Realtor.com® Weekly Recovery Report: Tech Jobs are the Key to a Quick Recovery

Denver, Boston, Seattle, San Francisco and San Diego seeing fastest bounce back to pre-COVID levels

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Jun 18, 2020, 06:00 ET

SANTA CLARA, Calif., June 18, 2020 /PRNewswire/ -- Realtor.com^® today released its Weekly Housing Recovery Report for the week ending June 13, which revealed that local markets with strong tech job creation pre-COVID are bouncing back more quickly than others. In fact, five tech hubs -- Denver, Boston, Seattle, San Francisco and San Diego -- pushed further past their January 2020 pace last week and are now leading the recovery.

"As the market heads into the summer, growth in online home searches and asking prices has surpassed pre-COVID levels, but movement in supply and time on market remains well below seasonal pace," said Javier Vivas, director of economic research for realtor.com^®. "But locally the story is much more nuanced. Markets with stronger job creation pre-COVID are proving to have the crucial edge for real estate activity, particularly those with a strong technology sector. As more tech companies weather the storm, the stable jobs and incomes they offer will continue to power demand for homes in these areas, enabling home sales to bounce back faster than the rest of the country this summer."

National Recovery Index: The realtor.com Housing Market Recovery Index for the week ending June 13 reached 90.0 nationwide, indicating that the U.S. market has nearly halfway recovered to its January 2020 levels. This week's reading was up 1.2 points over the prior week and 10.0 points below the January trend baseline. The slight increase in this week's overall index represents a 6.9 point increase over the 83.1 trough reached during the week ending May 2.
Local Recovery Index: Locally, an additional four markets have crossed the recovery index benchmark this week -- Seattle, Rochester, N.Y., Las Vegas, and Los Angeles -- taking the total number of markets above the January baseline to eight. Denver (index 107.6), Boston (index 106.7), San Francisco (index 104.5) and San Diego. (index 104.5) had already surpassed January 2020 levels and remain among those leading the recovery. See table below for full metro index data.

Key Listings Metrics for the Week Ending June 13:

	Week ending June 13	Week ending June 6	Week ending May 30	First Two Weeks March
Total Listings	-27% YOY	-25% YOY	-23% YOY	-16% YOY
Time on Market	16 days slower YOY	16 days slower YOY	17 days slower YOY	-4 days faster YOY
Median Listing Prices	+4.6% YOY	+4.3% YOY	+3.1% YOY	+4.5% YOY
New Listings	-20% YOY	-21% YOY	-23% YOY	+5% YOY

Median listing prices are now growing at 4.6 percent over last year, just above the pace seen pre-COVID.
New listings are down 20 percent. More sellers are returning to the market compared to the early COVID period, but fewer than a week ago, and the number of new listings remains below last year's levels. New listings typically peak over the next month (mid-June to mid-July). Given the importance of new home listings to sales, to see home sales bounce back, there will need to be a later seasonal peak this year.
Time on market remains 16 days slower than last year as it takes longer to find a buyer and complete a sale in the current markets. Time on market could speed up if buyers continue to outnumber sellers.
Total inventory was down 27 percent. Signs are pointing to rising home buyer interest, and steeper declines in inventory are on the horizon unless more sellers list homes for sale.

For information on this week's index data and listings data, please visit: https://www.realtor.com/research/housing-market-recovery-index-trends-june-13-data and
https://www.realtor.com/research/weekly-housing-trends-view-data-week-june-13-2020/

Realtor.com^® Housing Recovery Index Top 50 Largest Markets

Recovery Rank	Metro	Realtor.com Recovery Index	Week over week change in recovery
1	Denver-Aurora-Lakewood, Colo.	107.6	2.20%
2	Boston-Cambridge-Newton, Mass.-N.H.	106.7	3.70%
3	Seattle-Tacoma-Bellevue, Wash.	106	6.90%
4	San Francisco-Oakland-Hayward, Calif.	104.5	3.50%
5	San Diego-Carlsbad, Calif.	104.5	4.20%
6	Rochester, N.Y.	101.3	7.60%
7	Las Vegas-Henderson-Paradise, Nev.	101.1	1.20%
8	Los Angeles-Long Beach-Anaheim, Calif.	100.5	7.80%
9	Austin-Round Rock, Texas	99	2.80%
10	Detroit-Warren-Dearborn, Mich.	97.5	12.30%
11	Jacksonville, Fla.	97.4	-0.60%
12	Nashville-Davidson--Murfreesboro--Franklin, Tenn.	97.4	-1.30%
13	Miami-Fort Lauderdale-West Palm Beach, Fla.	97.2	1.60%
14	Baltimore-Columbia-Towson, Md.	96.8	10.60%
15	Louisville/Jefferson County, Ky.-Ind.	96.7	4.50%
16	Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.	96.6	8.10%
17	Dallas-Fort Worth-Arlington, Texas	96.5	3.60%
18	Atlanta-Sandy Springs-Roswell, Ga.	96.3	5.90%
19	Birmingham-Hoover, Ala.	96.3	7.10%
20	Kansas City, Mo.-Kan.	95.1	0.80%
21	Memphis, Tenn.-Ms.-Ark.	95	3.80%
22	Philadelphia-Camden-Wilmington, Pa.-N.J.-De.-Md.	94.7	8.20%
23	Phoenix-Mesa-Scottsdale, Ariz.	94	-0.10%
24	Hartford-West Hartford-East Hartford, Conn.	93.4	6.20%
25	Portland-Vancouver-Hillsboro, Ore.-Wash.	93.4	0.20%
26	Riverside-San Bernardino-Ontario, Calif.	93.3	0.50%
27	Richmond, Va.	93.2	8.60%
28	Oklahoma City, Okla.	93.1	2.90%
29	Virginia Beach-Norfolk-Newport News, Va.-N.C.	92.7	3.50%
30	Minneapolis-St. Paul-Bloomington, Minn.-Wis.	92.6	4.10%
31	Houston-The Woodlands-Sugar Land, Texas	92.5	3.60%
32	New York-Newark-Jersey City, N.Y.-N.J.-Pa.	92.4	2.30%
33	Sacramento--Roseville--Arden-Arcade, Calif.	92.2	2.40%
34	San Jose-Sunnyvale-Santa Clara, Calif.	91.8	2.20%
35	Cleveland-Elyria, Ohio	91.4	4.90%
36	Tampa-St. Petersburg-Clearwater, Fla.	90.9	1%
37	San Antonio-New Braunfels, Texas	90.8	0.90%
38	St. Louis, Mo.-Ill.	90.6	7.10%
39	Charlotte-Concord-Gastonia, N.C.-S.C.	90.2	1.40%
40	Cincinnati, Ohio-Ky.-Ind.	89.2	0.20%
41	Pittsburgh, Pa.	88.1	5.90%
42	Orlando-Kissimmee-Sanford, Fla.	87.7	-1.10%
43	Milwaukee-Waukesha-West Allis, Wis.	87.5	3.40%
44	Chicago-Naperville-Elgin, Ill.-Ind.-Wis.	87.3	6%
45	Indianapolis-Carmel-Anderson, Ind.	85.5	0.40%
46	Providence-Warwick, R.I.-Mass.	84.9	4%
47	New Orleans-Metairie, La.	84.2	-7.90%
48	Columbus, Ohio	83.8	2.90%
49	Raleigh, N.C.	82.8	0.10%
50	Buffalo-Cheektowaga-Niagara Falls, N.Y.	81.6	20.60%

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.

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Media Contacts:
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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
akron, oh	8.6%	-38.9%	6	14.0%	-24.9%	2.6%	-52.5%	-2.1%
albany-schenectady-troy, ny	11.7%	-33.4%	28	41.8%	-11.7%	2.3%	-50.2%	-1.7%
albuquerque, nm	16.0%	-44.4%	3	6.1%	-35.3%	1.5%	-42.6%	0.1%
allentown-bethlehem-easton, pa-nj	19.6%	-50.9%	-14	-23.3%	-12.4%	5.6%	-36.9%	1.1%
atlanta-sandy springs-roswell, ga	3.8%	-26.7%	4	8.2%	-18.0%	1.0%	-40.6%	-1.6%
augusta-richmond county, ga-sc	6.6%	-37.0%	4	5.8%	-33.8%	0.4%	-50.3%	-1.3%
austin-round rock, tx	5.7%	-25.9%	4	8.9%	-10.8%	1.9%	-51.5%	-3.6%
bakersfield, ca	5.9%	-40.3%	6	13.6%	-33.9%	1.1%	-47.7%	-0.9%
baltimore-columbia-towson, md	2.9%	-41.3%	2	4.3%	-20.9%	2.9%	-49.5%	-1.4%
baton rouge, la	5.2%	-19.4%	19	25.7%	-23.2%	-0.3%	-27.8%	-0.7%
birmingham-hoover, al	6.6%	-26.6%	4	6.9%	-6.5%	2.1%	-35.7%	-0.8%
boise city, id	5.7%	-24.5%	13	40.6%	-21.8%	0.4%	-57.7%	-4.7%
boston-cambridge-newton, ma-nh	9.2%	-30.3%	-2	-5.4%	-10.0%	3.2%	-45.3%	-1.9%
bridgeport-stamford-norwalk, ct	0.1%	-26.3%	6	9.2%	32.1%	3.5%	-48.0%	-1.7%
buffalo-cheektowaga-niagara falls, ny	8.8%	-31.7%	17	48.6%	-13.6%	3.1%	-52.8%	-2.6%
cape coral-fort myers, fl	12.0%	-25.9%	4	4.2%	5.3%	1.8%	-37.5%	-1.1%
charleston-north charleston, sc	3.5%	-25.4%	13	18.3%	-3.6%	1.8%	-38.1%	-1.8%
charlotte-concord-gastonia, nc-sc	2.3%	-38.0%	6	12.0%	-33.0%	0.8%	-48.9%	-1.6%
chattanooga, tn-ga	16.5%	-35.7%	8	14.0%	-35.5%	0.0%	-50.0%	-1.6%
chicago-naperville-elgin, il-in-wi	0.3%	-26.6%	4	9.5%	-21.5%	0.7%	-39.7%	-1.5%
cincinnati, oh-ky-in	15.5%	-40.6%	7	15.9%	-40.9%	0.0%	-48.1%	-1.0%
cleveland-elyria, oh	7.2%	-41.5%	8	14.3%	-25.3%	2.4%	-43.3%	-0.5%
colorado springs, co	10.7%	-25.3%	1	3.5%	-19.9%	1.0%	-17.9%	0.7%
columbia, sc	6.3%	-37.3%	0	0.0%	-41.6%	-0.7%	-28.4%	0.9%
columbus, oh	4.7%	-32.6%	7	19.4%	-26.0%	1.3%	-46.2%	-2.1%
dallas-fort worth-arlington, tx	-1.1%	-28.0%	0	0.0%	-18.6%	1.3%	-41.2%	-2.1%
dayton, oh	21.9%	-40.1%	13	35.1%	-37.1%	0.6%	-43.9%	-0.6%
deltona-daytona beach-ormond beach, fl	0.0%	-21.8%	13	17.8%	-28.5%	-0.6%	-32.7%	-0.9%
denver-aurora-lakewood, co	4.6%	-21.8%	2	5.9%	-14.1%	1.2%	-28.9%	-1.2%
des moines-west des moines, ia	-2.7%	-19.2%	7	11.9%	1.5%	2.1%	-14.3%	0.5%
detroit-warren-dearborn, mi	2.6%	-23.7%	2	5.6%	-19.0%	0.7%	-37.5%	-1.5%
durham-chapel hill, nc	7.4%	-26.1%	14	28.0%	-13.5%	1.5%	-17.8%	0.7%
el paso, tx	9.4%	-38.6%	16	23.9%	-34.8%	0.5%	-64.8%	-1.9%
fresno, ca	1.1%	-46.1%	-1	-2.3%	-35.9%	2.0%	-60.8%	-2.1%
grand rapids-wyoming, mi	6.8%	-24.3%	8	23.5%	-23.8%	0.1%	-36.0%	-1.3%
greensboro-high point, nc	8.8%	-31.1%	4	7.1%	-22.2%	1.2%	-54.7%	-2.6%
greenville-anderson-mauldin, sc	1.8%	-23.9%	21	37.5%	-27.6%	-0.4%	-32.0%	-0.8%
harrisburg-carlisle, pa	15.1%	-39.6%	-11	-21.6%	7.2%	5.9%	-49.6%	-1.6%
hartford-west hartford-east hartford, ct	3.5%	-30.0%	-1	-2.0%	-8.6%	2.1%	-54.6%	-2.2%
houston-the woodlands-sugar land, tx	0.3%	-21.0%	7	13.7%	-18.1%	0.3%	-34.7%	-1.4%
indianapolis-carmel-anderson, in	1.7%	-34.0%	9	20.5%	-32.5%	0.2%	-56.1%	-3.6%
jackson, ms	7.3%	-28.4%	14	18.0%	-7.8%	1.7%	-54.8%	-3.1%
jacksonville, fl	-0.6%	-21.5%	5	7.8%	-11.4%	0.9%	-39.6%	-2.0%
kansas city, mo-ks	10.8%	-38.2%	9	18.4%	-33.2%	0.9%	-51.3%	-1.8%
knoxville, tn	8.3%	-34.8%	6	10.3%	-16.5%	2.0%	-42.0%	-1.1%
lakeland-winter haven, fl	1.7%	-11.1%	13	19.7%	-21.6%	-1.0%	-31.0%	-1.5%
las vegas-henderson-paradise, nv	3.7%	-7.7%	9	20.5%	-28.8%	-2.2%	-50.8%	-4.9%
little rock-north little rock-conway, ar	17.6%	-39.6%	-3	-5.1%	-20.0%	2.4%	-41.8%	-0.4%
los angeles-long beach-anaheim, ca	20.6%	-16.7%	19	43.2%	-14.2%	0.3%	-44.6%	-2.3%
louisville/jefferson county, ky-in	2.8%	-38.5%	0	0.0%	-28.7%	1.5%	-43.3%	-0.7%
madison, wi	6.0%	-28.0%	12	26.7%	-27.0%	0.2%	-46.8%	-1.8%
mcallen-edinburg-mission, tx	8.0%	-28.3%	16	18.8%	-11.7%	1.1%	-48.4%	-1.3%
memphis, tn-ms-ar	9.6%	-34.2%	5	9.4%	-20.4%	2.0%	-41.2%	-0.9%
miami-fort lauderdale-west palm beach, fl	-1.5%	-8.3%	20	21.5%	-4.5%	0.2%	-29.1%	-1.1%
milwaukee-waukesha-west allis, wi	6.6%	-28.4%	10	25.6%	-24.9%	0.6%	-42.1%	-1.5%
minneapolis-st. paul-bloomington, mn-wi	3.8%	-19.5%	2	5.7%	-20.1%	-0.1%	-35.0%	-1.3%
nashville-davidson--murfreesboro--franklin, tn	2.9%	-23.1%	-2	-5.6%	-14.6%	1.2%	-24.6%	-0.2%
new haven-milford, ct	3.9%	-32.5%	0	0.0%	-17.4%	1.5%	-65.4%	-2.7%
new orleans-metairie, la	1.7%	-20.4%	17	26.2%	-28.9%	-0.8%	-18.1%	0.3%
new york-newark-jersey city, ny-nj-pa	0.9%	-21.2%	17	29.8%	-6.0%	1.3%	-59.9%	-2.8%
north port-sarasota-bradenton, fl	0.0%	-21.5%	7	7.6%	-10.9%	0.7%	-39.6%	-1.8%
oklahoma city, ok	14.4%	-25.7%	4	9.1%	-20.2%	0.7%	-30.8%	-0.6%
omaha-council bluffs, ne-ia	8.6%	-22.8%	16	55.2%	-29.1%	-1.1%	-31.3%	-0.6%
orlando-kissimmee-sanford, fl	0.0%	-13.5%	16	28.1%	-25.2%	-1.3%	-21.7%	-0.7%
oxnard-thousand oaks-ventura, ca	12.3%	-32.0%	16	36.4%	-22.5%	1.3%	-54.7%	-2.9%
palm bay-melbourne-titusville, fl	1.4%	-22.7%	15	24.6%	-11.3%	1.1%	-37.7%	-1.8%
philadelphia-camden-wilmington, pa-nj-de-md	12.1%	-39.5%	12	23.1%	-18.1%	2.8%	-50.5%	-1.7%
phoenix-mesa-scottsdale, az	3.9%	-37.5%	8	15.7%	-23.1%	2.1%	-54.2%	-3.2%
pittsburgh, pa	22.5%	-24.3%	32	55.2%	-3.0%	2.3%	-31.5%	-0.9%
portland-south portland, me	6.5%	-34.4%	5	11.4%	-25.1%	1.4%	-42.1%	-0.7%
portland-vancouver-hillsboro, or-wa	5.2%	-35.7%	12	32.4%	-34.2%	0.2%	-21.7%	1.8%
providence-warwick, ri-ma	11.8%	-42.8%	9	20.0%	-33.8%	1.6%	-60.5%	-1.9%
raleigh, nc	2.1%	-26.5%	13	26.0%	-21.7%	0.6%	-45.8%	-2.3%
richmond, va	4.5%	-27.4%	9	18.8%	-8.3%	2.5%	-33.0%	-0.7%
riverside-san bernardino-ontario, ca	4.8%	-35.8%	13	26.0%	-27.5%	1.2%	-60.1%	-2.8%
rochester, ny	6.6%	-31.5%	-4	-12.5%	-8.4%	3.9%	-35.0%	-0.6%
sacramento--roseville--arden-arcade, ca	0.2%	-28.2%	3	8.3%	-16.9%	1.8%	-35.6%	-1.1%
salt lake city, ut	8.9%	-35.3%	1	2.8%	-28.9%	1.3%	-53.1%	-2.9%
san antonio-new braunfels, tx	0.0%	-22.7%	14	26.9%	-15.4%	0.8%	-39.4%	-2.2%
san diego-carlsbad, ca	6.8%	-35.4%	0	0.0%	-19.0%	2.7%	-64.0%	-3.9%
san francisco-oakland-hayward, ca	10.5%	-17.9%	1	3.2%	-7.4%	1.7%	-33.2%	-1.3%
san jose-sunnyvale-santa clara, ca	4.6%	-31.9%	4	12.5%	-19.7%	2.0%	-44.6%	-1.8%
scranton--wilkes-barre--hazleton, pa	6.0%	-36.8%	35	52.2%	-23.8%	1.5%	-37.1%	-0.1%
seattle-tacoma-bellevue, wa	2.1%	-29.0%	1	2.9%	-17.6%	2.0%	-58.8%	-4.0%
spokane-spokane valley, wa	7.4%	-28.1%	4	10.8%	-22.3%	1.1%	-44.1%	-1.7%
springfield, ma	11.7%	-36.5%	12	27.3%	-18.7%	2.7%	-44.1%	-1.3%
st. louis, mo-il	5.3%	-29.1%	15	26.3%	-17.9%	1.4%	-41.1%	-1.4%
stockton-lodi, ca	5.7%	-42.7%	15	42.9%	-36.3%	1.3%	-61.0%	-2.7%
syracuse, ny	0.1%	-33.7%	36	69.2%	-17.7%	2.3%	-45.3%	-1.2%
tampa-st. petersburg-clearwater, fl	1.8%	-29.6%	13	22.4%	-22.8%	0.8%	-41.5%	-1.7%
toledo, oh	5.7%	-28.0%	0	0.0%	-19.4%	1.2%	-6.2%	2.2%
tucson, az	10.9%	-36.5%	7	13.2%	-25.9%	1.5%	-48.6%	-1.6%
tulsa, ok	18.1%	-33.7%	1	1.9%	-11.9%	2.7%	-41.6%	-1.1%
urban honolulu, hi	-12.7%	35.5%	21	38.2%	-16.9%	-3.3%	-40.5%	-3.1%
virginia beach-norfolk-newport news, va-nc	10.0%	-38.6%	1	2.0%	-20.2%	2.2%	-55.8%	-1.6%
washington-arlington-alexandria, dc-va-md-wv	9.1%	-37.7%	0	0.0%	-18.5%	3.3%	-55.2%	-2.4%
wichita, ks	16.3%	-37.0%	5	10.2%	-32.1%	0.8%	-49.2%	-1.4%
winston-salem, nc	7.8%	-33.1%	9	14.1%	-26.1%	0.9%	-54.4%	-2.0%
worcester, ma-ct	7.3%	-41.3%	9	21.4%	-19.9%	3.5%	-56.9%	-2.4%
youngstown-warren-boardman, oh-pa	1.5%	-39.2%	23	33.8%	-34.5%	0.7%	-60.5%	-2.9%