Pending Sales Dipped Slightly Last Week, But Homes Are Still Moving at Record Pace

This Zillow Weekly Market Report includes housing market data as of the week ending June 27

News provided by

Jul 02, 2020, 14:42 ET

SEATTLE, July 2, 2020 /PRNewswire/ -- Homes continue to fly off the market just weeks after they're listed -- faster than any time in at least the past two years, according to Zillow's Weekly Market Report¹. That's despite newly pending sales falling week over week for the first time since late May, though they remain well ahead of last month's pace.

Homes Are Going Under Contract at the Fastest Pace in at Least Two Years

Homes sold in the week ending June 27 were typically on the market just 20 days before a contract to sell is signed, the fewest number of days recorded since at least 2018 (when Zillow began tracking the data).
That time on market is one day less than last week, and full week less than the same period a year ago.
Homes sold last week typically went under agreement in a week or less in six of the nation's 50 largest metros: St. Louis (7 days), Indianapolis (6), Seattle (6), Kansas City (5), Cincinnati (5) and Columbus (4).

List prices continue to climb as more-expensive listings stage a comeback

The median price of homes listed for sale nationwide was $337,160 last week, up 0.6% from a week ago and 3.8% from the same time last year.
In a reversal of the prevailing trend from earlier in the spring, newly listed homes in the most-affordable price ranges are now down far more compared to a year ago than listings in more-expensive tiers – contributing the overall bump in median list price.
List prices last week were higher than a year ago in 45 of the 50 largest U.S. markets. They were up the most year over year in Cincinnati (+16.6%), and down the most in Chicago (-1%).

Newly pending sales slipped week over week for the first time since the end of May, but remain up from the previous month

Newly pending sales were down 1.8% from the week ended June 20, but were up 18.8% from the same period a month ago.
Among the 50 largest U.S. metros, newly pending sales rose the most from the previous week in Cincinnati (+12.2%), Philadelphia (+8.9%) and Birmingham (+8.1%). Newly pending sales fell the most from the prior week in Providence (-9.8%) Indianapolis (-8.5%) and Houston (-8.5%).

Inventory Continues to Fall

New for-sale listings nationwide fell 5.1% week over week, though they remain up 5.2% from a month ago.
Total inventory was down 0.7% from the previous week, and is now 20.7% lower than at the same time last year.

Metropolitan Area*	Newly Pending Sales - MoM	Newly Pending Sales - WoW	New For-Sale Listings - YoY	New For-Sale Listings - WoW	Total For-Sale Listings - YoY	Median List Price - YoY
United States	18.8%	-1.8%	-21.8%	-5.1%	-20.7%	3.8%
New York, NY	74.4%	5.4%	-2.4%	3.8%	-26.0%	2.7%
Los Angeles-Long Beach-Anaheim, CA	26.1%	6.2%	-12.9%	1.3%	-25.7%	8.2%
Chicago, IL	35.3%	-0.4%	-9.4%	-3.7%	-21.8%	-1.0%
Dallas-Fort Worth, TX	0.5%	-0.5%	-18.5%	-4.2%	-13.2%	-0.6%
Philadelphia, PA	30.8%	8.9%	-13.7%	-8.2%	-33.9%	11.9%
Houston, TX	4.3%	-8.5%	-26.3%	-9.3%	-12.4%	1.1%
Washington, DC	4.7%	-7.8%	-23.4%	-0.5%	-32.3%	9.8%
Miami-Fort Lauderdale, FL	23.8%	0.6%	-10.2%	-7.6%	-9.7%	-0.2%
Atlanta, GA	13.6%	6.4%	-24.4%	-11.3%	-6.0%	-0.5%
Boston, MA	14.3%	-5.1%	-16.9%	-3.5%	-25.2%	7.2%
San Francisco, CA	11.2%	-6.2%	1.6%	-1.8%	-12.3%	9.2%
Detroit, MI	20.7%	-3.4%	-16.6%	-5.7%	-20.5%	2.6%
Riverside, CA	10.2%	-1.2%	-23.7%	-5.2%	-31.9%	4.7%
Phoenix, AZ	3.4%	-7.7%	-15.8%	-1.2%	-23.6%	7.7%
Seattle, WA	6.3%	-4.9%	-20.7%	13.7%	-38.6%	5.0%
Minneapolis-St Paul, MN	29.7%	-1.2%	-19.2%	-10.0%	-17.4%	3.5%
San Diego, CA	N/A	N/A	-19.9%	-8.5%	-31.8%	6.9%
St. Louis, MO	5.5%	-3.6%	-25.7%	-3.2%	-25.9%	6.7%
Tampa, FL	N/A	N/A	-15.3%	1.6%	-20.3%	1.1%
Baltimore, MD	9.0%	2.5%	-26.0%	-12.7%	-37.5%	4.1%
Denver, CO	6.0%	-6.9%	-25.2%	-1.7%	-17.5%	5.2%
Pittsburgh, PA	N/A	N/A	-16.5%	-1.7%	-23.5%	11.9%
Portland, OR	6.7%	-4.9%	-33.6%	11.5%	-22.6%	1.2%
Charlotte, NC	3.2%	-4.4%	-29.4%	-7.3%	-26.9%	3.9%
Sacramento, CA	30.1%	3.4%	-15.2%	-9.9%	-20.6%	2.4%
San Antonio, TX	N/A	N/A	-23.9%	-13.5%	-8.0%	1.8%
Orlando, FL	N/A	N/A	-15.3%	-2.6%	-10.1%	-0.5%
Cincinnati, OH	19.6%	12.2%	-25.3%	10.0%	-29.6%	16.6%
Cleveland, OH	14.5%	0.0%	-25.0%	-4.7%	-35.5%	8.9%
Kansas City, MO	10.2%	4.6%	-26.8%	-8.8%	-30.7%	11.0%
Las Vegas, NV	20.1%	-4.5%	-23.6%	-3.3%	-20.6%	2.5%
Columbus, OH	24.6%	3.5%	-25.4%	-2.7%	-27.7%	6.7%
Indianapolis, IN	-1.1%	-8.5%	-20.2%	1.6%	-27.4%	10.0%
San Jose, CA	16.5%	1.6%	-0.3%	4.3%	-25.9%	4.7%
Austin, TX	7.0%	-5.2%	-23.5%	-4.8%	-14.2%	7.6%
Virginia Beach, VA	N/A	N/A	-20.1%	-1.1%	-31.7%	9.0%
Nashville, TN	N/A	N/A	-24.2%	-7.8%	-3.7%	1.3%
Providence, RI	-2.8%	-9.8%	-24.6%	-5.6%	-30.7%	7.6%
Milwaukee, WI	N/A	N/A	-24.3%	-13.6%	-14.2%	7.4%
Jacksonville, FL	-3.0%	-5.4%	-18.5%	-4.1%	-17.0%	1.6%
Memphis, TN	N/A	N/A	-31.4%	1.9%	-30.2%	9.3%
Oklahoma City, OK	N/A	N/A	-18.6%	-9.1%	-20.1%	9.8%
Louisville, KY	6.7%	-7.6%	-28.1%	-1.3%	-31.4%	3.0%
Hartford, CT	11.5%	0.1%	-17.9%	-12.2%	-36.5%	8.1%
Richmond, VA	N/A	N/A	-31.9%	-3.6%	-22.6%	8.5%
New Orleans, LA	14.9%	1.2%	-33.9%	-6.2%	-26.3%	5.2%
Buffalo, NY	75.2%	-5.7%	-18.1%	-3.5%	-25.6%	7.1%
Raleigh, NC	-2.0%	-5.4%	-31.1%	-10.0%	-22.1%	2.5%
Birmingham, AL	25.2%	8.1%	-20.4%	-2.9%	-23.7%	4.8%
Salt Lake City, UT	-7.2%	-1.9%	-32.0%	-5.9%	-28.9%	5.4%
*Table organized by market size

About Zillow
Zillow, the top real estate website in the U.S., is building an on-demand real estate experience. Whether selling, buying, renting or financing, customers can turn to Zillow's businesses to find and get into their next home with speed, certainty and ease.

In addition to for-sale and rental listings, Zillow Offers buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline. Zillow Home Loans, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase.

Millions of people visit Zillow Group sites every month to start their home search, and now they can rely on Zillow to help them finish it — with the same confidence, ease and empowerment they've come to expect from real estate's most trusted brand.

Launched in 2006, Zillow is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG) and headquartered in Seattle.

Zillow and Zillow Offers are registered trademarks of Zillow, Inc.

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. 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. For more information, visit www.zillow.com/research/.

SOURCE Zillow