Realtor.com® Weekly Housing Report: Stubbornly High Home Prices Refuse to Come Down From Their Summer Peak
- Home prices hit record-high growth of 12.9% over last year
- The decline in the number of homes for sale shows a slight improvement over last week
- Homes are selling nearly two weeks faster than last year
- Overall market strength remains steady heading toward winter
SANTA CLARA, Calif., Oct. 8, 2020 /PRNewswire/ -- During the first week of October, the U.S. median home price remained near its summer peak of $350,000 and hit record-high growth of 12.9% over last year, showing no signs of the usual fall cool down, according to realtor.com®'s Weekly Housing Report for the week ending Oct. 3. The decline in the number of homes on the market improved slightly this week, which may be evidence of high prices enticing more sellers to stay in the market.
"While buyers would normally begin to hunker down this time of year, we expect to see an unusually high number remain in the market this fall," said Danielle Hale, chief economist at realtor.com®. "This gives sellers a rare opportunity to get top dollar for their home outside of the prime selling season, which may be motivating some to stay in the market. However, even with record breaking prices, we're not seeing sellers rush into the market with the same eagerness as buyers. Looking forward, a key question is whether this frenzied demand will continue into the spring or if we'll see more balance between home buyers and sellers."
Home prices show no signs of coming down anytime soon
- After 21 continuous weeks of price acceleration, the U.S. median listing price grew 12.9% over last year for the week of Oct. 3. This is the largest yearly price growth that's been recorded since 2017.
- In a normal fall housing market, sellers would be forced to lower their prices in an effort to entice a smaller pool of buyers, but this year has completely bucked the usual trend.
The decline in the number of homes on the market improves slightly over last week
- As of this week, the number of homes on the market is down 38% compared to last year. This is a slight improvement over last week when total inventory was down 39%, but by no means is it the relief many buyers are hoping for. Despite record setting prices and a rapid pace for home sales, sellers remain reluctant to list their home.
- The number of new listings hitting the market was down 7% compared to this time last year. This is a step back from last week's decline of 6%.
Homes are selling nearly two weeks faster than last year
- Homes are selling in 53 days, which is 13 days faster than this time last year, and on par with last week. With homes selling so quickly, sellers have no reason to adjust their prices this October. This trend is expected to continue as buyer demand shows no signs of tapering off anytime soon.
Overall health of the housing market holds steady entering October
- Realtor.com® tracks the overall strength of the housing market through its proprietary Housing Market Recovery Index, which compares real-time key indicators including trends in number of searchers on realtor.com®, median listing prices, the number of newly listed homes, and the time it takes to sell to January 2020, prior to the pandemic.
- This week, the index was 110.4, a slight decline of 0.2 points below last week and 10.4 points stronger than it was pre-COVID.
Metro |
Median Listing Price YoY |
Total Listings YoY |
Median Days on Market YoY |
Akron, Ohio |
9.1% |
-53.2% |
10 days faster |
Albany-Schenectady-Troy, N.Y. |
13.8% |
-44.1% |
15 days faster |
Albuquerque, N.M. |
12.5% |
-50.7% |
7 days faster |
Allentown-Bethlehem-Easton, Pa.-N.J. |
24.5% |
-56.7% |
40 days faster |
Atlanta-Sandy Springs-Roswell, Ga. |
9.9% |
-46.1% |
10 days faster |
Augusta-Richmond County, Ga.-S.C. |
7.6% |
-47.7% |
19 days faster |
Austin-Round Rock, Texas |
14.7% |
-46.9% |
12 days faster |
Bakersfield, Calif. |
18.9% |
-46.2% |
13 days faster |
Baltimore-Columbia-Towson, Md. |
7.4% |
-50.0% |
11 days faster |
Baton Rouge, La. |
13.9% |
-36.4% |
2 days faster |
Birmingham-Hoover, Ala. |
6.0% |
-36.3% |
14 days faster |
Boise City, Idaho |
15.3% |
-70.1% |
1 day slower |
Boston-Cambridge-Newton, Mass.-N.H. |
18.4% |
-30.6% |
19 days faster |
Bridgeport-Stamford-Norwalk, Conn. |
2.3% |
-24.9% |
44 days faster |
Buffalo-Cheektowaga-Niagara Falls, N.Y. |
8.6% |
-45.0% |
1 day slower |
Cape Coral-Fort Myers, Fla. |
12.3% |
-35.3% |
18 days faster |
Charleston-North Charleston, S.C. |
14.4% |
-42.2% |
22 days faster |
Charlotte-Concord-Gastonia, N.C.-S.C. |
8.4% |
-48.3% |
14 days faster |
Chattanooga, Tenn.-Ga. |
11.9% |
-50.6% |
13 days faster |
Chicago-Naperville-Elgin, Ill.-Ind.-Wis. |
8.5% |
-33.0% |
7 days faster |
Cincinnati, Ohio-Ky.-Ind. |
18.5% |
-46.4% |
9 days faster |
Cleveland-Elyria, Ohio |
2.6% |
-48.7% |
15 days faster |
Colorado Springs, Colo. |
3.4% |
-50.8% |
12 days faster |
Columbia, S.C. |
8.5% |
-47.0% |
19 days faster |
Columbus, Ohio |
6.0% |
-46.8% |
14 days faster |
Dallas-Fort Worth-Arlington, Texas |
4.2% |
-45.8% |
8 days faster |
Dayton, Ohio |
17.7% |
-45.5% |
11 days faster |
Deltona-Daytona Beach-Ormond Beach, Fla. |
4.0% |
-43.4% |
20 days faster |
Denver-Aurora-Lakewood, Colo. |
3.7% |
-41.8% |
7 days faster |
Des Moines-West Des Moines, Iowa |
3.6% |
-37.4% |
8 days faster |
Detroit-Warren-Dearborn, Mich |
12.0% |
-46.7% |
8 days faster |
Durham-Chapel Hill, N.C. |
18.4% |
-46.6% |
7 days faster |
El Paso, Texas |
15.2% |
-44.7% |
18 days faster |
Fresno, Calif. |
7.0% |
-55.4% |
23 days faster |
Grand Rapids-Wyoming, Mich |
9.1% |
-50.4% |
3 days slower |
Greensboro-High Point, N.C. |
9.7% |
-48.9% |
14 days faster |
Greenville-Anderson-Mauldin, S.C. |
4.1% |
-40.7% |
6 days faster |
Harrisburg-Carlisle, Pa. |
14.1% |
-50.6% |
7 days faster |
Hartford-West Hartford-East Hartford, Conn. |
7.1% |
-32.0% |
21 days faster |
Houston-The Woodlands-Sugar Land, Texas |
6.5% |
-32.0% |
10 days faster |
Indianapolis-Carmel-Anderson, Ind. |
12.2% |
-47.2% |
11 days faster |
Jackson, Miss. |
18.5% |
-46.2% |
20 days faster |
Jacksonville, Fla. |
3.6% |
-44.8% |
13 days faster |
Kansas City, Mo.-Kan. |
11.9% |
-48.2% |
7 days faster |
Knoxville, Tenn. |
18.5% |
-54.9% |
11 days faster |
Lakeland-Winter Haven, Fla. |
7.8% |
-32.5% |
1 day faster |
Las Vegas-Henderson-Paradise, Nev. |
8.6% |
-7.5% |
8 days faster |
Little Rock-North Little Rock-Conway, Ark. |
22.6% |
-49.6% |
20 days faster |
Los Angeles-Long Beach-Anaheim, Calif. |
16.5% |
-24.8% |
5 days faster |
Louisville/Jefferson County, Ky.-Ind. |
4.0% |
-50.8% |
11 days faster |
Madison, Wis. |
1.5% |
-43.4% |
10 days faster |
McAllen-Edinburg-Mission, Texas |
16.6% |
-47.1% |
24 days faster |
Memphis, Tenn.-Miss.-Ark. |
20.0% |
-49.2% |
11 days faster |
Miami-Fort Lauderdale-West Palm Beach, Fla. |
2.5% |
-15.3% |
3 days faster |
Milwaukee-Waukesha-West Allis, Wis. |
9.1% |
-41.1% |
7 days faster |
Minneapolis-St. Paul-Bloomington, Minn.-Wis. |
4.5% |
-30.5% |
7 days faster |
Nashville-Davidson--Murfreesboro--Franklin, Tenn. |
8.1% |
-41.6% |
6 days faster |
New Haven-Milford, Conn. |
7.6% |
-23.0% |
28 days faster |
New Orleans-Metairie, La. |
18.2% |
-39.0% |
7 days faster |
New York-Newark-Jersey City, N.Y.-N.J.-Pa. |
16.2% |
-3.4% |
10 days faster |
North Port-Sarasota-Bradenton, Fla. |
3.0% |
-33.5% |
21 days faster |
Oklahoma City, Okla. |
7.8% |
-39.4% |
7 days faster |
Omaha-Council Bluffs, Neb.-Iowa |
5.5% |
-47.0% |
8 days slower |
Orlando-Kissimmee-Sanford, Fla. |
1.9% |
-21.1% |
5 days faster |
Oxnard-Thousand Oaks-Ventura, Calif. |
7.7% |
-41.1% |
23 days faster |
Palm Bay-Melbourne-Titusville, Fla. |
7.0% |
-41.1% |
7 days faster |
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. |
16.7% |
-39.7% |
15 days faster |
Phoenix-Mesa-Scottsdale, Ariz. |
6.8% |
-40.4% |
7 days faster |
Pittsburgh, Pa. |
25.0% |
-36.2% |
8 days faster |
Portland-South Portland, Maine |
12.8% |
-48.9% |
32 days faster |
Portland-Vancouver-Hillsboro, Ore.-Wash. |
6.4% |
-43.5% |
4 days faster |
Providence-Warwick, R.I.-Mass. |
6.9% |
-52.9% |
11 days faster |
Raleigh, N.C. |
5.4% |
-45.1% |
11 days faster |
Richmond, Va. |
8.0% |
-44.8% |
7 days faster |
Riverside-San Bernardino-Ontario, Calif. |
13.7% |
-54.0% |
12 days faster |
Rochester, N.Y. |
9.3% |
-42.2% |
14 days faster |
Sacramento--Roseville--Arden-Arcade, Calif. |
10.6% |
-50.5% |
14 days faster |
Salt Lake City, Utah |
15.1% |
-51.6% |
4 days faster |
San Antonio-New Braunfels, Texas |
3.5% |
-40.3% |
9 days faster |
San Diego-Carlsbad, Calif. |
11.8% |
-26.2% |
34 days faster |
San Francisco-Oakland-Hayward, Calif. |
11.7% |
-5.9% |
4 days slower |
San Jose-Sunnyvale-Santa Clara, Calif. |
6.8% |
-23.2% |
7 days faster |
Scranton--Wilkes-Barre--Hazleton, Pa. |
22.6% |
-54.4% |
28 days faster |
Seattle-Tacoma-Bellevue, Wash. |
5.9% |
-31.5% |
8 days faster |
Spokane-Spokane Valley, Wash. |
10.2% |
-49.1% |
8 days faster |
Springfield, Mass. |
27.0% |
-45.0% |
25 days faster |
St. Louis, Mo.-Ill. |
10.2% |
-38.0% |
8 days faster |
Stockton-Lodi, Calif. |
7.9% |
-62.7% |
5 days faster |
Syracuse, N.Y. |
8.9% |
-42.0% |
3 days faster |
Tampa-St. Petersburg-Clearwater, Fla. |
9.0% |
-44.0% |
10 days faster |
Toledo, Ohio |
16.9% |
-40.1% |
8 days faster |
Tucson, Ariz. |
8.3% |
-42.7% |
7 days faster |
Tulsa, Okla. |
12.3% |
-41.9% |
11 days faster |
Urban Honolulu, Hawaii |
-11.1% |
25.4% |
4 days slower |
Virginia Beach-Norfolk-Newport News, Va.-N.C. |
8.5% |
-47.6% |
22 days faster |
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. |
8.2% |
-35.4% |
8 days faster |
Wichita, Kan. |
10.6% |
-44.8% |
11 days faster |
Winston-Salem, N.C. |
8.5% |
-48.3% |
16 days faster |
Worcester, Mass.-Conn. |
11.6% |
-54.4% |
26 days faster |
Youngstown-Warren-Boardman, Ohio-Pa. |
7.2% |
-56.4% |
16 days faster |
About realtor.com®
Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
Contact: Cody Horvat, [email protected]
SOURCE realtor.com
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