Realtor.com® Weekly Housing Report: Housing Market Shows Signs of Stabilizing, But Will it Relieve Weary Buyers?
- Home price growth slows for second week in a row, but still in double-digits
- Number of homes for sale remains low, but yearly declines remain steady
- Frenzied pace of home sales eases for the first time since early summer
- Sellers continue to have the upper hand as prices remain at record highs and number of homes for sale stay woefully low
SANTA CLARA, Calif., Oct. 22, 2020 /PRNewswire/ -- The prolonged 2020 homebuying season is showing signs of settling and may finally experience the long overdue seasonal slowdown, according to realtor.com®'s Weekly Housing Report for the week ending Oct. 17. The latest report found home price growth declined slightly for the second week in a row, while the number of homes for sale and pace at which they are selling appears to be leveling off -- tidbits of good news for buyers in what very much remains a seller's market heading into November.
"During a time when the housing market usually slows down, we are once again reminded that 2020 is anything but typical. Going into the last half of October, the median U.S. home for sale is still priced near the year's peak and is selling almost two weeks faster than last year," said realtor.com® Chief Economist Danielle Hale. "At the same time, the pace of change has steadied and for some indicators, even slowed. This could be a welcome relief for buyers who have navigated not only a pandemic, but also a fiercely competitive 2020 homebuying season characterized by double-digit price growth and record low inventory."
Listing price growth slows for second week in a row
- For the week ended Oct. 17, median listing prices grew 11.1% over last year, a second weekly deceleration in price gains which have been accelerating since April.
- Although listing price growth has declined since the first week of October when it was growing at a pace of 12.9% year over year, the U.S. median home price -- $350,000 -- remains unseasonably high.
- Record low mortgage rates have been the silver lining for buyers this year. Today's buyers are still seeing slightly lower monthly principal and interest payments now compared to last year.
Finding a home remains challenging, but isn't getting worse
- Newly listed homes were down 6% for the week ending Oct. 17, a slight uptick from the previous week. However, the new listings trend remains vastly improved over earlier in the year and for the fourth consecutive week was above the pre-COVID pace.
- A stabilizing new listings trend could tempt potential sellers -- who often are also buyers -- to list their home.
- Total inventory remains down 38% year over year. Although the total number of homes available for sale continues to shrink, the market has seen five consecutive weeks of steady or improving decline -- another factor signaling that the balance between supply and demand is stabilizing.
Homes are selling fast, but are showing signs of easing
- Homes sold in 53 days on average, 13 days faster than last year, and one day less faster than a week earlier.
- In another nod to stabilizing trends, the week of Oct. 17 marked the fourth week in a row of homes selling nearly two weeks faster than the prior year. This means while the balance of buyers and sellers remained tipped in favor of sellers, the market is seeing an end to further moves in a seller-friendly direction.
Overall housing market health remains strong
- Realtor.com® tracks the overall strength of the housing market through its proprietary Housing Market Recovery Index, which compares real-time key indicators, including trends in number of searchers on realtor.com®, median listing prices, the number of newly listed homes, and the time it takes to sell to January 2020, prior to the pandemic.
- The index reached 111.0 points nationwide for the week ending Oct. 17, 11.0 points above the pre-COVID baseline, but a small decrease of 0.8 points over last week.
Metro |
Median Listing Price YoY |
Total Listings YoY |
Median Days on Market YoY |
Akron, Ohio |
6.5% |
-53.7% |
14 days faster |
Albany-Schenectady-Troy, N.Y. |
15.2% |
-42.2% |
17 days faster |
Albuquerque, N.M. |
14.5% |
-50.9% |
8 days faster |
Allentown-Bethlehem-Easton, Pa.-N.J. |
20.0% |
-56.6% |
35 days faster |
Atlanta-Sandy Springs-Roswell, Ga. |
10.6% |
-44.3% |
8 days faster |
Augusta-Richmond County, Ga.-S.C. |
6.9% |
-46.9% |
29 days faster |
Austin-Round Rock, Texas |
17.7% |
-47.8% |
13 days faster |
Bakersfield, Calif. |
15.4% |
-44.0% |
15 days faster |
Baltimore-Columbia-Towson, Md. |
4.6% |
-51.4% |
9 days faster |
Baton Rouge, La. |
12.7% |
-38.9% |
1 days faster |
Birmingham-Hoover, Ala. |
0.2% |
-35.7% |
17 days faster |
Boise City, Idaho |
18.1% |
-71.3% |
4 days faster |
Boston-Cambridge-Newton, Mass.-N.H. |
13.4% |
-27.4% |
11 days faster |
Bridgeport-Stamford-Norwalk, Conn. |
1.4% |
-25.0% |
43 days faster |
Buffalo-Cheektowaga-Niagara Falls, N.Y. |
5.1% |
-45.5% |
5 days slower |
Cape Coral-Fort Myers, Fla. |
11.8% |
-36.1% |
19 days faster |
Charleston-North Charleston, S.C. |
15.0% |
-42.2% |
23 days faster |
Charlotte-Concord-Gastonia, N.C.-S.C. |
7.7% |
-49.0% |
14 days faster |
Chattanooga, Tenn.-Ga. |
12.3% |
-53.6% |
12 days faster |
Chicago-Naperville-Elgin, Ill.-Ind.-Wis. |
9.5% |
-32.1% |
7 days faster |
Cincinnati, Ohio-Ky.-Ind. |
15.6% |
-44.3% |
12 days faster |
Cleveland-Elyria, Ohio |
3.8% |
-47.3% |
17 days faster |
Colorado Springs, Colo. |
4.7% |
-52.0% |
14 days faster |
Columbia, S.C. |
6.7% |
-48.2% |
20 days faster |
Columbus, Ohio |
7.1% |
-48.7% |
9 days faster |
Dallas-Fort Worth-Arlington, Texas |
4.5% |
-46.5% |
10 days faster |
Dayton, Ohio |
17.7% |
-44.6% |
13 days faster |
Deltona-Daytona Beach-Ormond Beach, Fla. |
5.9% |
-42.2% |
22 days faster |
Denver-Aurora-Lakewood, Colo. |
5.0% |
-43.9% |
7 days faster |
Des Moines-West Des Moines, Iowa |
5.2% |
-34.2% |
14 days faster |
Detroit-Warren-Dearborn, Mich |
12.5% |
-47.1% |
7 days faster |
Durham-Chapel Hill, N.C. |
15.8% |
-46.6% |
10 days faster |
El Paso, Texas |
18.0% |
-43.9% |
15 days faster |
Fresno, Calif. |
4.2% |
-55.0% |
19 days faster |
Grand Rapids-Wyoming, Mich |
7.2% |
-46.9% |
No change |
Greensboro-High Point, N.C. |
5.7% |
-49.8% |
18 days faster |
Greenville-Anderson-Mauldin, S.C. |
5.6% |
-39.5% |
10 days faster |
Harrisburg-Carlisle, Pa. |
6.5% |
-54.8% |
6 days faster |
Hartford-West Hartford-East Hartford, Conn. |
7.1% |
-29.5% |
23 days faster |
Houston-The Woodlands-Sugar Land, Texas |
8.1% |
-32.5% |
10 days faster |
Indianapolis-Carmel-Anderson, Ind. |
3.8% |
-48.0% |
14 days faster |
Jackson, Miss. |
19.4% |
-47.3% |
18 days faster |
Jacksonville, Fla. |
2.6% |
-45.2% |
17 days faster |
Kansas City, Mo.-Kan. |
10.2% |
-48.8% |
10 days faster |
Knoxville, Tenn. |
14.0% |
-52.1% |
16 days faster |
Lakeland-Winter Haven, Fla. |
6.4% |
-29.2% |
6 days faster |
Las Vegas-Henderson-Paradise, Nev. |
7.9% |
-8.4% |
7 days faster |
Little Rock-North Little Rock-Conway, Ark. |
22.6% |
-49.3% |
17 days faster |
Los Angeles-Long Beach-Anaheim, Calif. |
17.4% |
-21.4% |
8 days faster |
Louisville/Jefferson County, Ky.-Ind. |
3.2% |
-50.2% |
11 days faster |
Madison, Wis. |
4.1% |
-41.4% |
10 days faster |
McAllen-Edinburg-Mission, Texas |
20.0% |
-46.3% |
30 days faster |
Memphis, Tenn.-Miss.-Ark. |
11.6% |
-49.2% |
14 days faster |
Miami-Fort Lauderdale-West Palm Beach, Fla. |
2.5% |
-15.6% |
1 days faster |
Milwaukee-Waukesha-West Allis, Wis. |
3.5% |
-38.9% |
5 days faster |
Minneapolis-St. Paul-Bloomington, Minn.-Wis. |
2.4% |
-29.6% |
8 days faster |
Nashville-Davidson--Murfreesboro--Franklin, Tenn. |
8.1% |
-44.2% |
5 days faster |
New Haven-Milford, Conn. |
7.6% |
-21.5% |
28 days faster |
New Orleans-Metairie, La. |
15.5% |
-38.4% |
9 days faster |
New York-Newark-Jersey City, N.Y.-N.J.-Pa. |
12.7% |
-5.6% |
4 days faster |
North Port-Sarasota-Bradenton, Fla. |
3.5% |
-34.6% |
19 days faster |
Oklahoma City, Okla. |
8.8% |
-40.2% |
6 days faster |
Omaha-Council Bluffs, Neb.-Iowa |
5.4% |
-46.7% |
11 days slower |
Orlando-Kissimmee-Sanford, Fla. |
1.6% |
-20.1% |
5 days faster |
Oxnard-Thousand Oaks-Ventura, Calif. |
7.7% |
-39.8% |
13 days faster |
Palm Bay-Melbourne-Titusville, Fla. |
6.6% |
-40.9% |
7 days faster |
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. |
16.8% |
-42.0% |
11 days faster |
Phoenix-Mesa-Scottsdale, Ariz. |
9.5% |
-46.1% |
7 days faster |
Pittsburgh, Pa. |
25.3% |
-36.1% |
10 days faster |
Portland-South Portland, Maine |
11.4% |
-46.0% |
34 days faster |
Portland-Vancouver-Hillsboro, Ore.-Wash. |
10.1% |
-43.4% |
2 days faster |
Providence-Warwick, R.I.-Mass. |
5.3% |
-52.3% |
9 days faster |
Raleigh, N.C. |
6.3% |
-45.7% |
10 days faster |
Richmond, Va. |
13.5% |
-49.1% |
8 days faster |
Riverside-San Bernardino-Ontario, Calif. |
14.9% |
-52.8% |
12 days faster |
Rochester, N.Y. |
12.5% |
-42.8% |
12 days faster |
Sacramento--Roseville--Arden-Arcade, Calif. |
12.5% |
-47.3% |
15 days faster |
Salt Lake City, Utah |
14.0% |
-50.6% |
11 days faster |
San Antonio-New Braunfels, Texas |
5.0% |
-40.6% |
9 days faster |
San Diego-Carlsbad, Calif. |
11.1% |
-24.3% |
19 days faster |
San Francisco-Oakland-Hayward, Calif. |
10.7% |
-2.9% |
3 days faster |
San Jose-Sunnyvale-Santa Clara, Calif. |
9.1% |
-16.4% |
11 days faster |
Scranton--Wilkes-Barre--Hazleton, Pa. |
21.6% |
-53.2% |
34 days faster |
Seattle-Tacoma-Bellevue, Wash. |
5.8% |
-30.9% |
10 days faster |
Spokane-Spokane Valley, Wash. |
11.4% |
-49.6% |
3 days faster |
Springfield, Mass. |
20.9% |
-45.9% |
14 days faster |
St. Louis, Mo.-Ill. |
11.2% |
-38.5% |
9 days faster |
Stockton-Lodi, Calif. |
4.9% |
-62.7% |
6 days faster |
Syracuse, N.Y. |
11.1% |
-42.9% |
7 days faster |
Tampa-St. Petersburg-Clearwater, Fla. |
10.7% |
-42.5% |
12 days faster |
Toledo, Ohio |
13.2% |
-39.8% |
10 days faster |
Tucson, Ariz. |
3.8% |
-41.8% |
6 days faster |
Tulsa, Okla. |
12.9% |
-40.0% |
10 days faster |
Urban Honolulu, Hawaii |
-10.9% |
26.1% |
3 days slower |
Virginia Beach-Norfolk-Newport News, Va.-N.C. |
6.7% |
-46.8% |
21 days faster |
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. |
4.6% |
-37.6% |
6 days faster |
Wichita, Kan. |
8.1% |
-38.3% |
14 days faster |
Winston-Salem, N.C. |
7.5% |
-48.2% |
16 days faster |
Worcester, Mass.-Conn. |
11.0% |
-51.6% |
24 days faster |
Youngstown-Warren-Boardman, Ohio-Pa. |
11.9% |
-52.8% |
21 days faster |
About realtor.com®
Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
Media contact:
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SOURCE realtor.com
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