Heavy Buyer Demand Tilting Market in Favor of Sellers

This Zillow Weekly Market Report includes housing market data as of the week ending July 4

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Jul 10, 2020, 08:00 ET

SEATTLE, July 10, 2020 /PRNewswire/ -- Sellers have the upper hand in today's housing market, according to Zillow's Weekly Market Reportⁱ. Despite a dip in newly pending sales, homes are flying off the market at a record pace and inventory remains incredibly scarce.

Homes are being snatched up at a record pace

Homes once again went under contract at their fastest pace since at least 2018 (when Zillow began tracking the data), tying a record set last week.
Homes sold in the week ending July 4 were typically on the market for 20 days before a contract to sell was signed, a full week faster than the same period last year. And they are typically selling after only five days in Kansas City, Cincinnati and Indianapolis.
Newly pending sales fell 4% from the previous week -- the second consecutive weekly drop -- and remained steady from a month earlier.

The housing market continues to be starved for inventory

New for-sale listings dropped 1.5% from the previous week. They are now 7.9% below last month's level, and down 27.2% from a year ago.
Total for-sale inventory is 22.4% lower than during the same week last year.

Few price cuts show the market has tilted in favor of sellers

Housing demand is clearly outstripping supply, as demonstrated in this week's sales and inventory figures. Sellers are reacting by more often holding steady with their list price -- only 4.1% of active listings had undergone at least one price cut last week, down from 5.6% a year earlier.
The median list price grew again to $338,760, up 0.5% from the previous week and 4.3% year over year. High-end homes are coming onto the market at a greater rate than more-affordable homes, helping to drive up the median list price.

Metropolitan Area	Newly Pending Sales - MoM	Newly Pending Sales - WoW	Median Days to Pending	New For- Sale Listings - YoY	New For- Sale Listings - WoW	Total For-Sale Listings - YoY	Median List Price - YoY
United States	0.0%	-4.0%	20	-27.2%	-1.5%	-22.4%	4.3%
New York, NY	19.2%	2.2%	44	-5.8%	-5.4%	-24.7%	3.4%
Los Angeles- Long Beach- Anaheim, CA	13.9%	-4.1%	19	-16.0%	-1.1%	-26.0%	9.3%
Chicago, IL	11.6%	0.2%	17	-15.2%	-6.3%	-22.7%	0.2%
Dallas-Fort Worth, TX	-3.3%	-0.6%	29	-27.4%	0.4%	-16.0%	0.4%
Philadelphia, PA	0.5%	-5.6%	17	-20.6%	-5.5%	-34.3%	12.2%
Houston, TX	-7.8%	-3.4%	25	-28.1%	5.7%	-15.4%	1.7%
Washington, DC	1.0%	1.9%	12	-27.8%	-2.4%	-33.1%	10.6%
Miami-Fort Lauderdale, FL	14.4%	3.4%	43	-15.5%	-1.4%	-9.7%	-0.2%
Atlanta, GA	-0.4%	-6.6%	34	-29.4%	-1.4%	-9.1%	0.5%
Boston, MA	10.6%	4.7%	11	-29.2%	-35.0%	-24.8%	8.0%
San Francisco, CA	6.2%	6.0%	13	21.8%	-14.8%	-11.3%	10.1%
Detroit, MI	-8.9%	-5.1%	11	-23.5%	-4.4%	-23.0%	4.1%
Riverside, CA	-1.8%	-0.8%	21	-20.3%	7.3%	-34.4%	5.3%
Phoenix, AZ	-14.4%	-9.4%	24	-17.0%	5.7%	-24.8%	8.6%
Seattle, WA	9.2%	7.4%	6	-17.5%	-8.3%	-38.4%	5.6%
Minneapolis-St. Paul, MN	3.8%	-4.1%	18	-15.7%	-17.4%	-19.2%	4.0%
San Diego, CA	N/A	N/A	12	-23.5%	-2.6%	-33.5%	8.2%
St. Louis, MO	7.1%	4.1%	7	-29.7%	-0.2%	-26.7%	7.0%
Tampa, FL	N/A	N/A	24	-17.8%	1.6%	-23.4%	2.0%
Baltimore, MD	5.4%	-1.6%	18	-24.6%	8.2%	-38.8%	4.2%
Denver, CO	-0.1%	-2.5%	9	-27.5%	-13.6%	-20.4%	5.9%
Pittsburgh, PA	N/A	N/A	10	-11.6%	0.9%	-24.4%	13.3%
Portland, OR	5.6%	6.0%	8	-26.6%	-6.7%	-24.6%	1.8%
Charlotte, NC	-2.7%	1.3%	11	-33.7%	-3.4%	-30.0%	5.2%
Sacramento, CA	11.9%	-1.9%	13	-26.9%	2.6%	-23.5%	2.7%
San Antonio, TX	N/A	N/A	31	-27.3%	1.0%	-11.8%	2.3%
Orlando, FL	N/A	N/A	22	-14.8%	7.0%	-12.1%	0.1%
Cincinnati, OH	-2.4%	-8.8%	5	-19.8%	4.5%	-31.3%	17.2%
Cleveland, OH	0.7%	3.3%	15	-25.8%	-3.0%	-35.7%	9.9%
Kansas City, MO	1.3%	-5.8%	5	-32.2%	-7.2%	-32.7%	12.1%
Las Vegas, NV	-6.4%	-3.4%	30	-21.0%	9.3%	-22.4%	3.2%
Columbus, OH	5.8%	-8.2%	6	-33.1%	-5.5%	-29.6%	7.1%
Indianapolis, IN	-12.8%	-4.4%	5	-29.8%	-12.4%	-29.9%	11.4%
San Jose, CA	-19.8%	-14.6%	20	25.7%	-16.1%	-26.4%	7.0%
Austin, TX	-10.9%	-9.9%	10	-20.8%	-1.1%	-18.2%	9.4%
Virginia Beach, VA	N/A	N/A	56	-11.8%	6.0%	-32.7%	9.4%
Nashville, TN	N/A	N/A	34	-36.8%	-4.9%	-5.6%	1.9%
Providence, RI	-1.6%	3.2%	20	-19.0%	-6.3%	-30.9%	8.4%
Milwaukee, WI	N/A	N/A	30	-12.2%	-6.8%	-12.9%	6.9%
Jacksonville, FL	-8.0%	-3.0%	24	-23.6%	7.2%	-20.9%	2.7%
Memphis, TN	N/A	N/A	9	-25.6%	-5.6%	-32.4%	10.2%
Oklahoma City, OK	N/A	N/A	11	-20.4%	3.4%	-22.2%	10.5%
Louisville, KY	0.5%	1.4%	9	-26.1%	2.2%	-33.1%	3.1%
Hartford, CT	0.1%	1.0%	9	-23.1%	-7.0%	-37.0%	8.8%
Richmond, VA	N/A	N/A	6	-19.1%	9.1%	-24.5%	9.1%
New Orleans, LA	-20.1%	-21.7%	21	-27.9%	14.1%	-29.5%	5.8%
Buffalo, NY	36.2%	2.8%	9	-25.4%	-10.9%	-26.2%	8.4%
Raleigh, NC	1.3%	7.4%	7	-31.1%	3.4%	-25.6%	3.1%
Birmingham, AL	-0.8%	-8.3%	17	-20.2%	-10.5%	-25.9%	4.3%
Salt Lake City, UT	10.5%	-0.8%	12	-38.8%	-16.3%	-31.4%	6.1%
*Table ordered by market size

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ⁱ 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. 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. For more information, visit www.zillow.com/research/.

SOURCE Zillow