SANTA CLARA, Calif.,
July 30, 2020 /PRNewswire/
-- Accelerating price growth pushed home prices into uncharted
territory in July with the national average median home price
reaching nearly $350,000, while
inventory continued to evaporate and homes sold in an average of 60
days -- the same as last year -- according to
realtor.com®'s July Monthly
Housing Trends report. Following the nation's COVID
trajectory, markets in the Northeast outperformed other regions of
the U.S. in nearly every housing metric.
National listing price growth continued as the summer homebuyer
season was in full swing, increasing by 8.5 percent in July
year-over-year. After prices stumbled in April, home prices have
continued to accelerate each month since. July's listing price
growth of 8.5 percent marks the largest leap in median listing
prices since November 2018 and
equates to a $27,000 increase over
last year.
Of the nation's 50 largest metros, 48 saw year-over-year gains
in median listing prices in July, up from 46 last month. Only two
of the 50 largest metros saw prices decline in July: Miami-Fort
Lauderdale-West Palm Beach,
Fla. (-1.5 percent); and Orlando-Kissimmee-Sanford,
Fla. (-0.9 percent) -- both areas severely hit by COVID
during June and July.
Nationally, homes are selling in an average of 60 days. This is
a dramatic improvement over June when homes spent an additional 15
days on the market on average compared to the previous year.
"The Coronavirus has impacted every corner of the U.S., but it
hasn't hit every area equally or at the same time. The U.S. housing
market performance is closely mirroring COVID's path, which is
providing clues into what we can expect for various housing markets
in the months to come," said realtor.com®' Chief
Economist, Danielle Hale. "After
being particularly hard hit in March and April, new Coronavirus
cases remain stable in the Northeast and we're seeing buyers return
to the market in force. If this same trend follows in the South and
Midwest -- where outbreaks continue to rise, we could see a flurry
of activity well into the fall, especially as schools delay their
openings."
Homes now selling faster than last year in the
Northeast
Much of the days on market improvement is being
driven from the Northeast, where properties are being scooped up
six days faster than last year. Markets with the least time on
market compared to last year included Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (-13 days);
Boston-Cambridge-Newton,
Mass-N.H. (-12 days); and Hartford-West
Hartford-East Hartford,
Conn. (-12 days). At the same time, several large metro
areas saw increases in time spent on the market, including
Miami-Fort Lauderdale-West
Palm Beach, FL (+24 days); Milwaukee-Waukesha-West Allis,
WI (+8 days); and Los Angeles-Long
Beach-Anaheim, CA (+8
days).
Inventory at all-time lows, but new listings trend improves
compared to June
The number of homes for-sale across the
U.S. was down 33 percent, or 440,000 listings, compared to a year
ago. July's inventory decline is an acceleration from June when
listings declined by 27.4 percent.
Within the nation's 50 largest metros, inventory declined by
34.8 percent year-over-year, an acceleration from June's decline of
26.5 percent. In July, none of the 50 largest metros saw an
inventory increase on a year-over-year basis and 45 of the 50 saw
greater inventory declines than last month. Metros which saw the
largest declines in inventory included Riverside-San
Bernardino-Ontario, Calif.
(-50.4 percent); Baltimore-Columbia-Towson,
Md. (-48.7 percent); and Providence-Warwick,
R.I.-Mass. (-47.4 percent).
New listings were down 13.4 percent year-over-year, a
significant improvement over April, when new listings were down
44.1 percent. Much like price growth and days on market, the
nation's inventory recovery is being led by the Northeast where new
listings were down only 1.2 percent year-over-year. Throughout the
rest of the country, new listings were down 10.0 percent in the
West, 16.1 percent in the South, and 20.8 percent in the
Midwest.
Metros With Biggest Improvement to Time Spent
on the Market
Metro
|
Median
Days on
Market Y-Y
|
Median
Days on
Market
|
Median Listing
Price
|
Median
Listing
Price
YoY
|
New
Listing
Count
YoY
|
Active
Listing
Count
YoY
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
-13
|
46
|
$340,000
|
18.5%
|
-10.0%
|
-44.5%
|
Boston-Cambridge-Newton, Mass.-N.H.
|
-12
|
37
|
$675,050
|
12.5%
|
13.9%
|
-31.0%
|
Hartford-West
Hartford-East Hartford, Conn.
|
-12
|
43
|
$299,050
|
5.9%
|
-2.0%
|
-29.4%
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
-12
|
44
|
$331,995
|
10.7%
|
-8.6%
|
-41.3%
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
-11
|
32
|
$529,995
|
11.6%
|
-12.2%
|
-42.4%
|
Baltimore-Columbia-Towson, Md.
|
-8
|
43
|
$354,950
|
4.5%
|
-20.9%
|
-48.7%
|
Rochester,
N.Y.
|
-7
|
29
|
$249,950
|
8.7%
|
-7.5%
|
-36.3%
|
Raleigh,
N.C.
|
-6
|
51
|
$384,120
|
2.4%
|
-7.3%
|
-34.3%
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
-6
|
31
|
$389,995
|
3.7%
|
-9.3%
|
-21.6%
|
Phoenix-Mesa-Scottsdale, Ariz.
|
-5
|
50
|
$411,615
|
6.6%
|
-10.2%
|
-44.8%
|
Austin-Round Rock,
Texas
|
-5
|
45
|
$392,273
|
7.5%
|
-5.5%
|
-34.0%
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
-4
|
34
|
$1,217,050
|
7.7%
|
4.0%
|
-29.4%
|
Pittsburgh,
Pa.
|
-4
|
56
|
$249,950
|
25.0%
|
-9.8%
|
-32.5%
|
Jacksonville,
Fla.
|
-4
|
66
|
$319,338
|
1.0%
|
-19.8%
|
-28.7%
|
Seattle-Tacoma-Bellevue, Wash.
|
-3
|
35
|
$629,925
|
4.1%
|
1.8%
|
-27.5%
|
Columbus,
Ohio
|
-3
|
38
|
$332,000
|
4.6%
|
-24.4%
|
-43.4%
|
Cleveland-Elyria,
Ohio
|
-3
|
52
|
$235,050
|
13.5%
|
-25.5%
|
-47.0%
|
Memphis,
Tenn.-Miss.-Ark.
|
-3
|
51
|
$260,050
|
11.1%
|
-25.6%
|
-44.8%
|
Birmingham-Hoover,
Ala.
|
-3
|
57
|
$275,000
|
5.8%
|
-16.1%
|
-32.9%
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
-3
|
49
|
$369,550
|
5.6%
|
-23.5%
|
-44.7%
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
-2
|
42
|
$348,500
|
4.8%
|
-10.9%
|
-32.2%
|
Dallas-Fort
Worth-Arlington, Texas
|
-2
|
47
|
$359,750
|
1.8%
|
-16.8%
|
-35.8%
|
San Diego-Carlsbad,
Calif.
|
-2
|
39
|
$792,500
|
10.5%
|
-17.8%
|
-41.8%
|
Cincinnati,
Ohio-Ky.-Ind.
|
-2
|
47
|
$339,950
|
18.5%
|
-28.5%
|
-46.6%
|
San
Francisco-Oakland-Hayward, Calif.
|
-2
|
34
|
$1,054,210
|
15.3%
|
3.7%
|
-14.2%
|
Providence-Warwick,
R.I.-Mass.
|
-1
|
50
|
$434,500
|
11.4%
|
-15.2%
|
-47.4%
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
-1
|
51
|
$350,050
|
6.4%
|
-19.6%
|
-37.0%
|
Oklahoma City,
Okla.
|
-1
|
46
|
$284,329
|
11.3%
|
-26.1%
|
-31.9%
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
-1
|
63
|
$593,034
|
6.0%
|
24.0%
|
-15.6%
|
Louisville/Jefferson
County, Ky.-Ind.
|
-1
|
44
|
$289,950
|
4.7%
|
-33.1%
|
-47.1%
|
Denver-Aurora-Lakewood, Colo.
|
0
|
36
|
$544,300
|
8.9%
|
-8.4%
|
-33.1%
|
Houston-The
Woodlands-Sugar Land, Texas
|
0
|
53
|
$327,948
|
3.0%
|
-8.5%
|
-27.4%
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
0
|
41
|
$525,050
|
5.2%
|
-22.5%
|
-43.5%
|
Indianapolis-Carmel-Anderson, Ind.
|
0
|
49
|
$302,550
|
3.7%
|
-26.1%
|
-42.0%
|
Riverside-San
Bernardino-Ontario, Calif.
|
1
|
54
|
$450,000
|
7.4%
|
-23.2%
|
-50.4%
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
1
|
39
|
$242,450
|
10.2%
|
-0.7%
|
-37.0%
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
1
|
59
|
$298,050
|
5.3%
|
-16.9%
|
-37.1%
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
2
|
40
|
$367,050
|
4.9%
|
-6.0%
|
-26.1%
|
Richmond,
Va.
|
2
|
53
|
$357,450
|
7.5%
|
-24.5%
|
-37.0%
|
Detroit-Warren-Dearborn, Mich
|
2
|
38
|
$280,000
|
6.8%
|
-24.9%
|
-35.2%
|
Las
Vegas-Henderson-Paradise, Nev.
|
3
|
49
|
$340,050
|
4.7%
|
-11.9%
|
-14.4%
|
Kansas City,
Mo.-Kan.
|
3
|
53
|
$351,025
|
12.3%
|
-31.7%
|
-45.3%
|
St. Louis,
Mo.-Ill.
|
3
|
61
|
$251,800
|
9.5%
|
-14.8%
|
-34.5%
|
New Orleans-Metairie,
La.
|
4
|
72
|
$315,050
|
6.9%
|
-15.9%
|
-28.3%
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
4
|
45
|
$499,950
|
5.3%
|
-15.5%
|
-41.4%
|
Orlando-Kissimmee-Sanford, Fla.
|
5
|
63
|
$320,050
|
-0.9%
|
-3.7%
|
-17.2%
|
San Antonio-New
Braunfels, Texas
|
5
|
58
|
$315,545
|
3.5%
|
-18.2%
|
-30.7%
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
8
|
54
|
$994,154
|
24.3%
|
-10.4%
|
-22.9%
|
Milwaukee-Waukesha-West Allis, Wis.
|
8
|
47
|
$362,450
|
3.7%
|
-25.9%
|
-38.1%
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
24
|
120
|
$403,826
|
-1.5%
|
-1.9%
|
-11.6%
|
About realtor.com®
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makes buying, selling and living in homes easier and more rewarding
for everyone. Realtor.com® pioneered the world of
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mobile apps is a trusted source for the information, tools and
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every step of their home journey. Using proprietary data science
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Media Contacts:
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cody.horvat@move.com
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SOURCE realtor.com