Realtor.com® Weekly Recovery Report: Housing Market Gains Momentum Ahead of Summer Buying Season

Days on market sees its largest weekly improvement post-COVID

News provided by

Jun 25, 2020, 06:00 ET

SANTA CLARA, Calif., June 25, 2020 /PRNewswire/ -- The realtor.com^® Weekly Housing Recovery Index hit 92 points for the week ending June 20, up 2 points over last week and just 8 points short of its pre-COVID baseline, according to new data released today by realtor.com^®. Days on market also saw its largest post-COVID improvement this week with homes selling three days faster than last week on average --- driven by the easing of shelter in place orders and buyers re-entering the market.

"This week's data shows the housing market is continuing to warm up as economies reopen and more buyers return to the streets, but with COVID cases increasing in some regions uncertainty still remains," said Javier Vivas, director of economic research for realtor.com^®. "The pace of home sales also showed the first substantial signs of improvement in anticipation of the summer season. It's unlikely we'll see the national pace of sales return to normal this year, but we should see home closings accelerate in the coming weeks -- and peak later than usual this summer."

Local Index Recovery: Miami, Philadelphia, Rochester N.Y., and Jacksonville FL crossed the recovery benchmark this week, taking the total number of markets above the January baseline to 10, the highest number since the onset of COVID. The overall recovery index is showing greatest recovery in Seattle, Denver, Boston, Jacksonville, Fla., and Philadelphia. Regionally, the West (index 99.6) continues to lead the recovery with the overall index now essentially at the January benchmark. The South (index 93.9), which led the early recovery, is beginning to lag relative to other regions, with both the Northeast and Midwest (index 94.5 and index 93.6) catching up. See full list of metros below.

Listings Data Summary
	Week ending June 20	Week ending June 13	Week ending June 6	First Two Weeks March
Total Listings	-29% YOY	-27% YOY	-25% YOY	-16% YOY
Time on Market	13 days slower YOY	16 days slower YOY	16 days slower YOY	-4 days faster YOY
Median Listing Prices	+5.6% YOY	+4.6% YOY	+4.3% YOY	+4.5% YOY
New Listings	-19% YOY	-20% YOY	-21% YOY	+5% YOY

Time on market is now just 13 days slower than last year. While it still takes longer to find a buyer and complete a sale compared to this time last year, the gap is shrinking as buyers return and are forced to move faster to compete for a limited number of homes for sale.
New listings are down 19 percent. Buyer interest in the housing market has more than fully recovered. In comparison, the pace of sellers coming back to the market is lagging. This is helping to keep the balance between market components, such as price and time on market. But new listings are a crucial pre-cursor to home sales, particularly in an inventory-light market, so productivity of the summer season really comes down to how many homes are listed.
Median listing prices are now growing at 5.6 percent over last year, more than a percentage point above pre-COVID pace.
Total inventory is down 29 percent. The number of homes for sale continues to decline faster than last year because buyers outnumber sellers in this unusual summer season.

Rank	Metro	Recovery Index (Week Ending 6/20)	Recovery Index (Weekly Change)
1	Seattle-Tacoma-Bellevue, Wash.	110.6	4.6
2	Denver-Aurora-Lakewood, Colo.	108.3	0.7
3	Boston-Cambridge-Newton, Mass.-N.H.	106.5	-0.2
4	Jacksonville, Fla.	104.5	7.1
5	Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	103.8	9.1
6	Los Angeles-Long Beach-Anaheim, Calif.	103.7	3.1
7	Las Vegas-Henderson-Paradise, Nev.	102.6	1.6
8	San Francisco-Oakland-Hayward, Calif.	102.5	-2.0
9	San Diego-Carlsbad, Calif.	100.3	-4.2
10	Miami-Fort Lauderdale-West Palm Beach, Fla.	100.1	2.9
11	Baltimore-Columbia-Towson, Md.	99.6	2.8
12	Rochester, N.Y.	99.1	-2.2
13	Kansas City, Mo.-Kan.	99.0	3.9
14	Hartford-West Hartford-East Hartford, Conn.	98.8	5.4
15	Dallas-Fort Worth-Arlington, Texas	98.6	2.1
16	Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.	97.6	1.0
17	Austin-Round Rock, Texas	97.5	-1.5
18	Nashville-Davidson--Murfreesboro--Franklin, Tenn.	97.2	-0.2
19	Memphis, Tenn.-Miss.-Ark.	97.1	2.1
20	Cincinnati, Ohio-Ky.-Ind.	96.6	7.4
21	Riverside-San Bernardino-Ontario, Calif.	96.3	3.0
22	Louisville/Jefferson County, Ky.-Ind.	96.0	-0.7
23	Atlanta-Sandy Springs-Roswell, Ga.	95.9	-0.4
24	Cleveland-Elyria, Ohio	95.6	4.2
25	Detroit-Warren-Dearborn, Mich.	94.9	-2.5
26	Phoenix-Mesa-Scottsdale, Ariz.	94.5	0.5
27	Minneapolis-St. Paul-Bloomington, Minn.-Wis.	94.3	1.7
28	Virginia Beach-Norfolk-Newport News, Va.-N.C.	94.1	1.5
29	Houston-The Woodlands-Sugar Land, Texas	93.9	1.3
30	San Jose-Sunnyvale-Santa Clara, Calif.	93.7	1.9
31	St. Louis, Mo.-Ill.	93.1	2.5
32	Portland-Vancouver-Hillsboro, Ore.-Wash.	93.1	-0.3
33	New Orleans-Metairie, La.	92.8	8.6
34	Charlotte-Concord-Gastonia, N.C.-S.C.	92.3	2.1
35	New York-Newark-Jersey City, N.Y.-N.J.-Pa.	91.6	-0.8
36	San Antonio-New Braunfels, Texas	91.5	0.7
37	Indianapolis-Carmel-Anderson, Ind.	90.9	5.4
38	Birmingham-Hoover, Ala.	90.5	-5.7
39	Tampa-St. Petersburg-Clearwater, Fla.	90.4	-0.6
40	Sacramento--Roseville--Arden-Arcade, Calif.	89.6	-2.6
41	Providence-Warwick, R.I.-Mass.	89.4	4.5
42	Orlando-Kissimmee-Sanford, Fla.	89.2	1.5
43	Milwaukee-Waukesha-West Allis, Wis.	88.9	1.3
44	Pittsburgh, Pa.	88.6	0.5
45	Oklahoma City, Okla.	88.3	-4.8
46	Chicago-Naperville-Elgin, Ill.-Ind.-Wis.	87.8	0.5
47	Richmond, Va.	86.4	-6.8
48	Buffalo-Cheektowaga-Niagara Falls, N.Y.	84.7	3.1
49	Columbus, Ohio	84.5	0.8
50	Raleigh, N.C.	81.9	-0.9

Weekly listings data: https://www.realtor.com/research/weekly-housing-trends-view-data-week-june-20-2020/

Weekly Recovery index data: https://www.realtor.com/research/housing-market-recovery-index-trends-june-20-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.

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 Contacts: Lexie Holbert, [email protected]

week_end_date	cbsa_code	cbsa_title	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
6/20/2020	35620	new york-newark-jersey city, ny-nj-pa	1.70%	-20.60%	24	42.10%	1.10%	1.80%	-59.20%	-3.00%
6/20/2020	31080	los angeles-long beach-anaheim, ca	21.90%	-19.80%	13	28.90%	-19.60%	0.00%	-48.80%	-2.70%
6/20/2020	16980	chicago-naperville-elgin, il-in-wi	0.30%	-28.80%	3	7.10%	-19.80%	1.30%	-38.90%	-1.30%
6/20/2020	19100	dallas-fort worth-arlington, tx	0.00%	-30.70%	-1	-2.00%	-13.10%	2.30%	-43.20%	-2.30%
6/20/2020	26420	houston-the woodlands-sugar land, tx	1.60%	-23.20%	6	11.80%	-15.20%	0.90%	-40.90%	-2.20%
6/20/2020	37980	philadelphia-camden-wilmington, pa-nj-de-md	13.80%	-40.00%	0	0.00%	-15.40%	3.40%	-50.50%	-1.70%
6/20/2020	47900	washington-arlington-alexandria, dc-va-md-wv	9.00%	-39.00%	-2	-5.30%	-19.70%	3.50%	-56.10%	-2.40%
6/20/2020	33100	miami-fort lauderdale-west palm beach, fl	-2.20%	-9.90%	20	21.30%	5.60%	0.80%	-31.40%	-1.30%
6/20/2020	12060	atlanta-sandy springs-roswell, ga	4.40%	-28.90%	1	2.00%	-20.80%	1.00%	-43.40%	-1.70%
6/20/2020	14460	boston-cambridge-newton, ma-nh	9.20%	-31.40%	-4	-10.50%	-13.30%	2.90%	-49.30%	-2.40%
6/20/2020	41860	san francisco-oakland-hayward, ca	11.70%	-18.90%	1	3.10%	-11.60%	1.20%	-37.00%	-1.60%
6/20/2020	19820	detroit-warren-dearborn, mi	3.70%	-29.90%	2	5.60%	-29.50%	0.10%	-39.80%	-1.20%
6/20/2020	38060	phoenix-mesa-scottsdale, az	4.70%	-42.00%	6	11.80%	-23.40%	2.90%	-60.30%	-4.00%
6/20/2020	42660	seattle-tacoma-bellevue, wa	1.50%	-29.30%	0	0.00%	-4.20%	4.00%	-51.10%	-2.80%
6/20/2020	33460	minneapolis-st. paul-bloomington, mn-wi	5.70%	-21.80%	3	8.30%	-14.00%	1.10%	-38.40%	-1.50%
6/20/2020	40140	riverside-san bernardino-ontario, ca	4.80%	-40.40%	8	15.70%	-24.90%	2.20%	-59.60%	-2.40%
6/20/2020	45300	tampa-st. petersburg-clearwater, fl	3.50%	-33.70%	12	20.70%	-26.10%	0.90%	-45.90%	-2.00%
6/20/2020	41740	san diego-carlsbad, ca	6.90%	-39.70%	1	2.60%	-29.50%	1.90%	-57.70%	-2.70%
6/20/2020	41180	st. louis, mo-il	8.00%	-31.30%	9	15.50%	-18.10%	1.80%	-43.40%	-1.60%
6/20/2020	19740	denver-aurora-lakewood, co	6.20%	-27.10%	1	2.90%	-19.20%	1.30%	-35.90%	-1.60%
6/20/2020	12580	baltimore-columbia-towson, md	2.90%	-41.60%	1	2.10%	-17.40%	3.60%	-55.10%	-2.40%
6/20/2020	38300	pittsburgh, pa	25.00%	-26.90%	28	48.30%	-7.90%	2.10%	-33.60%	-0.90%
6/20/2020	38900	portland-vancouver-hillsboro, or-wa	4.40%	-38.00%	11	29.70%	-32.20%	1.00%	-31.90%	0.80%
6/20/2020	16740	charlotte-concord-gastonia, nc-sc	3.40%	-39.90%	3	5.90%	-32.10%	1.20%	-48.00%	-1.30%
6/20/2020	36740	orlando-kissimmee-sanford, fl	0.00%	-15.80%	16	28.10%	-17.70%	-0.20%	-31.30%	-1.50%
6/20/2020	17460	cleveland-elyria, oh	9.10%	-42.10%	4	7.30%	-20.90%	3.20%	-40.30%	-0.10%
6/20/2020	41700	san antonio-new braunfels, tx	1.90%	-26.00%	11	21.20%	-20.60%	0.60%	-36.80%	-1.40%
6/20/2020	17140	cincinnati, oh-ky-in	17.30%	-40.90%	5	11.40%	-22.00%	3.10%	-43.70%	-0.70%
6/20/2020	40900	sacramento--roseville--arden-arcade, ca	2.00%	-31.90%	4	11.10%	-22.20%	1.60%	-41.10%	-1.40%
6/20/2020	28140	kansas city, mo-ks	12.10%	-39.40%	7	14.30%	-29.90%	1.50%	-54.80%	-2.40%
6/20/2020	18140	columbus, oh	4.70%	-35.80%	7	19.40%	-23.70%	2.40%	-58.20%	-4.20%
6/20/2020	26900	indianapolis-carmel-anderson, in	2.70%	-36.60%	5	10.90%	-24.50%	1.90%	-42.40%	-1.30%
6/20/2020	29820	las vegas-henderson-paradise, nv	3.90%	-10.10%	7	15.90%	-26.60%	-1.80%	-43.90%	-3.80%
6/20/2020	12420	austin-round rock, tx	5.70%	-29.60%	3	6.50%	-14.80%	1.90%	-34.30%	-0.90%
6/20/2020	34980	nashville-davidson--murfreesboro--franklin, tn	3.80%	-24.20%	-2	-5.60%	-14.80%	1.30%	-35.50%	-1.30%
6/20/2020	41940	san jose-sunnyvale-santa clara, ca	7.90%	-35.30%	1	2.90%	-24.90%	2.00%	-44.80%	-1.30%
6/20/2020	47260	virginia beach-norfolk-newport news, va-nc	10.20%	-39.40%	-1	-2.00%	-18.20%	2.50%	-55.50%	-1.60%
6/20/2020	33340	milwaukee-waukesha-west allis, wi	4.10%	-31.00%	10	25.60%	-19.20%	2.00%	-48.40%	-2.40%
6/20/2020	39300	providence-warwick, ri-ma	10.30%	-42.50%	6	13.30%	-22.80%	3.20%	-61.80%	-2.40%
6/20/2020	27260	jacksonville, fl	-0.60%	-21.60%	3	4.50%	14.30%	2.90%	-42.90%	-2.50%
6/20/2020	36420	oklahoma city, ok	14.90%	-28.30%	4	8.90%	-30.60%	-0.30%	-50.70%	-2.70%
6/20/2020	31140	louisville/jefferson county, ky-in	0.00%	-40.60%	0	0.00%	-26.50%	2.40%	-48.50%	-1.40%
6/20/2020	32820	memphis, tn-ms-ar	11.90%	-38.30%	1	1.80%	-23.60%	2.10%	-50.20%	-1.50%
6/20/2020	35380	new orleans-metairie, la	1.80%	-21.80%	12	18.20%	-9.20%	1.10%	-39.70%	-1.90%
6/20/2020	40060	richmond, va	7.50%	-30.80%	8	16.30%	-35.80%	-0.70%	-59.00%	-3.00%
6/20/2020	39580	raleigh, nc	1.90%	-31.30%	12	24.00%	-24.70%	0.90%	-49.40%	-2.20%
6/20/2020	15380	buffalo-cheektowaga-niagara falls, ny	6.80%	-34.10%	12	35.30%	-15.60%	3.40%	-46.50%	-1.60%
6/20/2020	25540	hartford-west hartford-east hartford, ct	3.50%	-28.40%	-6	-12.00%	-3.60%	2.30%	-55.20%	-2.40%
6/20/2020	13820	birmingham-hoover, al	7.40%	-28.60%	3	5.30%	-22.30%	0.80%	-39.10%	-1.00%
6/20/2020	40380	rochester, ny	4.80%	-31.20%	-4	-12.10%	-13.30%	3.10%	-54.50%	-2.70%
6/20/2020	46060	tucson, az	12.10%	-42.10%	2	3.60%	-42.70%	-0.10%	-55.50%	-1.60%
6/20/2020	41620	salt lake city, ut	9.80%	-36.60%	2	5.60%	-25.60%	2.00%	-44.90%	-1.50%
6/20/2020	24340	grand rapids-wyoming, mi	5.40%	-28.20%	6	16.70%	-32.30%	-0.70%	-55.70%	-3.40%
6/20/2020	46140	tulsa, ok	19.00%	-36.50%	0	0.00%	-29.10%	1.00%	-54.60%	-2.20%
6/20/2020	10580	albany-schenectady-troy, ny	13.70%	-34.40%	32	47.80%	-10.30%	2.50%	-53.00%	-2.00%
6/20/2020	10740	albuquerque, nm	16.10%	-48.90%	0	0.00%	-37.10%	2.30%	-60.10%	-2.10%
6/20/2020	36540	omaha-council bluffs, ne-ia	8.70%	-28.60%	17	54.80%	-32.20%	-0.60%	-48.80%	-2.00%
6/20/2020	49340	worcester, ma-ct	7.20%	-44.20%	2	4.70%	-26.00%	3.30%	-55.30%	-1.70%
6/20/2020	28940	knoxville, tn	8.30%	-38.10%	2	3.50%	-31.80%	0.80%	-42.90%	-0.70%
6/20/2020	14860	bridgeport-stamford-norwalk, ct	0.10%	-24.90%	-14	-20.00%	29.30%	3.20%	-55.70%	-2.50%
6/20/2020	24860	greenville-anderson-mauldin, sc	4.80%	-26.30%	21	37.50%	-30.10%	-0.40%	-24.40%	0.20%
6/20/2020	35840	north port-sarasota-bradenton, fl	-0.30%	-23.40%	9	9.80%	-4.40%	1.30%	-22.20%	0.00%
6/20/2020	35300	new haven-milford, ct	3.90%	-31.00%	-4	-7.60%	1.40%	2.70%	-57.20%	-2.30%
6/20/2020	19380	dayton, oh	22.60%	-43.80%	8	19.10%	-35.20%	1.70%	-59.80%	-3.40%
6/20/2020	46520	urban honolulu, hi	-11.40%	35.40%	18	32.10%	-19.40%	-3.30%	-45.70%	-3.10%
6/20/2020	10900	allentown-bethlehem-easton, pa-nj	20.00%	-52.80%	-24	-40.00%	-12.60%	6.40%	-51.60%	-0.30%
6/20/2020	17900	columbia, sc	4.20%	-40.20%	-1	-2.00%	-39.20%	0.20%	-22.20%	1.80%
6/20/2020	12940	baton rouge, la	6.00%	-21.40%	20	27.00%	-18.20%	0.30%	-36.20%	-1.40%
6/20/2020	24660	greensboro-high point, nc	8.60%	-31.90%	4	7.10%	-6.40%	3.10%	-25.60%	0.30%
6/20/2020	23420	fresno, ca	1.60%	-48.70%	-2	-4.40%	-32.30%	3.10%	-63.80%	-2.60%
6/20/2020	16700	charleston-north charleston, sc	3.90%	-27.30%	10	14.10%	-19.20%	0.70%	-35.70%	-1.10%
6/20/2020	30780	little rock-north little rock-conway, ar	18.80%	-40.40%	-8	-13.30%	-17.40%	2.70%	-48.40%	-1.10%
6/20/2020	15980	cape coral-fort myers, fl	11.70%	-25.50%	5	5.20%	20.00%	2.40%	-30.10%	-0.50%
6/20/2020	10420	akron, oh	5.60%	-39.70%	6	14.30%	-24.50%	2.70%	-53.50%	-2.20%
6/20/2020	21340	el paso, tx	12.50%	-39.90%	7	11.10%	-34.70%	0.80%	-61.30%	-1.50%
6/20/2020	37100	oxnard-thousand oaks-ventura, ca	13.90%	-36.20%	12	27.30%	-32.20%	0.60%	-48.90%	-1.60%
6/20/2020	17820	colorado springs, co	11.80%	-28.20%	3	10.30%	-23.60%	0.90%	-36.10%	-1.20%
6/20/2020	31540	madison, wi	6.80%	-31.40%	12	26.70%	-14.20%	2.70%	-41.40%	-1.20%
6/20/2020	12540	bakersfield, ca	5.60%	-41.40%	3	6.50%	-26.10%	2.40%	-60.80%	-2.60%
6/20/2020	49180	winston-salem, nc	11.50%	-36.10%	9	13.90%	-28.10%	1.10%	-53.00%	-1.70%
6/20/2020	45060	syracuse, ny	6.90%	-37.30%	38	76.00%	-22.40%	2.30%	-62.10%	-2.70%
6/20/2020	19660	deltona-daytona beach-ormond beach, fl	-0.30%	-25.00%	12	15.80%	-25.80%	-0.10%	-26.30%	-0.10%
6/20/2020	14260	boise city, id	7.00%	-32.10%	10	28.60%	-29.30%	0.50%	-65.70%	-5.00%
6/20/2020	48620	wichita, ks	17.50%	-39.40%	6	12.50%	-36.30%	0.50%	-50.00%	-1.20%
6/20/2020	45780	toledo, oh	2.90%	-31.80%	-1	-2.20%	-18.40%	2.10%	75.90%	8.00%
6/20/2020	19780	des moines-west des moines, ia	-2.30%	-21.40%	7	12.10%	-3.60%	1.60%	-42.90%	-4.90%
6/20/2020	44140	springfield, ma	16.70%	-39.00%	13	29.60%	-24.10%	2.20%	-60.60%	-3.10%
6/20/2020	29460	lakeland-winter haven, fl	1.30%	-8.20%	13	19.40%	1.60%	0.80%	-25.50%	-1.30%
6/20/2020	37340	palm bay-melbourne-titusville, fl	0.30%	-24.30%	15	24.20%	-19.70%	0.50%	-33.70%	-1.10%
6/20/2020	32580	mcallen-edinburg-mission, tx	8.00%	-31.30%	15	17.20%	-28.30%	0.20%	-40.20%	-0.60%
6/20/2020	25420	harrisburg-carlisle, pa	13.20%	-42.00%	-14	-27.50%	-0.60%	5.80%	-56.60%	-2.50%
6/20/2020	42540	scranton--wilkes-barre--hazleton, pa	8.50%	-39.00%	32	47.10%	-16.30%	2.50%	-51.10%	-1.30%
6/20/2020	12260	augusta-richmond county, ga-sc	3.50%	-37.10%	10	15.60%	-28.10%	1.10%	-29.50%	0.40%
6/20/2020	49660	youngstown-warren-boardman, oh-pa	0.00%	-41.20%	19	28.40%	-14.70%	3.40%	-48.30%	-1.20%
6/20/2020	44700	stockton-lodi, ca	3.50%	-47.50%	11	31.40%	-29.50%	3.70%	-68.80%	-3.60%
6/20/2020	20500	durham-chapel hill, nc	6.50%	-29.20%	12	23.10%	-37.40%	-1.10%	-30.00%	0.00%
6/20/2020	38860	portland-south portland, me	8.30%	-36.80%	1	2.20%	-27.10%	1.50%	-47.50%	-1.00%
6/20/2020	44060	spokane-spokane valley, wa	6.90%	-36.30%	5	13.50%	-37.80%	-0.30%	-51.90%	-2.00%
6/20/2020	16860	chattanooga, tn-ga	16.40%	-39.10%	4	7.10%	-33.60%	0.70%	-45.60%	-0.80%
6/20/2020	27140	jackson, ms	10.40%	-28.90%	9	11.40%	-20.40%	0.80%	-43.70%	-1.60%