SANTA CLARA, Calif.,
July 9, 2020 /PRNewswire/ -- Summer
home buying season is off to a roaring start. As buyers flooded
into the market, realtor.com® monthly traffic hit
an all-time high of 86 million unique users in June 2020, breaking May's record of 85 million
unique users. Realtor.com® daily traffic also hit
its highest level ever of 7 million unique users on June 25, signaling that despite the global
pandemic buyers are ready to make a purchase.
The realtor.com® Housing Market Recovery Index
reached 97.8 nationwide for the week ending July 4, posting the largest weekly increase since
the index was introduced. The week's 2.1 point increase over the
prior week brings the index just 2.2 points below the pre-COVID
baseline. However, supply remains the biggest factor slowing the
recovery; total listings remain 31 percent lower than last year and
more listings will need to enter the market for sustained
improvement in home sales.
"The consistent, record-level homebuyer interest we've detected
on realtor.com® over the last five weeks is
setting up the tightest summer homebuying season on record," said
Javier Vivas, director of economic
research for realtor.com®. "All-time low mortgage
rates and easing job losses have boosted buyer confidence back to
pre-pandemic levels. With supply at record lows , the backlog of
demand portends increased competition and a seller's market in the
weeks ahead. While buyers are back, growth in home sales this
summer will be constrained by the slow return of sellers and the
limited amount of homes hitting the market.
Key Findings:
- Local Recovery: Regionally, the West (index 104.4)
continues to lead the recovery with the overall index now visibly
above the pre-COVID benchmark. The Northeast (index 102.1) also
surpassed the recovery baseline last week, and continues to
improve. The South (index 96.4) and Midwest (index 95.4) are still
lagging but are now back on a steady recovery path. Locally, an
additional two markets have crossed the recovery benchmark this
week, taking the total number of markets above the January baseline
to 14, the highest since the early pandemic period. The overall
recovery index is showing greatest recovery in Boston, San
Francisco, Denver,
Philadelphia, and Los Angeles, with growth in demand and the
pace of sales surpassing pre-COVID benchmarks.
- Total inventory was down 31 percent. The number of homes
for sale dropped over last week again even though new listings are
improving. More home buyers are taking advantage of low mortgage
rates and putting a dent in inventory.
- New listings are down 4 percent. Fourth of
July celebrations falling on a weekend as opposed to midweek
boosted the natural pace of new listings. However, we expect the
improvement to return to last week's level next week. More sellers
will need to enter the market to see sustained improvement during
this summer.
- Median listing prices continue growing at 6.2
percent over last year, faster than the pre-COVID pace.
- Time on market is now just three days slower
than last year as the still-limited number of homes for sale forces
buyers to make faster decisions than in the early pandemic period.
The market is picking up speed given the surge in buyers but still
limited in home sellers.
|
Week ending
July 4
|
Week ending
June 27
|
Week ending
June 20
|
First Two
Weeks March
|
Total
Listings
|
-31% YOY
|
-30% YOY
|
-29% YOY
|
-16% YOY
|
Time on
Market
|
3 days slower
YOY
|
7 days slower
YOY
|
13 days slower
YOY
|
-4 days faster
YOY
|
Median Listing
Prices
|
+6.2% YOY
|
+6.2% YOY
|
+5.6% YOY
|
+4.5% YOY
|
New
Listings
|
-4% YOY
|
-17% YOY
|
-19% YOY
|
+5% YOY
|
Realtor.com® Recovery Index by
Metro
|
Rank
|
Metro
|
Recovery Index
(Week Ending
7/4)
|
Recovery Index
(Weekly Change)
|
1
|
Boston-Cambridge-Newton, Mass.-N.H.
|
119.9
|
-1.3
|
2
|
San
Francisco-Oakland-Hayward, Calif.
|
112.7
|
1.5
|
3
|
Denver-Aurora-Lakewood, Colo.
|
110.0
|
0.4
|
4
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
109.5
|
2.4
|
5
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
109.0
|
2.3
|
6
|
Seattle-Tacoma-Bellevue, Wash.
|
108.5
|
-1.3
|
7
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
105.4
|
1.0
|
8
|
Las
Vegas-Henderson-Paradise, Nev.
|
105.2
|
1.5
|
9
|
San Diego-Carlsbad,
Calif.
|
104.7
|
0.3
|
10
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
104.6
|
0.7
|
11
|
Rochester,
N.Y.
|
101.8
|
-2.8
|
12
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
101.0
|
3.1
|
13
|
Jacksonville,
Fla.
|
100.4
|
-0.3
|
14
|
Pittsburgh,
Pa.
|
100.0
|
5.0
|
15
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
99.8
|
0.7
|
16
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
99.7
|
4.2
|
17
|
Baltimore-Columbia-Towson, Md.
|
99.7
|
0.5
|
18
|
Kansas City,
Mo.-Kan.
|
99.6
|
2.0
|
19
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
99.6
|
2.4
|
20
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
99.5
|
5.6
|
21
|
Phoenix-Mesa-Scottsdale, Ariz.
|
98.7
|
0.2
|
22
|
Orlando-Kissimmee-Sanford, Fla.
|
98.7
|
2.4
|
23
|
Hartford-West
Hartford-East Hartford, Conn.
|
98.6
|
0.7
|
24
|
Austin-Round Rock,
Texas
|
98.5
|
1.5
|
25
|
Dallas-Fort
Worth-Arlington, Texas
|
97.6
|
-1.5
|
26
|
Cleveland-Elyria,
Ohio
|
97.1
|
2.2
|
27
|
Louisville/Jefferson
County, Ky.-Ind.
|
97.1
|
2.5
|
28
|
Cincinnati,
Ohio-Ky.-Ind.
|
97.0
|
4.2
|
29
|
Riverside-San
Bernardino-Ontario, Calif.
|
96.8
|
2.5
|
30
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
96.5
|
0.5
|
31
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
96.5
|
-0.3
|
32
|
Oklahoma City,
Okla.
|
96.5
|
3.1
|
33
|
Detroit-Warren-Dearborn, Mich
|
96.3
|
0.2
|
34
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
96.3
|
0.6
|
35
|
Memphis,
Tenn.-Miss.-Ark.
|
96.2
|
3.4
|
36
|
St. Louis,
Mo.-Ill.
|
95.6
|
2.8
|
37
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
95.2
|
-0.7
|
38
|
Birmingham-Hoover,
Ala.
|
95.1
|
1.4
|
39
|
San Antonio-New
Braunfels, Texas
|
95.0
|
2.1
|
40
|
Raleigh,
N.C.
|
94.7
|
3.0
|
41
|
Houston-The
Woodlands-Sugar Land, Texas
|
94.4
|
1.0
|
42
|
Providence-Warwick,
R.I.-Mass.
|
93.2
|
-0.1
|
43
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
93.2
|
0.4
|
44
|
Indianapolis-Carmel-Anderson, Ind.
|
92.9
|
1.6
|
45
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
92.5
|
0.7
|
46
|
Columbus,
Ohio
|
92.3
|
5.5
|
47
|
New Orleans-Metairie,
La.
|
92.2
|
4.7
|
48
|
Richmond,
Va.
|
91.4
|
0.3
|
49
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
90.8
|
-3.2
|
50
|
Milwaukee-Waukesha-West Allis, Wis.
|
85.8
|
-1.8
|
Weekly listings data:
https://www.realtor.com/research/weekly-housing-trends-view-data-week-july-4-2020/
Weekly Recovery index data:
https://www.realtor.com/research/housing-market-recovery-index-trends-july-4-data/
Methodology: The Weekly Housing Index leverages a weighted
average of realtor.com® search traffic, median list
prices, new listings, and median time on market and compares it to
the January 2020 market trend, as a
baseline for pre-COVID market growth. The overall index is set to
100 in this baseline period. The higher a market's index value, the
higher its recovery and vice versa.
About realtor.com®
Realtor.com®
makes buying, selling and living in homes easier and more rewarding
for everyone. Realtor.com® pioneered the world of
digital real estate 20 years ago, and today through its website and
mobile apps is a trusted source for the information, tools and
professional expertise that help people move confidently through
every step of their home journey. Using proprietary data science
and machine learning
technology, realtor.com® pairs buyers and
sellers with local agents in their market, helping take the
guesswork out of buying and selling a home. For
professionals, realtor.com® is a trusted
provider of consumer connections and branding solutions that help
them succeed in today's on-demand world. Realtor.com® is
operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV]
subsidiary Move, Inc. under a perpetual license from the National
Association of REALTORS®. For more information,
visit realtor.com®.
Media Contacts:
Lexie
Holbert, lexie.puckett@move.com
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content:http://www.prnewswire.com/news-releases/realtorcom-weekly-recovery-report-record-breaking-traffic-signals-summer-buying-season-is-here-301090622.html
SOURCE realtor.com