Homes shifting from for-sale to pending, a leading indicator of completed sales, are 16.1% higher than last year. New listings are not keeping pace with buyer demand, causing homes to typically sell after only two weeks on the market — a record pace in Zillow data that dates back to the start of 2019.
Newly pending sales are slowing, but market pace remains well ahead of last year
- Newly pending sales are down 1.4% month over month, but are up 16.1% year over year.
- Homes that went under contract last week typically were plucked off the market after just 14 days, one day faster than the previous week and nine days faster than last year.
Sellers continue to remain largely on the sidelines
- New for-sale listings fell 2.2% from last week, and are now down 12.2% year over year.
- Total inventory continues to fall without an influx of new listings. Total inventory fell 0.9% from the previous week, and is now down 26.3% year over year.
Prices continue on steady climb
- List prices have been steadily rising throughout 2020, up 0.3% week over week to $342,660. That's 6% higher than a year ago.
- The median sale price the week ending June 13 was $263,819, 0.5% higher than the previous week and up 0.7% year over year.
- 4.2% of listings last week had cut their price, the same share as the week prior and 1.3 percentage points less than a year ago.
Methodology
The Zillow Weekly Market 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.
Click here to read past editions of Zillow's Weekly Market Report.
The post Zillow Weekly Market Report: Data Through July 25, 2020 appeared first on Zillow Research.
via Zillow Weekly Market Report: Data Through July 25, 2020
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