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.
About Zillow
Zillow, the top real estate website in the U.S., is building an on-demand real estate experience. Whether selling, buying, renting or financing, customers can turn to Zillow’s businesses to find and get into their next home with speed, certainty and ease. In addition to for-sale and rental listings, Zillow Offers buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline. Zillow Home Loans, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase.
Millions of people visit Zillow Group sites every month to start their home search, and now they can rely on Zillow to help them finish it — with the same confidence, ease and empowerment they’ve come to expect from real estate’s most trusted brand. Launched in 2006, Zillow is owned and operated by Zillow Group, Inc. and headquartered in Seattle. Zillow and Zillow Offers are registered trademarks of Zillow, Inc.
