Sellers still hold the reins of the U.S. housing market as prices reach record year-over-year gains and low inventory further erodes, according to the Zillow Weekly Market Report1. However, tapering pending sales and minimal recent growth in list prices point to an overdue seasonal market slowdown that may finally be coming.
Pending sales slow as short time-on-market stays steady
Inventory continues downward spiral that began in late May
Prices tower over 2019 as sellers’ market endures
Consumer confidence rises and unemployment claims fall
Metropolitan |
Newly |
Newly |
Median |
Total |
New |
New |
Median |
Median |
United States |
22.2% |
-1.5% |
13 |
-35.0% |
-9.5% |
-2.4% |
$284,625 |
9.3% |
New York/Newark, NY/NJ |
52.5% |
-4.5% |
31 |
-20.4% |
0.2% |
-1.8% |
$448,750 |
4.2% |
Los Angeles, CA |
10.7% |
-0.4% |
12 |
-24.7% |
4.3% |
-5.0% |
$719,625 |
10.1% |
Chicago, IL |
36.9% |
-3.1% |
12 |
-28.6% |
-0.8% |
-8.6% |
$267,750 |
8.7% |
Dallas-Fort Worth, TX |
27.1% |
-4.3% |
23 |
-32.7% |
-24.4% |
-0.7% |
$303,250 |
9.5% |
Philadelphia, PA |
36.8% |
2.4% |
8 |
-37.6% |
-1.0% |
-2.5% |
$279,850 |
5.3% |
Houston, TX |
29.3% |
-1.5% |
16 |
-29.5% |
-26.0% |
-13.0% |
$269,344 |
8.8% |
Washington, DC |
19.5% |
2.1% |
7 |
-34.8% |
-7.6% |
-11.9% |
$451,525 |
7.8% |
Miami-Fort Lauderdale, FL |
31.7% |
-1.7% |
26 |
-13.5% |
6.1% |
17.9% |
$325,660 |
10.5% |
Atlanta, GA |
15.6% |
-2.8% |
14 |
-31.6% |
-21.4% |
-11.1% |
$285,174 |
11.2% |
Boston, MA |
3.9% |
-0.2% |
8 |
-31.4% |
-16.7% |
-9.7% |
$523,750 |
9.7% |
San Francisco, CA |
31.6% |
0.5% |
11 |
-6.4% |
21.8% |
-7.0% |
$916,750 |
14.6% |
Detroit, MI |
39.8% |
-3.6% |
9 |
-38.8% |
-19.0% |
-10.6% |
$227,025 |
14.5% |
Riverside, CA |
11.3% |
-1.9% |
9 |
-48.0% |
-0.8% |
-2.1% |
$411,000 |
10.1% |
Phoenix, AZ |
24.1% |
2.6% |
11 |
-20.9% |
3.9% |
-7.4% |
$323,438 |
12.6% |
Seattle, WA |
20.6% |
0.4% |
6 |
-31.9% |
-6.9% |
-2.2% |
$529,686 |
9.4% |
Minneapolis- St. Paul, MN |
35.8% |
-2.1% |
16 |
-27.4% |
11.1% |
-0.6% |
$313,250 |
9.9% |
San Diego, CA |
19.9% |
0.1% |
9 |
-37.5% |
-3.8% |
-16.3% |
$638,125 |
9.8% |
St. Louis, MO |
27.1% |
8.5% |
6 |
-38.8% |
-8.8% |
0.9% |
$215,488 |
9.0% |
Tampa, FL |
25.9% |
-2.7% |
7 |
-35.5% |
-10.6% |
4.4% |
$258,412 |
10.0% |
Baltimore, MD |
54.6% |
-0.8% |
12 |
-44.4% |
0.4% |
-6.9% |
$318,390 |
2.1% |
Denver, CO |
19.6% |
-4.3% |
6 |
-35.2% |
-0.6% |
-16.4% |
$461,875 |
6.5% |
Pittsburgh, PA |
0.7% |
-0.8% |
10 |
-27.8% |
-8.9% |
5.5% |
$199,988 |
8.7% |
Portland, OR |
19.7% |
-1.6% |
7 |
-38.0% |
-6.1% |
15.3% |
$442,750 |
8.8% |
Charlotte, NC |
32.3% |
-3.3% |
6 |
-44.3% |
-19.1% |
-5.2% |
$286,562 |
9.2% |
Sacramento, CA |
9.8% |
-0.7% |
7 |
-44.3% |
-4.6% |
-10.6% |
$460,438 |
9.2% |
San Antonio, TX |
80.1% |
2.3% |
26 |
-26.0% |
-35.2% |
-11.6% |
$252,750 |
7.6% |
Orlando, FL |
14.3% |
-1.6% |
12 |
-17.5% |
-8.9% |
-12.7% |
$286,375 |
9.8% |
Cincinnati, OH |
19.3% |
-1.1% |
4 |
-39.1% |
-13.1% |
-19.7% |
$215,738 |
16.4% |
Cleveland, OH |
20.0% |
1.3% |
17 |
-40.7% |
7.7% |
9.2% |
$173,100 |
6.7% |
Kansas City, MO |
14.9% |
-0.1% |
5 |
-44.0% |
-5.9% |
-7.3% |
$256,975 |
11.1% |
Las Vegas, NV |
-12.1% |
-1.6% |
15 |
-22.4% |
-6.0% |
-8.2% |
$306,625 |
0.0% |
Columbus, OH |
25.3% |
-4.6% |
4 |
-40.2% |
-20.4% |
-6.9% |
$238,750 |
17.5% |
Indianapolis, IN |
-4.9% |
-3.2% |
5 |
-40.7% |
5.0% |
-9.1% |
$221,875 |
10.7% |
San Jose, CA |
48.3% |
-0.7% |
15 |
-19.4% |
61.4% |
-6.6% |
$1,129,875 |
9.8% |
Austin, TX |
35.4% |
-3.5% |
8 |
-37.2% |
-22.1% |
-21.6% |
$351,617 |
9.7% |
Virginia Beach, VA |
22.9% |
-0.6% |
30 |
-39.8% |
3.0% |
-6.7% |
$274,500 |
6.3% |
Nashville, TN |
5.3% |
2.5% |
34 |
-25.6% |
-21.7% |
5.2% |
$317,750 |
5.9% |
Providence, RI |
49.3% |
-0.6% |
13 |
-38.8% |
-3.3% |
3.2% |
$324,675 |
8.8% |
Milwaukee, WI |
10.0% |
-2.5% |
30 |
-5.6% |
-0.8% |
-8.2% |
$206,875 |
4.7% |
Jacksonville, FL |
20.2% |
-2.1% |
13 |
-38.4% |
-30.5% |
-6.1% |
$267,000 |
1.9% |
Memphis, TN |
14.7% |
-2.7% |
7 |
-46.3% |
-6.9% |
10.9% |
$204,875 |
5.2% |
Oklahoma City, OK |
43.3% |
-1.6% |
9 |
-35.5% |
-14.6% |
-18.2% |
$206,738 |
13.0% |
Louisville, KY |
5.3% |
2.5% |
6 |
-43.9% |
-6.4% |
0.1% |
$216,875 |
8.9% |
Hartford, CT |
49.3% |
-0.6% |
9 |
-40.8% |
2.0% |
-11.7% |
$263,125 |
11.1% |
Richmond, VA |
6 |
-40.4% |
-11.0% |
-4.2% |
$282,938 |
6.1% |
||
New Orleans, LA |
10.0% |
-2.5% |
18 |
-43.9% |
-19.7% |
-6.8% |
$231,188 |
5.9% |
Buffalo, NY |
20.2% |
-2.1% |
10 |
-37.5% |
-11.9% |
1.4% |
$189,375 |
8.3% |
Raleigh, NC |
14.7% |
-2.7% |
5 |
-42.6% |
-16.3% |
-4.9% |
$313,438 |
7.0% |
Birmingham, AL |
43.3% |
-1.6% |
7 |
-35.1% |
7.8% |
-1.5% |
$220,412 |
6.2% |
Salt Lake City, UT |
6 |
-46.5% |
-40.3% |
-24.0% |
$379,646 |
10.3% |
*Table ordered by market size
**Sale price data as of the week ending Sept. 26
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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