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iCrowdNewswire Aug 27, 2020 8:12 AM ET® Weekly Recovery Report: Housing's Supply and Demand Imbalance Enters Uncharted Territory® Weekly Recovery Report: Housing's Supply and Demand Imbalance Enters Uncharted Territory

iCrowd Newswire - Aug 27, 2020

Buyer demand has shown no signs of slowing down as homes are selling nine days faster than this time last year, despite 15 consecutive weeks of solid price growth, according to®‘s Weekly Recovery Report for the week ending Aug. 22.  With national inventory down 37 percent year-over-year, buyers’ heightened demand is creating a marketplace that tilts the scales in favor of sellers as bidding wars, multiple offers and a blistering pace of sales become the new normal. 

The® Housing Market Recovery Index reached 106.6 nationwide for the week ending Aug. 22, posting a 1.8 point increase over last week and 6.6 points above the pre-COVID baseline of January 2020. The ‘housing demand’ component of the index, measured by growth in search traffic, remained above the recovery baseline, with this week’s index reaching 124.1, the highest index value since March. However, the ‘housing supply’ component, measured by new listing growth, declined back down to 95.5, after having briefly surpassed the recovery baseline two weeks ago.

“There’s a record level of buyers competing in the housing market right now,” said Javier Vivas, director of economic research for®. “In a typical year, buyer-seller activity would be dwindling down heading into Labor Day, but 2020 has been nothing short of abnormal. It may be late August, but we’re in the thick of the homebuying season, with busy open houses, multiple offers and even bidding wars becoming the common theme in many markets. First-time home buyers face the biggest hurdles and have to lean on financing to keep their home ownership dreams alive”.

Weekly listings data findings:

About®® makes buying, selling and living in homes easier and more rewarding for everyone.® 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,® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals,® is a trusted provider of consumer connections and branding solutions that help them succeed in today’s on-demand world.® is operated by News Corp subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit®.

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Tags:    Wire Real Estate, Wire, United States, English