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Pending Sales Down, But Homes Still Moving at Record Pace

Homes continue to fly off the market just weeks after they’re listed — faster than…

  • July 24, 2020

Homes continue to fly off the market just weeks after they’re listed — faster than any time in at least the past two years, according to online real estate company Zillow’s Weekly Market Report.

That’s despite newly pending sales falling week over week for the first time since late May, though they remain well ahead of last month’s pace.

Homes Are Going Under Contract at the Fastest Pace in at Least Two Years

Homes sold in the week ending June 27 were typically on the market just 20 days before a contract to sell is signed, the fewest number of days recorded since at least 2018 (when Zillow began tracking the data).

That time on market is one day less than last week, and full week less than the same period a year ago.

Homes sold last week typically went under agreement in a week or less in six of the nation’s 50 largest metros: St. Louis (7 days), Indianapolis (6), Seattle (6), Kansas City (5), Cincinnati (5) and Columbus (4).

List prices continue to climb as more-expensive listings stage a comeback

The median price of homes listed for sale nationwide was $337,160 last week, up 0.6% from a week ago and 3.8% from the same time last year.

In a reversal of the prevailing trend from earlier in the spring, newly listed homes in the most-affordable price ranges are now down far more compared to a year ago than listings in more-expensive tiers – contributing the overall bump in median list price.

List prices last week were higher than a year ago in 45 of the 50 largest U.S. markets. They were up the most year over year in Cincinnati (+16.6%), and down the most in Chicago (-1%).

Newly pending sales slipped week over week for the first time since the end of May, but remain up from the previous month

Newly pending sales were down 1.8% from the week ended June 20, but were up 18.8% from the same period a month ago.

Among the 50 largest U.S. metros, newly pending sales rose the most from the previous week in Cincinnati (+12.2%), Philadelphia (+8.9%) and Birmingham (+8.1%). Newly pending sales fell the most from the prior week in Providence (-9.8%) Indianapolis (-8.5%) and Houston (-8.5%).

Inventory Continues to Fall

New for-sale listings nationwide fell 5.1% week over week, though they remain up 5.2% from a month ago.

Total inventory was down 0.7% from the previous week, and is now 20.7% lower than at the same time last year.

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