramento, CA | 17.1% | 1.0% | 7 | -14.1% | 2.0% | -40.9% | $457,250 | 7.6% |
San Antonio, TX | 48.9% | -1.3% | 25 | -21.2% | -6.4% | -23.3% | $250,987 | 6.5% |
Orlando, FL | N/A | N/A | 11 | -2.0% | 6.5% | -15.1% | $273,298 | 3.9% |
Cincinnati, OH | 6.1% | 0.1% | 4 | -15.7% | -8.3% | -37.6% | $210,074 | 9.2% |
Cleveland, OH | 29.5% | 0.7% | 15 | 0.1% | 11.5% | -37.9% | $174,250 | 5.9% |
Kansas City, MO | 10.8% | 0.2% | 4 | -9.7% | -1.3% | -41.3% | $251,875 | 6.0% |
Las Vegas, NV | 8.9% | 3.4% | 14 | -4.8% | -3.1% | -24.4% | $312,000 | 3.7% |
Columbus, OH | 3.7% | -0.9% | 4 | -14.7% | 10.3% | -38.0% | $228,238 | 1.6% |
Indianapolis, IN | 0.8% | -2.1% | 5 | 4.8% | 5.0% | -40.0% | $219,095 | 9.5% |
San Jose, CA | -14.2% | 2.9% | 15 | 23.6% | 0.9% | -20.4% | $1,125,250 | 0.9% |
Austin, TX | 29.9% | -0.2% | 7 | -15.8% | -0.1% | -30.0% | $349,547 | 5.3% |
Virginia Beach, VA | N/A | N/A | 25 | 7.1% | -4.1% | -37.7% | $272,473 | 4.2% |
Nashville, TN | N/A | N/A | 36 | -14.8% | 6.9% | -13.8% | $314,341 | 4.5% |
Providence, RI | 0.6% | -2.6% | 10 | -8.5% | 11.3% | -35.0% | $314,600 | 5.5% |
Milwaukee, WI | N/A | N/A | 28 | -2.7% | 2.3% | -10.1% | $245,000 | 2.7% |
Jacksonville, FL | 20.4% | -1.9% | 13 | -13.9% | -10.2% | -31.4% | $265,749 | 2.3% |
Memphis, TN | 7.4% | -1.9% | 6 | -11.1% | 6.7% | -39.5% | $208,062 | 0.5% |
Oklahoma City, OK | 26.1% | 0.4% | 10 | -22.6% | -9.5% | -32.8% | $201,945 | 4.0% |
Louisville, KY | -5.2% | -3.8% | 6 | -8.0% | 6.1% | -41.5% | $214,128 | 4.8% |
Hartford, CT | 22.7% | -1.0% | 8 | 18.3% | 26.1% | -43.1% | $250,500 | 1.9% |
Richmond, VA | N/A | N/A | 5 | -10.9% | 0.2% | -36.1% | $274,219 | -0.9% |
New Orleans, LA | 7.1% | -2.4% | 13 | -16.4% | -3.7% | -40.2% | $227,675 | 4.6% |
Buffalo, NY | 19.3% | -1.2% | 10 | -15.3% | 0.0% | -32.5% | $177,375 | -0.8% |
Raleigh, NC | 14.7% | 1.2% | 5 | -24.8% | -10.6% | -34.6% | $306,750 | 4.0% |
Birmingham, AL | 33.3% | -0.7% | 8 | -9.2% | -2.6% | -33.4% | $225,638 | 7.9% |
Salt Lake City, UT | N/A | N/A | 6 | -37.9% | 3.7% | -40.8% | $372,312 | 7.4% |
*Table ordered by market size |
**Sale price data as of the week ending July 11 |
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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, 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/. |
ii Zillow Group Marketplace, Inc. is a licensed mortgage broker, NMLS #1303160. |
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SOURCE Zillow