SEATTLE, Washington. June 19, 2020 (Biz Republic) — Home buyer demand continues to grow, but their choices became even more slim last week, according to Zillow’s Weekly Market Report. Newly pending sales rose from the previous week, but new listings and total listings fell.
Newly pending sales continue slow climb
— Newly pending sales grew 2.8% week over week, and were 17.7% higher than a month earlier.
— Among the 35 largest U.S. metros, newly pending sales have grown the most since last month in Philadelphia (up 62.7% month over month), New York (up 58.1%) and Miami (up 37.9%).
Inventory took a small step back last week
— Total for-sale inventory fell by 0.4% from the previous week, and is now 17.1% below last year’s level.
— 3.8% fewer new listings came onto the market than the week prior. New listings are up 13.9% month over month, but down 16.6% annually.
List prices continue to rise, but home values may be on the verge of a modest fall
— The median list price is $332,680, up 2.5% year over year and 0.8% from the previous week.
— Despite the continued growth of list prices, Zillow’s May Real Estate Market Report may have revealed the first indication that home values will fall in the second half of the year. The month-over-month change in home values slowed noticeably from April to May.
— The most recent forecast from Zillow’s economic research team shows an expected 1.8% drop in prices from April to October 2020, with a steady recovery through 2021.
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