Sellers continued to drive a housing market with low supply and eager buyers as total for-sale inventory contracted for the 13th straight week and typical time-on-market maintained record lows, according to Zillow’s Weekly Market Report1. Typical homes on the market are more expensive as median list prices are up nearly 9% compared to last year. Buyers may see relief on the horizon, however, as new for-sale inventory rose month-over-month and is closer to last-year’s figures than any time since March.
Days-to-pending match August lows; newly pending sales stabilize high above last year
For-sale inventory continues to tighten, though new listings may provide relief
List prices skyrocket over last year
Eviction moratorium extended through December and mortgage rates fall again
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1 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. New for-sale listings data reflect daily counts using a smoothed, seven-day trailing average. Total for-sale listings, newly pending sales, days to pending and median list price data reflect weekly counts using a smoothed, four-week trailing average. National newly pending sales trends are based upon aggregation of the 38 largest metro areas where historic pending listing data coverage is most statistically reliable, and excludes some metros due to upstream data coverage issues. For more information, visit www.zillow.com/research/.