SEATTLE, Aug. 14, 2020 /PRNewswire/ -- Newly pending sales are up nearly 17% year over year and price growth is accelerating, Zillow's Weekly Market Reporti shows. More new listings were added to the market last week than the week prior, but not enough to keep up with the pace of sales as total inventory fell further below where it was last year. That strong buyer demand has been evident in both urban and suburban areas of the country during the coronavirus pandemic.
Home sales set new record pace
New listings boost not enough to keep total inventory from falling further
Prices are on the upswing
Urban real estate is keeping pace with suburban markets
Metropolitan | Newly | Newly 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 | 16.9% | 1.3% | 13 | -13.2% | 4.3% | -27.6% | $269,700 | 1.8% |
New York/Newark, NY/NJ | 46.2% | -3.0% | 29 | -3.2% | -6.1% | -18.6% | $442,600 | 5.9% |
Los Angeles, CA | 3.4% | 3.7% | 13 | -1.4% | 3.3% | -27.3% | $677,700 | 2.9% |
Chicago, IL | 39.4% | 2.4% | 14 | -2.6% | 5.6% | -25.8% | $251,980 | 0.8% |
Dallas-Fort Worth, TX | 22.6% | -1.4% | 24 | -21.4% | 2.1% | -25.6% | $289,000 | 2.3% |
Philadelphia, PA | 28.3% | 0.8% | 9 | -6.7% | 1.7% | -37.2% | $262,880 | -0.6% |
Houston, TX | 19.5% | 0.5% | 16 | -21.7% | 10.8% | -22.9% | $256,400 | 1.7% |
Washington, DC | 25.5% | 0.7% | 6 | 3.3% | 4.3% | -34.6% | $428,930 | 0.1% |
Miami-Fort Lauderdale, FL | 12.5% | -0.8% | 30 | -9.9% | 1.8% | -11.5% | $319,672 | 8.7% |
Atlanta, GA | 9.3% | -1.2% | 16 | -17.6% | 1.3% | -20.2% | $270,190 | 2.1% |
Boston, MA | 17.5% | 6.2% | 7 | -7.0% | 6.9% | -24.1% | $506,800 | 4.0% |
San Francisco, CA | 30.9% | 3.1% | 11 | 23.8% | 9.6% | -5.9% | $867,500 | 2.6% |
Detroit, MI | 31.7% | 3.0% | 8 | -7.5% | 12.0% | -32.3% | $199,200 | -2.8% |
Riverside, CA | 5.2% | -1.2% | 11 | -2.0% | 12.4% | -45.2% | $390,534 | 4.4% |
Phoenix, AZ | 7.5% | 0.6% | 11 | -3.0% | 5.7% | -28.2% | $309,359 | 6.2% |
Seattle, WA | 6.1% | 4.3% | 6 | -2.6% | -4.7% | -35.9% | $530,580 | 5.7% |
Minneapolis- St. Paul, MN | 17.4% | 1.6% | 17 | -5.5% | 7.7% | -24.7% | $298,340 | 4.7% |
San Diego, CA | 197.8% | 3.3% | 8 | -2.1% | 4.2% | -37.8% | $601,700 | 0.7% |
St. Louis, MO | 16.3% | 3.2% | 6 | -7.0% | 6.4% | -29.9% | $205,980 | 1.4% |
Tampa, FL | N/A | N/A | 9 | -11.1% | 7.4% | -30.7% | $248,875 | 7.2% |
Baltimore, MD | 12.6% | 0.9% | 10 | -11.5% | 2.1% | -43.3% | $304,250 | -1.3% |
Denver, CO | 16.7% | 3.5% | 6 | 0.3% | 5.4% | -28.3% | $437,385 | 2.0% |
Pittsburgh, PA | 22.3% | 1.2% | 8 | -7.3% | -2.6% | -25.1% | $186,780 | -2.0% |
Portland, OR | 15.5% | 2.0% | 6 | -3.9% | 7.1% | -31.0% | $422,899 | 3.9% |
Charlotte, NC | -12.5% | 2.9% | 6 | -25.8% | 0.1% | -39.0% | $272,980 | 0.4% |
Sacramento, CA | 14.3% | 0.0% | 8 | -7.2% | 6.4% | -38.2% | $442,000 | 3.8% |
San Antonio, TX | 53.4% | -1.5% | 25 | -17.4% | 14.7% | -21.4% | $246,753 | 3.8% |
Orlando, FL | N/A | N/A | 12 | -5.2% | 8.1% | -15.7% | $272,309 | 3.3% |
Cincinnati, OH | 3.8% | 0.4% | 4 | -20.3% | -7.5% | -37.2% | $210,380 | 8.7% |
Cleveland, OH | 23.8% | 2.5% | 15 | -3.9% | 4.8% | -37.4% | $170,490 | 2.8% |
Kansas City, MO | 3.0% | 3.1% | 4 | -12.0% | 1.3% | -39.6% | $245,232 | 2.3% |
Las Vegas, NV | 3.8% | -1.2% | 17 | 0.1% | 10.8% | -26.7% | $306,700 | 2.8% |
Columbus, OH | 4.3% | 3.5% | 4 | -24.2% | -3.8% | -36.1% | $223,510 | 0.4% |
Indianapolis, IN | 2.2% | 2.3% | 5 | -15.2% | 5.2% | -38.0% | $214,680 | 6.3% |
San Jose, CA | -21.6% | -0.7% | 14 | 18.7% | 16.6% | -23.7% | $1,121,000 | 0.8% |
Austin, TX | 23.9% | 3.2% | 9 | -11.4% | 7.6% | -27.1% | $342,345 | 3.7% |
Virginia Beach, VA | -73.8% | 6.2% | 32 | -10.8% | -12.3% | -36.2% | $266,960 | 3.0% |
Nashville, TN | N/A | N/A | 36 | -23.1% | 2.0% | -13.3% | $306,500 | 0.6% |
Providence, RI | -2.8% | 2.8% | 11 | -14.3% | 4.8% | -33.4% | $306,800 | 2.6% |
Milwaukee, WI | N/A | N/A | 31 | 1.9% | 16.7% | -11.3% | $244,320 | 1.2% |
Jacksonville, FL | 23.0% | -0.8% | 14 | -4.4% | 18.3% | -29.2% | $259,357 | 0.9% |
Memphis, TN | 8.0% | 4.0% | 6 | -20.9% | 7.0% | -38.4% | $205,450 | 2.1% |
Oklahoma City, OK | 18.6% | 1.9% | 10 | -18.0% | 5.2% | -29.7% | $200,762 | 1.5% |
Louisville, KY | -5.2% | -0.5% | 6 | -24.1% | -1.1% | -39.6% | $208,159 | 2.7% |
Hartford, CT | 26.4% | -4.9% | 8 | -20.6% | -13.8% | -41.8% | $240,390 | -0.3% |
Richmond, VA | N/A | N/A | 6 | -20.0% | 9.2% | -33.3% | $275,450 | 2.6% |
New Orleans, LA | 19.4% | 0.0% | 17 | -3.6% | 10.7% | -37.0% | $223,300 | 1.8% |
Buffalo, NY | 12.2% | 6.4% | 10 | -8.9% | 10.1% | -30.6% | $171,050 | -0.9% |
Raleigh, NC | 7.7% | 3.5% | 4 | -10.2% | 19.6% | -32.3% | $301,450 | 1.0% |
Birmingham, AL | 34.6% | 1.9% | 9 | -15.6% | 9.2% | -32.0% | $219,965 | 0.0% |
Salt Lake City, UT | N/A | N/A | 6 | -29.7% | 15.3% | -39.6% | $366,565 | 7.4% |
*Table ordered by market size
**Sale price data as of the week ending June 27
About Zillow
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i 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, five-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/.
SOURCE Zillow
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