The housing market’s recent record of superlatives marches on according to Zillow’s Weekly Market Report1, as prices soared to new heights and inventory reached record lows — down nearly 50% annually in some major metros. The lack of available homes and an overdue seasonal slowdown may finally be pulling pending sales down after a scorching hot few months.
Time on market falls to just 12 days, but pending sales are slowing down
Inventory freefall continues, now down nearly 50% in some large metros
List and sale price hikes persist, but buyers benefit from mortgage rates
Construction activity, existing sales stay strong in September
Metropolitan |
Newly |
Newly |
Median |
Total |
Total |
Median |
Median |
United States |
19.6% |
-1.7% |
12 |
-37.0% |
-1.5% |
$287,750 |
10.9% |
New York/Newark, NY/NJ |
54.1% |
-2.4% |
28 |
-20.0% |
-0.5% |
$462,500 |
6.5% |
Los Angeles, CA |
4.2% |
-5.2% |
12 |
-24.2% |
-0.4% |
$726,500 |
10.7% |
Chicago, IL |
34.6% |
-3.4% |
12 |
-28.0% |
-0.7% |
$268,250 |
11.5% |
Dallas-Fort Worth, TX |
28.2% |
-0.9% |
22 |
-35.3% |
-2.1% |
$296,750 |
9.2% |
Philadelphia, PA |
65.6% |
4.4% |
12 |
-38.3% |
-0.9% |
$277,725 |
6.8% |
Houston, TX |
27.1% |
-1.6% |
15 |
-30.4% |
-1.4% |
$264,500 |
7.1% |
Washington, DC |
66.9% |
8.1% |
10 |
-35.2% |
-1.0% |
$447,852 |
7.7% |
Miami-Fort Lauderdale, FL |
18.3% |
-1.8% |
25 |
-15.4% |
-0.1% |
$332,250 |
15.0% |
Atlanta, GA |
12.3% |
-1.6% |
14 |
-33.6% |
-1.5% |
$281,100 |
10.7% |
Boston, MA |
-15.3% |
-12.6% |
8 |
-32.1% |
-1.8% |
$527,875 |
12.1% |
San Francisco, CA |
29.0% |
4.1% |
11 |
-3.5% |
0.9% |
$911,812 |
18.1% |
Detroit, MI |
35.0% |
0.1% |
10 |
-40.4% |
-1.6% |
$223,482 |
10.7% |
Riverside, CA |
14.9% |
3.8% |
9 |
-47.0% |
0.7% |
$416,250 |
11.6% |
Phoenix, AZ |
25.3% |
-0.5% |
10 |
-21.4% |
0.4% |
$327,294 |
12.5% |
Seattle, WA |
20.4% |
-1.2% |
6 |
-29.8% |
-2.1% |
$536,812 |
10.7% |
Minneapolis- St. Paul, MN |
32.8% |
-3.1% |
17 |
-27.4% |
-0.9% |
$312,606 |
9.9% |
San Diego, CA |
9 |
-35.0% |
0.7% |
$651,000 |
11.0% |
||
St. Louis, MO |
23.9% |
0.1% |
6 |
-39.2% |
-0.1% |
$214,750 |
11.1% |
Tampa, FL |
7 |
-36.0% |
-0.3% |
$260,250 |
11.5% |
||
Baltimore, MD |
88.1% |
7.7% |
11 |
-46.1% |
-1.9% |
$321,236 |
5.5% |
Denver, CO |
23.9% |
-2.3% |
6 |
-36.8% |
-2.6% |
$459,369 |
8.2% |
Pittsburgh, PA |
22.1% |
-6.2% |
10 |
-32.4% |
-2.0% |
$198,475 |
6.1% |
Portland, OR |
25.3% |
2.3% |
7 |
-37.3% |
-1.0% |
$442,100 |
9.1% |
Charlotte, NC |
3.4% |
-1.4% |
6 |
-47.7% |
-1.6% |
$287,598 |
11.4% |
Sacramento, CA |
20.5% |
0.1% |
7 |
-43.0% |
-0.7% |
$472,250 |
11.2% |
San Antonio, TX |
41.1% |
-1.7% |
24 |
-29.3% |
-2.6% |
$255,048 |
8.7% |
Orlando, FL |
11 |
-19.4% |
-0.8% |
$285,312 |
7.7% |
||
Cincinnati, OH |
15.0% |
-2.0% |
4 |
-37.9% |
-0.6% |
$213,388 |
13.6% |
Cleveland, OH |
51.9% |
0.2% |
14 |
-40.9% |
0.0% |
$177,562 |
11.8% |
Kansas City, MO |
18.8% |
0.5% |
5 |
-42.8% |
0.2% |
$253,412 |
10.6% |
Las Vegas, NV |
17.5% |
-1.4% |
15 |
-23.0% |
-0.9% |
$313,875 |
4.2% |
Columbus, OH |
14.4% |
0.2% |
5 |
-41.6% |
-1.0% |
$235,312 |
14.5% |
Indianapolis, IN |
19.1% |
-2.0% |
5 |
-39.4% |
-0.8% |
$221,200 |
10.9% |
San Jose, CA |
-24.2% |
2.2% |
13 |
-14.3% |
0.3% |
$1,160,750 |
15.8% |
Austin, TX |
20.3% |
-6.8% |
6 |
-40.3% |
-4.5% |
$352,738 |
10.7% |
Virginia Beach, VA |
24 |
-40.6% |
-0.8% |
$271,750 |
7.9% |
||
Nashville, TN |
36 |
-30.0% |
-1.9% |
$323,898 |
8.3% |
||
Providence, RI |
-12.3% |
-1.3% |
10 |
-39.8% |
-0.9% |
$334,125 |
11.4% |
Milwaukee, WI |
38 |
-5.7% |
-0.5% |
$218,375 |
9.9% |
||
Jacksonville, FL |
33.4% |
-3.4% |
10 |
-42.5% |
-1.5% |
$265,186 |
5.1% |
Memphis, TN |
13.4% |
-4.1% |
5 |
-45.4% |
0.3% |
$221,597 |
18.1% |
Oklahoma City, OK |
26.2% |
2.6% |
8 |
-35.9% |
-1.1% |
$208,375 |
11.2% |
Louisville, KY |
12.9% |
4.2% |
6 |
-44.0% |
-1.0% |
$222,525 |
15.9% |
Hartford, CT |
45.0% |
2.9% |
8 |
-40.8% |
-1.1% |
$254,312 |
9.6% |
Richmond, VA |
5 |
-42.5% |
-1.8% |
$281,242 |
6.1% |
||
New Orleans, LA |
27.7% |
-1.0% |
11 |
-44.3% |
-1.6% |
$229,312 |
9.5% |
Buffalo, NY |
18.4% |
-1.8% |
11 |
-39.5% |
-1.3% |
$195,038 |
12.7% |
Raleigh, NC |
9.5% |
-2.2% |
5 |
-43.9% |
-0.7% |
$316,531 |
11.4% |
Birmingham, AL |
40.1% |
-2.6% |
7 |
-33.9% |
-0.7% |
$219,975 |
6.8% |
Salt Lake City, UT |
6 |
-49.9% |
-4.5% |
$376,375 |
10.4% |
*Table ordered by market size
**Sale price data as of the week ending Sept. 5
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/.
2 Using the closest daily rates available from the Freddie Mac Primary Mortgage Market Survey. Monthly payments calculated with Zillow’s Mortgage Calculator using 20% down payment.
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