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Sep 15, 2020 11:42 AM ET

New home sellers join the market as high demand persists




iCrowd Newswire - Sep 15, 2020

The familiar drumbeat of high buyer demand and rising prices kept its rhythm into September as buyers scooped houses off the market at record rates, according to Zillow’s Weekly Market Report. Although total housing inventory continues to tighten, sellers are feeling more comfortable listing their homes, with more new listings coming on the market than at any point since the beginning of the pandemic. Optimism is rising in both the housing market and in the economy as buyers, sellers and economists gain confidence, new data show.

Houses still going under contract quickly in extended buying season

New sellers join the marketplace amidst strong sales 

Robust demand drives prices higher

Optimism rises in the housing market and economy

Metropolitan Area*

Newly Pending Sales – YoY

Newly Pending Sales – WoW

Median Days to Pending

New For-Sale Listings – YoY

New For-Sale Listings – WoW

Total For-Sale Listings – YoY

Median Sale Price**

Median Sale Price – YoY**

United States

25.5%

0.7%

13

-3.5%

17.6%

-29.0%

$281,844

7.8%

New York/Newark, NY/NJ

62.2%

3.4%

32

-15.7%

3.8%

-13.5%

$445,250

2.1%

Los Angeles, CA

9.1%

-0.6%

13

4.3%

9.3%

-24.2%

$716,750

6.6%

Chicago, IL

46.4%

-2.5%

12

0.2%

13.8%

-26.8%

$263,160

6.0%

Dallas-Fort Worth, TX

30.6%

0.2%

23

-15.6%

8.2%

-28.2%

$300,062

8.0%

Philadelphia, PA

28.1%

-3.2%

9

-17.6%

0.8%

-37.5%

$276,825

3.4%

Houston, TX

25.1%

-1.8%

16

-15.0%

18.5%

-25.1%

$269,474

9.8%

Washington, DC

22.1%

-3.9%

6

-10.3%

5.3%

-33.2%

$452,412

5.5%

Miami-Fort Lauderdale, FL

40.2%

2.6%

27

33.5%

58.7%

-10.1%

$323,750

11.2%

Atlanta, GA

22.3%

0.7%

14

-15.2%

8.5%

-24.2%

$276,750

6.0%

Boston, MA

25.5%

-0.2%

7

-42.3%

-16.0%

-22.9%

$517,719

6.8%

San Francisco, CA

51.7%

-0.9%

12

-14.1%

17.4%

3.9%

$889,750

10.0%

Detroit, MI

44.5%

-1.5%

8

-0.7%

3.4%

-35.8%

$221,750

8.7%

Riverside, CA

14.3%

1.0%

9

-3.6%

10.7%

-46.5%

$405,625

7.7%

Phoenix, AZ

11.0%

1.7%

10

18.4%

13.7%

-22.9%

$321,112

10.7%

Seattle, WA

28.7%

2.3%

6

-16.5%

1.6%

-27.3%

$543,744

10.7%

Minneapolis-St. Paul, MN

25.7%

-0.2%

16

-12.9%

-1.9%

-25.4%

$304,475

9.2%

San Diego, CA

   

8

6.4%

3.5%

-36.5%

$635,862

8.7%

St. Louis, MO

26.7%

0.8%

6

-4.4%

7.2%

-31.4%

$213,688

12.0%

Tampa, FL

   

8

0.6%

8.4%

-31.2%

$255,312

8.6%

Baltimore, MD

6.8%

-4.2%

10

-10.6%

-0.3%

-44.5%

$321,250

2.9%

Denver, CO

28.9%

1.1%

6

-13.6%

-8.5%

-29.7%

$454,686

5.1%

Pittsburgh, PA

61.2%

19.5%

8

-4.6%

4.2%

-23.7%

$197,238

7.8%

Portland, OR

31.4%

1.4%

6

-12.5%

-2.8%

-30.2%

$429,054

6.3%

Charlotte, NC

1.1%

1.5%

6

-15.1%

2.0%

-39.5%

$282,500

5.7%

Sacramento, CA

22.8%

0.3%

7

6.0%

15.4%

-41.0%

$464,375

10.4%

San Antonio, TX

42.3%

0.3%

27

6.1%

34.4%

-23.4%

$253,476

7.5%

Orlando, FL

   

11

-1.0%

-0.2%

-13.1%

$272,500

3.8%

Cincinnati, OH

14.5%

0.7%

4

-9.9%

6.8%

-37.0%

$208,125

8.7%

Cleveland, OH

68.2%

19.8%

19

-9.6%

9.2%

-37.2%

$173,250

6.3%

Kansas City, MO

19.4%

0.1%

4

5.3%

3.2%

-41.6%

$257,738

10.9%

Las Vegas, NV

8.5%

-1.1%

13

5.2%

19.1%

-23.0%

$310,155

3.7%

Columbus, OH

12.7%

-0.9%

4

-6.5%

6.6%

-37.7%

$239,812

10.1%

Indianapolis, IN

13.0%

1.8%

4

-5.1%

9.0%

-39.9%

$225,422

11.3%

San Jose, CA

-4.4%

9.1%

15

14.3%

8.8%

-18.8%

########

1.1%

Austin, TX

35.2%

-2.6%

8

0.9%

25.6%

-31.1%

$359,000

11.1%

Virginia Beach, VA

   

33

23.8%

13.7%

-37.1%

$276,938

5.7%

Nashville, TN

   

36

-22.5%

11.3%

-15.5%

$321,212

7.3%

Providence, RI

3.4%

-0.6%

12

-14.6%

2.9%

-36.0%

$320,350

7.7%

Milwaukee, WI

   

26

4.8%

-0.9%

-8.4%

$248,850

5.6%

Jacksonville, FL

37.9%

3.7%

14

-3.3%

7.6%

-31.9%

$274,175

5.8%

Memphis, TN

30.8%

6.5%

8

-4.0%

-5.1%

-39.4%

$212,550

5.0%

Oklahoma City, OK

30.9%

0.4%

10

12.4%

5.8%

-33.3%

$203,133

9.0%

Louisville, KY

9.0%

2.4%

6

-21.0%

1.5%

-41.9%

$224,750

10.0%

Hartford, CT

40.2%

4.0%

9

-2.4%

19.6%

-41.4%

$251,975

3.5%

Richmond, VA

   

5

-5.9%

15.7%

-35.2%

$279,844

4.4%

New Orleans, LA

10.9%

-2.8%

15

-17.4%

12.5%

-41.7%

$233,250

9.8%

Buffalo, NY

28.1%

0.5%

9

-14.7%

-8.6%

-32.0%

$184,488

5.1%

Raleigh, NC

20.9%

-0.1%

5

-12.4%

3.0%

-36.4%

$309,375

4.9%

Birmingham, AL

38.0%

-0.6%

8

4.7%

7.3%

-33.4%

$227,225

12.1%

Salt Lake City, UT

   

6

-41.0%

-8.1%

-40.3%

$376,758

8.0%

*Table ordered by market size 
**Sale price data as of the week ending July 25

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/.

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Contact Information:

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