SEATTLE, Aug. 7, 2020 /PRNewswire/ -- Newly pending sales remain well above last year's level, according to Zillow's Weekly Market Reporti. They fell for the second week running in week-over-week numbers, but other measures continue to show a fast-moving market that favors sellers, indicating the recent dip has more to do with a lack of inventory than waning interest from potential buyers. In the rental market, renters and landlords are entering an uncertain period after some added unemployment benefits expired at the end of July.
"Record-low mortgage rates are helping fuel a brisk pace of home sales later into this summer than normal, but buyers are having to compete over fewer and fewer listings," said Zillow economist Jeff Tucker. "The flow of new listings has recovered somewhat, but not fast enough to replace all the recent sales, so inventory continues to plumb new record lows. There's no single reason sellers have been slow to return, but some possibilities include reluctance to having strangers tour their home; concerns about difficulty getting their next home and an assumption that they couldn't sell for a high price right now."
Newly pending sales fell last week, but other indicators show a hot market
Sellers are still holding back
List prices reach new yearly high
Uncertainty ahead for the rental market as some aid expires
Metropolitan Area* | Newly Pending Sales - YoY | Newly Pending Sales - WoW | Median Days to Pending | New For-Sale Listings - YoY | New For-Sale Listings - WoW | Total For-Sale Listings - YoY | Median Sale Price** | Median Sale Price - YoY** |
United States | 13.8% | -0.9% | 14 | -15.8% | -3.6% | -26.9% | $266,805 | 1.4% |
New York/Newark, NY/NJ | N/A | 3.7% | 28 | -1.9% | -5.7% | -19.5% | $439,170 | 5.6% |
Los Angeles, CA | 0.6% | 1.3% | 13 | 6.2% | -2.0% | -27.3% | $669,700 | 1.7% |
Chicago, IL | 35.7% | -1.4% | 14 | -6.5% | -4.5% | -25.4% | $249,700 | 0.1% |
Dallas-Fort Worth, TX | 21.5% | 1.4% | 24 | -15.0% | -7.4% | -24.4% | $286,117 | 1.3% |
Philadelphia, PA | N/A | -1.5% | 9 | -12.7% | -9.4% | -36.6% | $260,934 | 0.5% |
Houston, TX | N/A | 0.2% | 17 | -30.3% | -9.9% | -22.1% | $253,100 | 0.9% |
Washington, DC | N/A | -0.2% | 7 | -12.3% | -7.0% | -34.4% | $432,180 | 1.1% |
Miami-Fort Lauderdale, FL | N/A | -0.4% | 31 | -4.4% | -6.5% | -11.1% | $317,600 | 8.7% |
Atlanta, GA | 10.5% | -0.3% | 16 | -16.7% | -1.0% | -18.8% | $267,118 | 1.0% |
Boston, MA | 13.4% | -3.9% | 9 | -13.6% | 3.2% | -24.2% | $497,800 | 3.3% |
San Francisco, CA | N/A | 0.4% | 12 | 21.2% | -0.7% | -7.1% | $868,500 | 0.9% |
Detroit, MI | N/A | -0.2% | 8 | -18.3% | -4.2% | -30.7% | $196,970 | -3.1% |
Riverside, CA | 7.9% | -1.9% | 11 | -6.5% | -4.4% | -43.8% | $386,017 | 3.3% |
Phoenix, AZ | N/A | 0.8% | 13 | -6.5% | 1.3% | -28.3% | $305,940 | 5.1% |
Seattle, WA | N/A | 0.2% | 6 | -4.6% | 6.7% | -36.4% | $525,635 | 3.8% |
Minneapolis-St. Paul, MN | N/A | 1.3% | 18 | -16.0% | -2.6% | -24.1% | $295,990 | 3.9% |
San Diego, CA | N/A | 2.5% | 8 | -10.6% | -2.5% | -37.6% | $596,650 | 0.9% |
St. Louis, MO | 14.3% | -2.9% | 7 | -17.6% | -9.9% | -29.3% | $205,555 | 2.2% |
Tampa, FL | N/A | N/A | 11 | -9.0% | -12.0% | -30.2% | $244,678 | 5.9% |
Baltimore, MD | 10.0% | -1.8% | 10 | -16.9% | -5.6% | -42.7% | $306,785 | 0.4% |
Denver, CO | 17.0% | -0.9% | 7 | -9.7% | -7.9% | -27.4% | $437,526 | 1.8% |
Pittsburgh, PA | N/A | -2.1% | 8 | 2.7% | 5.4% | -24.6% | $184,200 | -0.2% |
Portland, OR | 15.6% | 0.3% | 6 | -18.8% | -8.4% | -30.1% | $417,899 | 2.0% |
Charlotte, NC | -13.3% | -4.8% | 7 | -27.1% | -4.8% | -38.1% | $265,883 | -1.8% |
Sacramento, CA | 15.1% | -2.5% | 8 | -10.4% | -0.4% | -35.8% | $439,900 | 3.6% |
San Antonio, TX | N/A | 2.2% | 26 | -31.2% | -2.0% | -20.6% | $246,063 | 3.3% |
Orlando, FL | N/A | N/A | 13 | -16.2% | -8.4% | -15.6% | $268,021 | 2.4% |
Cincinnati, OH | 2.4% | -1.4% | 4 | -13.4% | 10.1% | -36.4% | $206,340 | 7.3% |
Cleveland, OH | 20.8% | -0.2% | 17 | -14.8% | -2.2% | -37.0% | $169,140 | 2.5% |
Kansas City, MO | N/A | -1.3% | 5 | -21.3% | -0.2% | -38.8% | $245,580 | 2.9% |
Las Vegas, NV | N/A | -0.5% | 19 | -2.4% | 1.7% | -26.8% | $303,869 | 2.2% |
Columbus, OH | 1.4% | -0.9% | 4 | -26.5% | -3.3% | -34.9% | $224,560 | 1.3% |
Indianapolis, IN | N/A | 0.1% | 5 | -25.4% | -11.2% | -37.0% | $213,800 | 8.5% |
San Jose, CA | N/A | 4.7% | 14 | 4.6% | -5.3% | -24.6% | $1,127,500 | 0.2% |
Austin, TX | N/A | 1.5% | 9 | -16.3% | -1.2% | -26.3% | $339,700 | 2.4% |
Virginia Beach, VA | N/A | 5.3% | 33 | 6.4% | 2.2% | -35.6% | $267,600 | 2.3% |
Nashville, TN | N/A | N/A | 36 | -22.5% | -0.5% | -12.8% | $306,690 | 1.7% |
Providence, RI | N/A | -0.1% | 12 | -5.1% | -1.4% | -32.6% | $304,450 | 1.8% |
Milwaukee, WI | N/A | N/A | 27 | -17.7% | -7.2% | -11.1% | $241,240 | -0.1% |
Jacksonville, FL | 25.7% | 0.0% | 15 | -18.7% | -14.3% | -28.4% | $256,491 | 1.4% |
Memphis, TN | N/A | 1.0% | 6 | -24.2% | -7.5% | -37.5% | $201,560 | 2.6% |
Oklahoma City, OK | N/A | -1.5% | 9 | -20.4% | -7.8% | -28.2% | $200,176 | 3.0% |
Louisville, KY | N/A | -3.2% | 6 | -18.4% | 0.6% | -38.4% | $205,536 | 2.5% |
Hartford, CT | 35.4% | -4.0% | 8 | -11.5% | 3.3% | -40.5% | $236,790 | -0.9% |
Richmond, VA | N/A | N/A | 6 | -26.9% | -10.1% | -31.4% | $275,450 | 3.4% |
New Orleans, LA | 29.4% | 1.6% | 18 | -19.8% | -3.1% | -35.8% | $225,980 | 5.4% |
Buffalo, NY | 6.5% | -0.7% | 10 | -11.5% | -6.3% | -29.8% | $173,530 | 3.8% |
Raleigh, NC | N/A | -4.7% | 5 | -25.5% | -14.6% | -31.8% | $299,580 | 0.1% |
Birmingham, AL | 31.2% | 0.4% | 9 | -20.1% | -7.1% | -31.3% | $219,545 | -0.6% |
Salt Lake City, UT | N/A | N/A | 7 | -35.8% | -10.5% | -38.3% | $365,690 | 7.1% |
*Table ordered by market size |
** Sale price data as of the week ending June 20 |
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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/. |
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SOURCE Zillow