Realtor.com® Weekly Recovery Report: Listing Prices Surprise with Fastest Growth Since January 2018

Recovery index dips for the first time ever due to lack of homes for sale after showing improvement last week

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Aug 20, 2020, 06:00 ET

SANTA CLARA, Calif., Aug. 20, 2020 /PRNewswire/ -- The U.S. median listing price grew 10.1 percent over last year, the fastest pace of growth since January 2018, according to realtor.com^®'s Weekly Recovery Report for the week ending Aug. 15. The sustained price increases are a result of fierce competition for record low levels of inventory and unwavering demand from pent up buyers.

The realtor.com^® Housing Market Recovery Index declined this week by 0.9 points, which resulted in an overall index reading of 104.8 nationwide for the week ending August 15. The slight drop in the overall index this week is a result of the new listings component falling back below its pre-COVID baseline (January 2020 growth) despite increasing buyer demand. Meanwhile, new listings remain on the right trajectory, but growth is still variable on a week to week basis, and consistent improvement will be key in the weeks to come.

"With supply and demand moving in opposite directions, sellers are clearly gaining the upper hand in the market as buyer competition builds up and prices gain momentum going into the fall," said Javier Vivas, director of economic research for realtor.com^®. "Buyers hoping to close on a home this year should expect some hot competition, especially if they are looking at more affordable or entry-level housing. To get a leg up on the competition, buyers should get pre-approved for a mortgage so they can make fast offers and work with a local agent who has a deep understanding of their local market."

Weekly listings data findings:

Median listing prices grew at 10.1 percent over last year, the first double digit pace of growth since January 2018. With sellers gaining leverage in the market, buyers are now contending with rapidly accelerating competition on top of strong price growth.
Total inventory was down 36 percent. Waves of home shoppers continue to drive the housing market recovery this summer, powering sales and putting a solid dent in available inventory of homes for sale. While sellers are returning to the market, buyers are increasingly outnumbering them, causing overall levels of inventory to see sharp declines compared to last year.
New listings were down 11 percent. Improvement to new listings lost some momentum this week but the overall trend for the past four weeks points toward improvement on the horizon. The lack of options of homes for sale has been a key factor limiting buyers in the market, so continued recovery in new listings is key for home sales and overall market health in the coming months.
Time on market is 4 days faster than last year. In the current "sellers' market" environment where sellers hold the upper hand, homes are selling quickly and buyers are feeling increased pressure to promptly pull the trigger when they find a home that fits their needs. These market dynamics are pushing the peak homebuying season past May and well into August as homes continue to fly off the market.

Listings Data Summary:

	Week ending Aug 15	Week ending Aug 8	Week ending Aug 1	First Two Weeks March
Total Listings	-36% YOY	-36% YOY	-35% YOY	-16% YOY
Time on Market	4 days faster YOY	4 days faster YOY	4 days faster YOY	4 days faster YOY
Median Listing Prices	+10.1% YOY	+9.9% YOY	+9.4% YOY	+4.5% YOY
New Listings	-11% YOY	-6% YOY	-11% YOY	+5% YOY

Top 50 Metros Recovery Index

Rank	Metro	Recovery Index (Week Ending 8/15)	Recovery Index (Weekly Change)
1	Las Vegas-Henderson-Paradise, Nev.	126	0.2
2	Seattle-Tacoma-Bellevue, Wash.	120.7	0.2
3	New York-Newark-Jersey City, N.Y.-N.J.-Pa.	116.5	1.3
4	Boston-Cambridge-Newton, Mass.-N.H.	115.7	0
5	Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	115.5	1.9
6	Portland-Vancouver-Hillsboro, Ore.-Wash.	114.3	3.5
7	Denver-Aurora-Lakewood, Colo.	113.9	-0.7
8	Los Angeles-Long Beach-Anaheim, Calif.	112.4	2.7
9	Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.	112	2.8
10	San Jose-Sunnyvale-Santa Clara, Calif.	111.8	3.3
11	Riverside-San Bernardino-Ontario, Calif.	111.3	2.3
12	Phoenix-Mesa-Scottsdale, Ariz.	111	-0.9
13	San Diego-Carlsbad, Calif.	110	1.7
14	Baltimore-Columbia-Towson, Md.	110	2.7
15	Rochester, N.Y.	109.8	-0.8
16	Austin-Round Rock, Texas	108.7	-2.4
17	San Francisco-Oakland-Hayward, Calif.	106.8	2.5
18	Miami-Fort Lauderdale-West Palm Beach, Fla.	106.7	4.5
19	Pittsburgh, Pa.	106.3	2.5
20	Virginia Beach-Norfolk-Newport News, Va.-N.C.	106.1	-0.1
21	Tampa-St. Petersburg-Clearwater, Fla.	105.7	0.1
22	San Antonio-New Braunfels, Texas	105.3	-0.6
23	Houston-The Woodlands-Sugar Land, Texas	105	2.5
24	Charlotte-Concord-Gastonia, N.C.-S.C.	104	1.6
25	Hartford-West Hartford-East Hartford, Conn.	103.9	6.1
26	Kansas City, Mo.-Kan.	103.6	2.1
27	Detroit-Warren-Dearborn, Mich	103	-2.5
28	Minneapolis-St. Paul-Bloomington, Minn.-Wis.	102.3	4.3
29	Orlando-Kissimmee-Sanford, Fla.	102.2	-1.4
30	Dallas-Fort Worth-Arlington, Texas	101.9	1.8
31	Cleveland-Elyria, Ohio	101.3	1.6
32	Sacramento--Roseville--Arden-Arcade, Calif.	101	0.2
33	Atlanta-Sandy Springs-Roswell, Ga.	101	2.8
34	Jacksonville, Fla.	100.5	3.4
35	Nashville-Davidson--Murfreesboro--Franklin, Tenn.	99.3	-2.8
36	New Orleans-Metairie, La.	99.2	-2.2
37	Providence-Warwick, R.I.-Mass.	98.6	-0.7
38	Memphis, Tenn.-Miss.-Ark.	98.3	-2.1
39	Raleigh, N.C.	98.2	-4.2
40	Louisville/Jefferson County, Ky.-Ind.	98	-0.9
41	Chicago-Naperville-Elgin, Ill.-Ind.-Wis.	97.9	1.8
42	Indianapolis-Carmel-Anderson, Ind.	97.8	3.5
43	Birmingham-Hoover, Ala.	97.7	-2.4
44	Buffalo-Cheektowaga-Niagara Falls, N.Y.	95.9	-1.6
45	St. Louis, Mo.-Ill.	95.6	-1.5
46	Cincinnati, Ohio-Ky.-Ind.	95.6	-2.4
47	Richmond, Va.	94.2	-3.4
48	Columbus, Ohio	94.1	-1.2
49	Oklahoma City, Okla.	94	-4.7
50	Milwaukee-Waukesha-West Allis, Wis.	90.1	-0.4

Link to Weekly Stats Blog Post:
https://www.realtor.com/research/weekly-housing-trends-view-data-week-august-15-2020/

Link to Index Commentary Blog Post: https://www.realtor.com/research/housing-market-recovery-index-trends-august-15-data/

Methodology: The Weekly Housing Index leverages a weighted average of realtor.com® search traffic, median list prices, new listings, and median time on market and compares it to the January 2020 market trend, as a baseline for pre-COVID market growth. The overall index is set to 100 in this baseline period. The higher a market's index value, the higher its recovery and vice versa.

week_end_date	cbsa_title	hh_rank	median_listing_price_yy	active_listing_count_yy	median_days_on_market_by_day_yy	median_days_on_market_yy	new_listing_count_yy	new_listing_share_yy	price_reduced_count_yy	price_reduced_share_yy
8/15/2020	new york-newark-jersey city, ny-nj-pa	1	12%	-12%	-18	-25.40%	5.30%	1.20%	-33.00%	-1.40%
8/15/2020	los angeles-long beach-anaheim, ca	2	22%	-27%	6	13.30%	-5.50%	2.70%	-48.30%	-2.10%
8/15/2020	chicago-naperville-elgin, il-in-wi	3	7%	-35%	-5	-11.10%	-11.80%	3.10%	-44.40%	-1.50%
8/15/2020	dallas-fort worth-arlington, tx	4	4%	-40%	-3	-6.10%	-12.90%	3.70%	-51.20%	-2.50%
8/15/2020	houston-the woodlands-sugar land, tx	5	5%	-29%	-6	-10.70%	-5.50%	2.40%	-42.70%	-1.90%
8/15/2020	philadelphia-camden-wilmington, pa-nj-de-md	6	20%	-44%	-15	-25.00%	-6.10%	4.90%	-54.00%	-1.80%
8/15/2020	washington-arlington-alexandria, dc-va-md-wv	7	11%	-42%	-14	-31.80%	-1.10%	6.70%	-56.50%	-2.30%
8/15/2020	miami-fort lauderdale-west palm beach, fl	8	-1%	-13%	-9	-9.50%	-0.40%	0.70%	-25.70%	-0.80%
8/15/2020	atlanta-sandy springs-roswell, ga	9	10%	-42%	-4	-8.00%	-17.60%	3.40%	-51.20%	-1.60%
8/15/2020	boston-cambridge-newton, ma-nh	10	15%	-34%	-14	-27.50%	-7.00%	4.20%	-45.50%	-1.60%
8/15/2020	san francisco-oakland-hayward, ca	11	12%	-13%	2	6.30%	1.80%	2.10%	-23.40%	-0.90%
8/15/2020	detroit-warren-dearborn, mi	12	10%	-42%	-3	-7.70%	-21.80%	3.20%	-48.60%	-1.30%
8/15/2020	phoenix-mesa-scottsdale, az	13	8%	-43%	-6	-13.30%	3.30%	7.20%	-61.00%	-4.20%
8/15/2020	seattle-tacoma-bellevue, wa	14	5%	-27%	-7	-18.90%	9.30%	5.50%	-52.20%	-3.50%
8/15/2020	minneapolis-st. paul-bloomington, mn-wi	15	6%	-28%	-1	-2.80%	-0.90%	3.80%	-47.90%	-2.40%
8/15/2020	riverside-san bernardino-ontario, ca	16	11%	-56%	-7	-13.50%	-13.90%	7.20%	-72.30%	-3.10%
8/15/2020	tampa-st. petersburg-clearwater, fl	17	7%	-41%	-4	-7.30%	-8.00%	4.20%	-46.60%	-1.20%
8/15/2020	san diego-carlsbad, ca	18	11%	-44%	-1	-2.80%	-7.30%	6.30%	-58.80%	-2.60%
8/15/2020	st. louis, mo-il	19	11%	-37%	4	7.60%	-18.00%	2.50%	-52.20%	-2.10%
8/15/2020	denver-aurora-lakewood, co	20	8%	-37%	-1	-2.70%	-6.20%	5.00%	-52.50%	-3.70%
8/15/2020	baltimore-columbia-towson, md	21	5%	-51%	-14	-25.00%	-8.20%	6.40%	-63.40%	-2.70%
8/15/2020	pittsburgh, pa	22	25%	-34%	-4	-6.90%	-7.10%	3.00%	-41.20%	-1.10%
8/15/2020	portland-vancouver-hillsboro, or-wa	23	8%	-42%	-7	-14.30%	-7.70%	5.20%	-33.70%	0.70%
8/15/2020	charlotte-concord-gastonia, nc-sc	24	8%	-47%	-7	-14.00%	-17.60%	4.70%	-62.80%	-3.30%
8/15/2020	orlando-kissimmee-sanford, fl	25	1%	-18%	0	0.00%	-2.70%	1.40%	-23.30%	-0.70%
8/15/2020	cleveland-elyria, oh	26	17%	-50%	0	0.00%	-18.80%	5.00%	-52.10%	-0.90%
8/15/2020	san antonio-new braunfels, tx	27	6%	-39%	-6	-10.50%	-12.50%	3.00%	-49.50%	-1.70%
8/15/2020	cincinnati, oh-ky-in	28	17%	-48%	5	12.80%	-27.20%	3.70%	-61.70%	-2.50%
8/15/2020	sacramento--roseville--arden-arcade, ca	29	6%	-51%	-1	-2.60%	-8.70%	8.00%	-64.50%	-3.40%
8/15/2020	kansas city, mo-ks	30	14%	-49%	0	0.00%	-28.20%	3.60%	-57.70%	-1.70%
8/15/2020	columbus, oh	31	6%	-46%	0	0.00%	-15.00%	6.00%	-62.90%	-4.40%
8/15/2020	indianapolis-carmel-anderson, in	32	12%	-56%	-2	-4.10%	-24.00%	5.80%	-48.70%	0.80%
8/15/2020	las vegas-henderson-paradise, nv	33	7%	-11%	-8	-16.30%	15.10%	2.30%	-48.70%	-4.70%
8/15/2020	austin-round rock, tx	34	11%	-40%	-9	-17.70%	-8.60%	4.00%	-59.40%	-3.90%
8/15/2020	nashville-davidson--murfreesboro--franklin, tn	35	6%	-33%	-5	-13.50%	-18.30%	2.20%	-41.00%	-1.10%
8/15/2020	san jose-sunnyvale-santa clara, ca	36	7%	-26%	-4	-11.10%	22.30%	6.40%	-40.00%	-2.30%
8/15/2020	virginia beach-norfolk-newport news, va-nc	37	12%	-45%	-18	-31.00%	-11.70%	4.00%	-70.30%	-3.10%
8/15/2020	milwaukee-waukesha-west allis, wi	38	8%	-42%	9	25.70%	-12.90%	4.90%	-50.90%	-1.90%
8/15/2020	providence-warwick, ri-ma	39	12%	-52%	-5	-9.80%	-21.40%	5.20%	-67.90%	-2.40%
8/15/2020	jacksonville, fl	40	4%	-36%	-4	-6.20%	-13.90%	2.50%	-48.40%	-1.90%
8/15/2020	oklahoma city, ok	41	8%	-35%	-1	-2.00%	-18.10%	2.00%	-42.40%	-1.20%
8/15/2020	louisville/jefferson county, ky-in	42	6%	-50%	-1	-2.60%	-25.80%	4.50%	-62.80%	-2.80%
8/15/2020	memphis, tn-ms-ar	43	12%	-49%	-2	-4.00%	-27.80%	3.40%	-43.30%	0.40%
8/15/2020	new orleans-metairie, la	44	12%	-36%	-4	-5.70%	-27.60%	0.90%	-39.20%	-0.50%
8/15/2020	richmond, va	45	10%	-44%	5	10.60%	-18.20%	3.90%	-48.10%	-0.80%
8/15/2020	raleigh, nc	46	4%	-38%	-10	-18.50%	-14.10%	3.20%	-64.60%	-4.40%
8/15/2020	buffalo-cheektowaga-niagara falls, ny	47	6%	-40%	6	15.80%	-1.00%	6.60%	-56.80%	-2.90%
8/15/2020	hartford-west hartford-east hartford, ct	48	7%	-32%	-19	-30.20%	-7.40%	2.20%	-55.20%	-2.30%
8/15/2020	birmingham-hoover, al	49	5%	-36%	-4	-7.00%	-2.60%	3.80%	-43.10%	-0.90%
8/15/2020	rochester, ny	50	11%	-41%	-13	-31.70%	-6.20%	5.80%	-52.40%	-2.00%
8/15/2020	tucson, az	51	13%	-44%	0	0.00%	-1.10%	6.30%	-52.30%	-1.60%
8/15/2020	salt lake city, ut	52	16%	-59%	-8	-21.10%	-10.00%	9.40%	-58.50%	-0.90%
8/15/2020	grand rapids-wyoming, mi	53	7%	-41%	0	0.00%	-11.80%	4.90%	-54.00%	-2.40%
8/15/2020	tulsa, ok	54	18%	-41%	-3	-5.70%	-17.80%	3.20%	-42.60%	-0.40%
8/15/2020	albany-schenectady-troy, ny	55	17%	-41%	-3	-4.30%	-15.20%	3.00%	-53.10%	-1.50%
8/15/2020	albuquerque, nm	56	21%	-51%	-1	-2.30%	-22.10%	5.10%	-54.50%	-1.10%
8/15/2020	omaha-council bluffs, ne-ia	57	8%	-41%	8	21.60%	-29.10%	2.00%	-48.60%	-1.20%
8/15/2020	worcester, ma-ct	58	9%	-53%	-13	-23.20%	-10.70%	7.30%	-70.90%	-3.50%
8/15/2020	knoxville, tn	59	7%	-49%	1	1.80%	-21.10%	3.80%	-53.60%	-1.00%
8/15/2020	bridgeport-stamford-norwalk, ct	60	-2%	-23%	-38	-41.80%	16.20%	2.30%	-54.40%	-2.30%
8/15/2020	greenville-anderson-mauldin, sc	61	5%	-35%	2	3.60%	-18.30%	1.90%	-46.70%	-1.30%
8/15/2020	north port-sarasota-bradenton, fl	62	3%	-27%	-16	-18.20%	20.70%	3.30%	-32.50%	-0.70%
8/15/2020	new haven-milford, ct	63	6%	-27%	-24	-36.40%	22.50%	3.60%	-64.90%	-3.30%
8/15/2020	dayton, oh	64	19%	-47%	-2	-5.30%	-24.30%	4.20%	-51.40%	-1.30%
8/15/2020	urban honolulu, hi	65	-11%	32%	10	16.70%	1.20%	-1.60%	-41.30%	-2.90%
8/15/2020	allentown-bethlehem-easton, pa-nj	66	22%	-59%	-30	-46.20%	-30.40%	5.00%	-74.70%	-2.70%
8/15/2020	columbia, sc	67	7%	-48%	-16	-28.10%	-26.40%	3.20%	-50.00%	-0.50%
8/15/2020	baton rouge, la	68	9%	-31%	-2	-2.60%	-23.20%	0.60%	-41.00%	-1.10%
8/15/2020	greensboro-high point, nc	69	11%	-43%	-4	-7.60%	-18.70%	3.40%	-44.20%	-0.30%
8/15/2020	fresno, ca	70	4%	-58%	-18	-39.10%	-13.50%	9.30%	-62.60%	-1.40%
8/15/2020	charleston-north charleston, sc	71	10%	-36%	-10	-13.70%	2.80%	3.50%	-53.20%	-3.00%
8/15/2020	little rock-north little rock-conway, ar	72	18%	-45%	-16	-27.10%	-20.10%	3.30%	-43.10%	0.00%
8/15/2020	cape coral-fort myers, fl	73	13%	-30%	-18	-18.60%	15.70%	3.20%	-24.70%	0.20%
8/15/2020	akron, oh	74	10%	-52%	7	18.00%	-25.70%	4.80%	-47.70%	0.20%
8/15/2020	el paso, tx	75	10%	-44%	-7	-10.90%	19.90%	7.00%	-68.40%	-2.00%
8/15/2020	oxnard-thousand oaks-ventura, ca	76	11%	-45%	-3	-6.50%	-8.00%	5.60%	-64.20%	-3.40%
8/15/2020	colorado springs, co	77	7%	-43%	-3	-8.30%	-12.60%	5.50%	-46.20%	-1.10%
8/15/2020	madison, wi	78	4%	-40%	5	11.10%	12.80%	6.90%	-60.30%	-3.10%
8/15/2020	bakersfield, ca	79	14%	-52%	-14	-28.00%	-16.20%	6.40%	-64.30%	-2.10%
8/15/2020	winston-salem, nc	80	10%	-46%	-1	-1.70%	-22.90%	3.20%	-38.40%	0.60%
8/15/2020	syracuse, ny	81	4%	-44%	13	25.00%	-14.70%	4.10%	-50.00%	-1.20%
8/15/2020	deltona-daytona beach-ormond beach, fl	82	4%	-38%	-7	-9.50%	-17.30%	2.10%	-48.70%	-1.40%
8/15/2020	boise city, id	83	8%	-59%	-7	-15.60%	-23.70%	8.00%	-84.70%	-8.20%
8/15/2020	wichita, ks	84	20%	-46%	-7	-12.50%	-15.40%	4.70%	-42.90%	-0.10%
8/15/2020	toledo, oh	85	15%	-41%	-5	-10.20%	-12.10%	4.20%	4.70%	5.20%
8/15/2020	des moines-west des moines, ia	86	-1%	-30%	-2	-3.50%	-15.70%	1.50%	-40.20%	-1.90%
8/15/2020	springfield, ma	87	23%	-48%	2	4.10%	-28.90%	3.30%	-58.50%	-1.70%
8/15/2020	lakeland-winter haven, fl	88	6%	-25%	2	3.40%	-9.40%	1.60%	-45.00%	-1.80%
8/15/2020	palm bay-melbourne-titusville, fl	89	5%	-34%	3	5.40%	-13.20%	2.40%	-46.70%	-1.80%
8/15/2020	mcallen-edinburg-mission, tx	90	9%	-43%	-10	-10.80%	0.00%	3.30%	-24.30%	1.00%
8/15/2020	harrisburg-carlisle, pa	91	11%	-50%	-21	-35.00%	-5.40%	6.70%	-64.40%	-2.70%
8/15/2020	scranton--wilkes-barre--hazleton, pa	92	16%	-51%	-20	-25.60%	-19.20%	3.60%	-57.50%	-1.10%
8/15/2020	augusta-richmond county, ga-sc	93	7%	-44%	-7	-11.10%	-40.60%	0.40%	-48.00%	-0.30%
8/15/2020	youngstown-warren-boardman, oh-pa	94	5%	-52%	-6	-9.80%	-27.20%	3.50%	-58.20%	-1.40%
8/15/2020	stockton-lodi, ca	95	4%	-60%	-1	-2.60%	-12.20%	10.40%	-74.10%	-3.90%
8/15/2020	durham-chapel hill, nc	96	10%	-38%	-12	-19.40%	-17.80%	2.40%	-58.50%	-3.00%
8/15/2020	portland-south portland, me	97	10%	-48%	-8	-13.80%	-2.30%	6.40%	-64.70%	-2.30%
8/15/2020	spokane-spokane valley, wa	98	13%	-46%	7	20.00%	-22.80%	4.40%	-63.60%	-2.90%
8/15/2020	chattanooga, tn-ga	99	16%	-49%	-6	-9.20%	-21.60%	3.90%	-42.30%	0.60%
8/15/2020	jackson, ms	100	20%	-40%	-7	-8.60%	-30.00%	1.00%	-43.10%	-0.40%

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