Sales Activity is Ticking Up, But Buyer Options Remain Limited

This Zillow Weekly Market Report includes housing market data as of the week ending June 13

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Jun 19, 2020, 08:00 ET

SEATTLE, June 19, 2020 /PRNewswire/ -- Home buyer demand continues to grow, but their choices became even more slim last week, according to Zillow's Weekly Market Reportⁱ. 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 inventoryⁱⁱ 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.

Metropolitan Area*	Newly Pending Sales - MoM	Newly Pending Sales - WoW	Total For- Sale Listings - YoY	New For- Sale Listings - YoY	New For- Sale Listings - MoM	Median List Price - YoY
United States	17.7%	2.8%	-17.1%	-16.6%	13.9%	2.5%
New York, NY	58.1%	-1.6%	-27.4%	-6.1%	57.8%	2.2%
Los Angeles, CA	33.9%	7.6%	-25.7%	-12.5%	13.9%	6.5%
Chicago, IL	31.2%	4.8%	-20.3%	-9.3%	29.8%	-2.8%
Dallas-Fort Worth, TX	14.3%	2.9%	-7.8%	-13.5%	6.4%	-2.4%
Philadelphia, PA	62.7%	3.4%	-34.3%	-6.9%	37.1%	10.9%
Houston, TX	18.4%	4.6%	-5.8%	-17.8%	1.5%	-0.7%
Washington, DC	8.1%	6.6%	-30.0%	-19.4%	13.1%	7.9%
Miami-Fort Lauderdale, FL	37.9%	14.9%	-9.9%	-3.4%	27.2%	-0.6%
Atlanta, GA	5.6%	1.1%	1.0%	-19.0%	22.6%	-2.7%
Boston, MA	30.9%	6.8%	-26.6%	-23.7%	15.9%	5.4%
San Francisco, CA	N/A	N/A	-13.0%	0.2%	16.7%	5.9%
Detroit, MI	15.0%	-3.6%	-14.6%	-16.5%	-8.2%	-1.5%
Riverside, CA	34.6%	2.1%	-27.2%	-19.1%	7.4%	3.1%
Phoenix, AZ	20.3%	6.1%	-21.5%	-9.8%	5.2%	5.8%
Seattle, WA	21.7%	9.7%	-36.0%	-26.9%	10.9%	3.1%
Minneapolis-St. Paul, MN	5.3%	0.0%	-12.4%	-5.2%	10.5%	2.2%
San Diego, CA	N/A	N/A	-28.1%	-16.6%	17.2%	3.7%
St. Louis, MO	4.4%	6.7%	-23.4%	-21.0%	6.9%	6.0%
Tampa, FL	N/A	N/A	-13.9%	-18.3%	2.4%	-0.3%
Baltimore, MD	10.4%	0.1%	-34.4%	-19.9%	10.7%	4.0%
Denver, CO	13.7%	10.2%	-11.4%	-15.5%	3.9%	3.7%
Pittsburgh, PA	N/A	N/A	-17.5%	-1.1%	34.0%	8.1%
Portland, OR	25.5%	9.2%	-17.7%	-29.2%	11.9%	0.2%
Charlotte, NC	-1.0%	-0.4%	-19.7%	-22.9%	-8.5%	2.1%
Sacramento, CA	35.6%	16.8%	-15.5%	-16.6%	13.6%	2.4%
San Antonio, TX	N/A	N/A	0.1%	-17.6%	9.5%	0.6%
Orlando, FL	N/A	N/A	-5.7%	-17.9%	5.5%	-1.3%
Cincinnati, OH	3.5%	-6.1%	-25.7%	-22.9%	7.9%	14.5%
Cleveland, OH	15.5%	0.7%	-34.9%	-18.4%	20.2%	7.5%
Kansas City, MO	17.8%	10.2%	-27.1%	-22.8%	9.5%	8.5%
Las Vegas, NV	28.8%	-0.1%	-17.4%	-26.2%	4.5%	1.2%
Columbus, OH	16.1%	18.0%	-23.7%	-20.5%	3.6%	5.2%
Indianapolis, IN	14.1%	-0.4%	-21.7%	-26.0%	-2.5%	6.8%
San Jose, CA	N/A	N/A	-23.9%	-9.2%	8.5%	1.8%
Austin, TX	21.1%	2.3%	-4.5%	-25.8%	5.3%	4.2%

*Metropolitan areas 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 and median list price data reflect weekly counts using a smoothed, four-week trailing average. For more information, visit www.zillow.com/research/.

ⁱⁱ Beginning with this report, total for-sale inventory numbers reflect weekly counts using a smoothed, four-week trailing average. Previous Zillow Weekly Market Reports have reported this metric using a smoothed, seven-day trailing average.

SOURCE Zillow