Intense Buyer Demand Continues to Drive Hot Housing Market

<br /> Intense Buyer Demand Continues to Drive Hot Housing Market<br />

This Zillow Weekly Market Report includes Zillow housing market data as of the week ending Oct. 31.

PR Newswire

SEATTLE, Nov. 6, 2020

SEATTLE

,

Nov. 6, 2020

/PRNewswire/ —

Intense and persistent buyer demand is keeping the time on market for houses at incredible lows and pushing prices ever higher above 2019, according to

Zillow’s Weekly Market Report

¹
. Sales remain high above last year and are expected to stay robust in the coming months.

Time on market still short as pending sales stay high over 2019

Robust buyer-side demand persisted through October. For the fourth consecutive week, houses are typically staying on the market for 12 days, a full 17 days faster than last year.
Pending sales are up 19.7% year over year, though they have slowed 3.1% since last month and 1.3% since last week.

Scalding homebuyer demand keeps inventory in a vise-grip

Available inventory fell for the 23rd straight week and is now down 37.4% compared to last year. Demand for homes is still sky high, while current homeowners cite a lack of confidence in their ability to secure and afford a new home among

reasons they’re not selling

.
New listings dropped 7.4% year over year and 7.9% since last week.

Price growth over 2019 increases as hot market stretches further into fall

Median list prices have risen further above last year’s figures every week since early May and are now up 11.8% year over year. List prices fell

$500

since last week to

$345,500

— the first weekly drop since mid-April.
Homeowners who decide to sell are benefitting from insatiable demand. Median sale prices rose to

$289,625

in the week ending

September 19

, up 12.5% over 2019.

Metropolitan Area*	Total For- Sale Listings – YOY	New For- Sale Listings – YOY	Newly Pending Sales – YOY	Newly Pending Sales – WOW	Median List Price – YOY	Median List Price – WOW	Median Sale Price – YOY**
United States	-37.4%	-7.4%	19.7%	-1.3%	11.8%	-0.1%	12.5%
New York, NY	-19.3%	-0.8%	53.8%	-0.3%	15.4%	0.0%	6.9%
Los Angeles- Long Beach- Anaheim, CA	-21.4%	3.6%	-5.8%	-6.3%	12.5%	-0.1%	12.6%
Chicago, IL	-27.8%	3.2%	36.8%	-1.2%	8.3%	-0.7%	12.8%
Dallas-Fort Worth, TX	-36.7%	-21.7%	26.8%	-1.2%	4.9%	-0.4%	11.8%
Philadelphia, PA	-38.2%	-5.4%	85.1%	-0.6%	12.0%	0.0%	10.9%
Houston, TX	-30.4%	1.2%	33.3%	1.6%	10.1%	0.0%	8.5%
Washington, DC	-33.8%	0.3%	96.4%	1.3%	7.5%	-0.9%	9.0%
Miami-Fort Lauderdale, FL	-16.2%	0.0%	23.1%	0.7%	2.4%	0.1%	17.0%
Atlanta, GA	-34.2%	-14.7%	13.1%	2.1%	9.1%	-0.2%	11.3%
Boston, MA	-31.5%	-2.1%	-27.9%	-11.0%	12.0%	-0.4%	13.6%
San Francisco, CA	-0.2%	50.1%	36.4%	4.9%	12.0%	-0.4%	15.4%
Detroit, MI	-41.2%	-12.6%	37.3%	-0.9%	11.8%	-0.2%	10.4%
Riverside, CA	-46.1%	-17.0%	22.6%	2.1%	16.3%	0.0%	12.8%
Phoenix, AZ	-21.2%	9.8%	28.4%	1.5%	10.2%	-0.1%	11.7%
Seattle, WA	-29.7%	5.3%	19.0%	-1.8%	4.1%	-0.4%	12.6%
Minneapolis-St Paul, MN	-28.0%	-4.1%	32.3%	-1.7%	0.4%	-0.6%	11.3%
San Diego, CA	-34.6%	6.6%			9.8%	0.0%	12.3%
St. Louis, MO	-40.1%	-16.0%	26.5%	-1.0%	4.4%	-0.5%	15.3%
Tampa, FL	-35.5%	-8.6%			10.6%	0.0%	12.3%
Baltimore, MD	-46.5%	-13.4%	117.2%	2.7%	3.2%	-0.7%	6.5%
Denver, CO	-38.3%	12.7%	24.0%	-3.2%	6.3%	0.4%	7.8%
Pittsburgh, PA	-33.7%	-10.2%	17.6%	-0.6%	19.4%	-0.5%	10.0%
Portland, OR	-37.0%	9.2%	33.0%	0.2%	12.1%	0.7%	10.8%
Charlotte, NC	-47.0%	-4.9%	-2.0%	-1.2%	9.7%	-0.1%	10.8%
Sacramento, CA	-41.3%	2.5%	26.4%	3.3%	15.3%	0.4%	12.8%
San Antonio, TX	-29.6%	4.7%	46.3%	1.8%	5.7%	-0.4%	11.4%
Orlando, FL	-19.6%	-3.8%			1.5%	0.0%	6.3%
Cincinnati, OH	-36.5%	3.0%	23.6%	2.3%	13.0%	-1.5%	14.1%
Cleveland, OH	-41.0%	6.4%	49.1%	-1.6%	3.3%	-1.2%	12.8%
Kansas City, MO	-42.2%	-1.7%	24.6%	0.7%	11.7%	-0.6%	13.7%
Las Vegas, NV	-23.9%	-7.1%	17.7%	0.3%	8.9%	-0.2%	3.2%
Columbus, OH	-42.0%	-9.6%	16.3%	-1.0%	12.0%	0.4%	12.6%
Indianapolis, IN	-40.4%	9.5%	19.0%	-1.8%	6.7%	-1.0%	13.8%
San Jose, CA	-9.2%	73.6%	-18.2%	-2.6%	13.1%	-0.4%	16.4%
Austin, TX	-40.0%	6.0%	27.0%	0.4%	23.1%	0.2%	16.5%
Virginia Beach, VA	-40.1%	15.1%			3.9%	-1.0%	8.0%
Nashville, TN	-30.9%	-18.1%			4.8%	-0.3%	7.0%
Providence, RI	-39.5%	-9.3%	-12.0%	3.2%	4.9%	-0.1%	8.8%
Milwaukee, WI	-5.6%	15.5%			5.3%	-0.4%	7.4%
Jacksonville, FL	-41.6%	-5.7%	26.7%	-6.6%	2.2%	-0.8%	5.3%
Memphis, TN	-45.2%	-17.3%	19.0%	1.1%	4.2%	0.9%	20.4%
Oklahoma City, OK	-37.0%	-36.5%	27.2%	-3.5%	9.5%	0.0%	11.3%
Louisville- Jefferson County, KY	-44.0%	-11.6%	18.6%	-0.5%	-1.8%	-1.6%	13.4%
Hartford, CT	-40.7%	10.7%	49.8%	0.2%	11.6%	-0.4%	11.5%
Richmond, VA	-44.6%	4.0%			17.7%	0.7%	9.1%
New Orleans, LA	-44.5%	-10.8%	24.2%	-3.0%	12.4%	0.1%	8.9%
Buffalo, NY	-41.8%	-11.7%	19.6%	-2.0%	7.5%	-1.3%	17.8%
Raleigh, NC	-44.7%	-15.2%	12.7%	0.7%	11.1%	0.1%	13.6%
Birmingham, AL	-33.3%	16.1%	44.0%	1.5%	-2.6%	0.0%	10.7%
Salt Lake City, UT	-50.0%	-13.3%			10.6%	0.5%	10.7%

*Table ordered by market size

**Sale price data as of the week ending

Sept. 19

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. New for-sale listings data reflect daily counts using a smoothed, seven-day trailing average. Total for-sale listings, newly pending sales, days to pending and median list price data reflect weekly counts using a smoothed, four-week trailing average. National newly pending sales trends are based upon aggregation of the 38 largest metro areas where historic pending listing data coverage is most statistically reliable, and excludes some metros due to upstream data coverage issues. For more information, visit

www.zillow.com/research/

.

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