Realtor.com® Weekly Recovery Report: Housing's Supply and Demand Imbalance Enters Uncharted Territory

SANTA CLARA, Calif., Aug. 27, 2020 /PRNewswire/ -- Buyer demand has shown no signs of slowing down as homes are selling nine days faster than this time last year, despite 15 consecutive weeks of solid price growth, according to realtor.com^®'s Weekly Recovery Report for the week ending Aug. 22. With national inventory down 37 percent year-over-year, buyers' heightened demand is creating a marketplace that tilts the scales in favor of sellers as bidding wars, multiple offers and a blistering pace of sales become the new normal.

The realtor.com^® Housing Market Recovery Index reached 106.6 nationwide for the week ending Aug. 22, posting a 1.8 point increase over last week and 6.6 points above the pre-COVID baseline of January 2020. The 'housing demand' component of the index, measured by growth in search traffic, remained above the recovery baseline, with this week's index reaching 124.1, the highest index value since March. However, the 'housing supply' component, measured by new listing growth, declined back down to 95.5, after having briefly surpassed the recovery baseline two weeks ago.

"There's a record level of buyers competing in the housing market right now," said Javier Vivas, director of economic research for realtor.com^®. "In a typical year, buyer-seller activity would be dwindling down heading into Labor Day, but 2020 has been nothing short of abnormal. It may be late August, but we're in the thick of the homebuying season, with busy open houses, multiple offers and even bidding wars becoming the common theme in many markets. First-time home buyers face the biggest hurdles and have to lean on financing to keep their home ownership dreams alive".

Weekly listings data findings:

Time on market is now nine days faster than last year. Whether the urgency comes from a desire to lock in a low mortgage rate or to make a bid before someone else does, buyers are moving faster than this time last year. This means homes are sitting on the market for less time, despite higher price tags.
Total inventory was down 37 percent. Buyers are motivated by low mortgage rates and a strong desire to find their own place as the remote work trend begins to look long term. They're quickly putting offers on homes that come up for sale, evaporating the overall number of homes for sale. Any other insights on what is driving down inventory?]
Median listing prices grew at 10.3 percent over last year, the fastest pace of growth since January 2018. This marks the 15th consecutive week of price growth at or equal to the previous week's yearly pace--a remarkable feat considering the economic backdrop of a recession and continuing job losses. Consistently rising home price growth is the market's answer to balancing the insufficient availability of homes for sale against a steady stream of homebuyers.
New listings were down 13 percent. The new listings trend lost some additional momentum for the second week in a row, but remains well above mid-April lows. Home sales surged in June and July as pent up buyers flooded the market. More new sellers could keep sales elevated into the fall, but on the other hand, fewer new sellers could mean more price growth.

Listings Data Summary:

	Week ending Aug 22	Week ending Aug 15	Week ending Aug 8	First Two Weeks March
Total Listings	-37% YOY	-36% YOY	-36% YOY	-16% YOY
Time on Market	9 days faster YOY	4 days faster YOY	4 days faster YOY	4 days faster YOY
Median Listing Prices	+10.3% YOY	+10.1% YOY	+9.9% YOY	+4.5% YOY
New Listings	-13% YOY	-11% YOY	-6% YOY	+5% YOY

Top 50 Metros Recovery Index

Rank	Metro	Recovery Index (Week Ending 8/22)	Recovery Index (Weekly Change)
1	Las Vegas-Henderson-Paradise, Nev.	123.9	-2.1
2	Seattle-Tacoma-Bellevue, Wash.	118.6	-2.1
3	San Jose-Sunnyvale-Santa Clara, Calif.	116.9	5.1
4	Denver-Aurora-Lakewood, Colo.	115.8	1.9
5	Los Angeles-Long Beach-Anaheim, Calif.	115.7	3.3
6	New York-Newark-Jersey City, N.Y.-N.J.-Pa.	115	-1.5
7	Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	114.9	-0.6
8	Boston-Cambridge-Newton, Mass.-N.H.	114.9	-0.8
9	Riverside-San Bernardino-Ontario, Calif.	113.7	2.3
10	Phoenix-Mesa-Scottsdale, Ariz.	112.9	1.8
11	San Diego-Carlsbad, Calif.	112.4	2.3
12	Rochester, N.Y.	111.7	1.9
13	Portland-Vancouver-Hillsboro, Ore.-Wash.	111.7	-2.6
14	San Francisco-Oakland-Hayward, Calif.	110.8	4
15	Baltimore-Columbia-Towson, Md.	110.7	0.8
16	Hartford-West Hartford-East Hartford, Conn.	109.6	5.7
17	Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.	109.5	-2.5
18	Virginia Beach-Norfolk-Newport News, Va.-N.C.	109.5	3.4
19	Pittsburgh, Pa.	109.2	2.9
20	Austin-Round Rock, Texas	109	0.3
21	Sacramento--Roseville--Arden-Arcade, Calif.	107.8	6.7
22	San Antonio-New Braunfels, Texas	107.1	1.8
23	Charlotte-Concord-Gastonia, N.C.-S.C.	107.1	3.1
24	Tampa-St. Petersburg-Clearwater, Fla.	106.5	0.8
25	Memphis, Tenn.-Miss.-Ark.	106.4	8
26	Minneapolis-St. Paul-Bloomington, Minn.-Wis.	105.9	3.6
27	Orlando-Kissimmee-Sanford, Fla.	105.8	3.6
28	Cincinnati, Ohio-Ky.-Ind.	105.3	9.8
29	Miami-Fort Lauderdale-West Palm Beach, Fla.	104.6	-2.1
30	Detroit-Warren-Dearborn, Mich	104.4	1.4
31	Cleveland-Elyria, Ohio	104.1	2.9
32	Atlanta-Sandy Springs-Roswell, Ga.	104.1	3.1
33	Houston-The Woodlands-Sugar Land, Texas	104.1	-1
34	Providence-Warwick, R.I.-Mass.	103.3	4.6
35	Dallas-Fort Worth-Arlington, Texas	103.3	1.3
36	Chicago-Naperville-Elgin, Ill.-Ind.-Wis.	103.2	5.3
37	Louisville/Jefferson County, Ky.-Ind.	102.7	4.7
38	Kansas City, Mo.-Kan.	102.6	-1
39	Indianapolis-Carmel-Anderson, Ind.	101.7	3.9
40	Raleigh, N.C.	101.7	3.4
41	Nashville-Davidson--Murfreesboro--Franklin, Tenn.	100.6	1.3
42	St. Louis, Mo.-Ill.	100.4	4.8
43	New Orleans-Metairie, La.	100.3	1.1
44	Milwaukee-Waukesha-West Allis, Wis.	100.3	10.2
45	Buffalo-Cheektowaga-Niagara Falls, N.Y.	99.3	3.4
46	Columbus, Ohio	99.3	5.1
47	Birmingham-Hoover, Ala.	99.1	1.4
48	Jacksonville, Fla.	98.6	-1.9
49	Richmond, Va.	98.3	4.1
50	Oklahoma City, Okla.	90.4	-3.6

Link to Weekly Stats Blog Post:

https://www.realtor.com/research/weekly-housing-trends-view-data-week-august-22-2020/

Link to Index Commentary Blog Post: https://www.realtor.com/research/housing-market-recovery-index-trends-august-22-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.

week_end_date	cbsa_code	cbsa_title	hh_rank	median_listing_price_yy	active_listing_count_yy	median_days_on_market_by_day_yy	median_days_on_market_yy	new_listing_count_yy	new_listing_share_yy	price_reduced_count_yy	price_reduced_share_yy
8/22/2020	35620	new york-newark-jersey city, ny-nj-pa	1	11.90%	-11.30%	-18	-24.70%	0.10%	0.90%	-37.00%	-1.60%
8/22/2020	31080	los angeles-long beach-anaheim, ca	2	20.50%	-27.50%	-3	-5.70%	-11.50%	2.00%	-49.50%	-2.10%
8/22/2020	16980	chicago-naperville-elgin, il-in-wi	3	7.00%	-33.20%	-13	-25.00%	-7.80%	3.40%	-44.30%	-1.70%
8/22/2020	19100	dallas-fort worth-arlington, tx	4	3.40%	-40.80%	-10	-18.20%	-17.00%	3.30%	-56.60%	-3.30%
8/22/2020	26420	houston-the woodlands-sugar land, tx	5	5.70%	-30.10%	-8	-13.60%	-8.80%	2.20%	-43.40%	-1.90%
8/22/2020	37980	philadelphia-camden-wilmington, pa-nj-de-md	6	18.00%	-45.30%	-19	-30.20%	-12.20%	4.40%	-54.60%	-1.70%
8/22/2020	47900	washington-arlington-alexandria, dc-va-md-wv	7	10.50%	-43.70%	-15	-33.30%	-10.70%	5.80%	-52.60%	-1.60%
8/22/2020	33100	miami-fort lauderdale-west palm beach, fl	8	0.90%	-12.90%	-5	-5.00%	-4.00%	0.50%	-28.20%	-0.90%
8/22/2020	12060	atlanta-sandy springs-roswell, ga	9	10.60%	-42.90%	-10	-17.90%	-20.50%	3.20%	-54.30%	-1.90%
8/22/2020	14460	boston-cambridge-newton, ma-nh	10	15.40%	-36.00%	-22	-37.30%	-20.10%	2.60%	-52.90%	-2.30%
8/22/2020	41860	san francisco-oakland-hayward, ca	11	11.20%	-12.70%	-7	-16.70%	-6.20%	1.00%	-30.70%	-1.50%
8/22/2020	19820	detroit-warren-dearborn, mi	12	11.60%	-43.40%	-5	-12.20%	-23.90%	3.20%	-56.80%	-2.30%
8/22/2020	38060	phoenix-mesa-scottsdale, az	13	6.50%	-42.50%	-17	-30.40%	-4.70%	6.10%	-59.30%	-3.80%
8/22/2020	42660	seattle-tacoma-bellevue, wa	14	4.30%	-26.20%	-11	-25.00%	-2.20%	3.60%	-57.40%	-4.10%
8/22/2020	33460	minneapolis-st. paul-bloomington, mn-wi	15	4.60%	-28.70%	-9	-20.00%	-5.50%	3.30%	-54.30%	-3.10%
8/22/2020	40140	riverside-san bernardino-ontario, ca	16	11.20%	-55.80%	-14	-23.30%	-13.90%	7.30%	-72.20%	-3.00%
8/22/2020	45300	tampa-st. petersburg-clearwater, fl	17	8.10%	-41.80%	-12	-18.80%	-16.80%	3.30%	-47.10%	-1.10%
8/22/2020	41740	san diego-carlsbad, ca	18	6.50%	-43.50%	-11	-23.90%	-15.00%	5.10%	-58.30%	-2.50%
8/22/2020	41180	st. louis, mo-il	19	9.80%	-37.70%	-4	-6.50%	-15.00%	2.90%	-49.10%	-1.70%
8/22/2020	19740	denver-aurora-lakewood, co	20	7.80%	-36.90%	-7	-16.30%	-12.10%	4.20%	-52.40%	-3.60%
8/22/2020	12580	baltimore-columbia-towson, md	21	3.90%	-52.40%	-17	-30.40%	-10.60%	6.50%	-65.20%	-2.90%
8/22/2020	38300	pittsburgh, pa	22	25.00%	-34.70%	-10	-15.40%	-7.20%	3.10%	-38.60%	-0.80%
8/22/2020	38900	portland-vancouver-hillsboro, or-wa	23	5.90%	-42.70%	-4	-8.90%	-11.50%	4.90%	-30.90%	1.40%
8/22/2020	16740	charlotte-concord-gastonia, nc-sc	24	7.20%	-46.80%	-14	-25.00%	-17.00%	4.70%	-60.50%	-2.90%
8/22/2020	36740	orlando-kissimmee-sanford, fl	25	0.90%	-17.40%	-7	-10.80%	-0.80%	1.60%	-32.80%	-1.70%
8/22/2020	17460	cleveland-elyria, oh	26	14.50%	-51.20%	-10	-17.00%	-25.00%	4.30%	-51.50%	-0.50%
8/22/2020	41700	san antonio-new braunfels, tx	27	5.30%	-41.00%	-9	-15.00%	-7.00%	3.80%	-48.40%	-1.40%
8/22/2020	17140	cincinnati, oh-ky-in	28	18.10%	-47.70%	-10	-19.20%	-24.90%	4.10%	-51.10%	-0.90%
8/22/2020	40900	sacramento--roseville--arden-arcade, ca	29	7.70%	-51.20%	-11	-23.40%	-4.40%	8.70%	-66.80%	-3.80%
8/22/2020	28140	kansas city, mo-ks	30	13.40%	-49.80%	0	0.00%	-29.60%	3.60%	-58.80%	-1.80%
8/22/2020	18140	columbus, oh	31	6.10%	-46.20%	-8	-18.60%	-16.70%	5.80%	-60.30%	-3.80%
8/22/2020	26900	indianapolis-carmel-anderson, in	32	14.60%	-57.50%	-5	-10.00%	-21.30%	6.50%	-54.10%	0.00%
8/22/2020	29820	las vegas-henderson-paradise, nv	33	6.60%	-10.70%	-10	-20.00%	5.60%	1.40%	-43.60%	-4.00%
8/22/2020	12420	austin-round rock, tx	34	11.20%	-43.40%	-14	-24.60%	-12.90%	4.20%	-62.60%	-4.10%
8/22/2020	34980	nashville-davidson--murfreesboro--franklin, tn	35	5.60%	-32.40%	-6	-15.80%	-16.90%	2.40%	-47.60%	-1.80%
8/22/2020	41940	san jose-sunnyvale-santa clara, ca	36	6.90%	-23.60%	-12	-27.30%	25.30%	6.30%	-39.00%	-2.40%
8/22/2020	47260	virginia beach-norfolk-newport news, va-nc	37	11.70%	-44.60%	-19	-32.80%	-2.10%	5.00%	-69.30%	-3.10%
8/22/2020	33340	milwaukee-waukesha-west allis, wi	38	6.80%	-41.40%	-2	-4.70%	-5.90%	5.90%	-49.90%	-1.90%
8/22/2020	39300	providence-warwick, ri-ma	39	11.40%	-52.30%	-15	-25.40%	-17.90%	6.10%	-67.20%	-2.40%
8/22/2020	27260	jacksonville, fl	40	3.50%	-38.10%	-8	-11.30%	-24.20%	1.60%	-50.50%	-1.90%
8/22/2020	36420	oklahoma city, ok	41	7.70%	-36.90%	0	0.00%	-26.90%	1.20%	-49.60%	-1.90%
8/22/2020	31140	louisville/jefferson county, ky-in	42	3.30%	-49.20%	-8	-17.80%	-26.70%	4.20%	-58.20%	-2.00%
8/22/2020	32820	memphis, tn-ms-ar	43	11.70%	-48.30%	-11	-19.00%	-15.00%	5.10%	-48.70%	-0.40%
8/22/2020	35380	new orleans-metairie, la	44	12.10%	-36.20%	-10	-13.20%	-28.60%	0.90%	-44.50%	-1.00%
8/22/2020	40060	richmond, va	45	11.10%	-44.90%	-5	-8.90%	-24.50%	3.20%	-68.20%	-3.40%
8/22/2020	39580	raleigh, nc	46	4.10%	-38.60%	-15	-25.90%	-11.00%	3.70%	-64.00%	-4.30%
8/22/2020	15380	buffalo-cheektowaga-niagara falls, ny	47	10.30%	-40.70%	2	4.90%	-3.30%	6.40%	-53.10%	-2.30%
8/22/2020	25540	hartford-west hartford-east hartford, ct	48	7.00%	-31.90%	-21	-32.80%	4.90%	3.20%	-62.00%	-3.10%
8/22/2020	13820	birmingham-hoover, al	49	6.30%	-37.00%	-11	-17.70%	-10.10%	3.10%	-41.10%	-0.60%
8/22/2020	40380	rochester, ny	50	8.00%	-38.60%	-11	-28.20%	8.10%	7.40%	-55.90%	-2.70%
8/22/2020	46060	tucson, az	51	11.20%	-43.00%	-11	-19.60%	-3.70%	5.80%	-46.40%	-0.90%
8/22/2020	41620	salt lake city, ut	52	17.70%	-61.70%	-9	-23.70%	-11.40%	10.00%	-57.20%	0.00%
8/22/2020	24340	grand rapids-wyoming, mi	53	7.20%	-42.60%	3	7.10%	-18.70%	4.20%	-55.80%	-2.30%
8/22/2020	46140	tulsa, ok	54	15.00%	-42.00%	-10	-16.70%	-28.30%	1.90%	-43.70%	-0.40%
8/22/2020	10580	albany-schenectady-troy, ny	55	17.10%	-42.40%	-10	-12.70%	-21.10%	2.50%	-46.30%	-0.60%
8/22/2020	10740	albuquerque, nm	56	21.30%	-50.10%	-11	-20.00%	-20.80%	5.00%	-53.50%	-1.10%
8/22/2020	36540	omaha-council bluffs, ne-ia	57	7.50%	-41.60%	11	31.40%	-21.40%	3.60%	-61.80%	-2.70%
8/22/2020	49340	worcester, ma-ct	58	9.00%	-53.70%	-20	-32.80%	-16.50%	6.70%	-68.30%	-3.00%
8/22/2020	28940	knoxville, tn	59	7.80%	-50.30%	-10	-15.40%	-17.60%	4.40%	-56.60%	-1.40%
8/22/2020	14860	bridgeport-stamford-norwalk, ct	60	-1.20%	-24.00%	-37	-40.20%	2.70%	1.70%	-52.30%	-2.20%
8/22/2020	24860	greenville-anderson-mauldin, sc	61	3.00%	-36.00%	-4	-6.40%	-23.00%	1.50%	-34.70%	0.00%
8/22/2020	35840	north port-sarasota-bradenton, fl	62	3.00%	-27.80%	-22	-23.40%	11.30%	2.80%	-27.80%	-0.20%
8/22/2020	35300	new haven-milford, ct	63	6.40%	-26.40%	-25	-37.30%	19.60%	3.40%	-60.10%	-3.00%
8/22/2020	19380	dayton, oh	64	15.90%	-47.80%	-13	-26.50%	-30.40%	3.40%	-54.90%	-1.70%
8/22/2020	46520	urban honolulu, hi	65	-11.30%	32.80%	8	13.60%	5.60%	-1.40%	-26.50%	-2.40%
8/22/2020	10900	allentown-bethlehem-easton, pa-nj	66	24.40%	-58.80%	-28	-44.40%	-15.60%	7.20%	-63.20%	-1.20%
8/22/2020	17900	columbia, sc	67	8.60%	-49.20%	-15	-26.80%	-24.60%	3.60%	-61.10%	-2.10%
8/22/2020	12940	baton rouge, la	68	10.50%	-31.90%	0	0.00%	-21.50%	0.90%	-38.00%	-0.70%
8/22/2020	24660	greensboro-high point, nc	69	12.90%	-45.70%	-13	-20.60%	-27.00%	2.80%	-47.20%	-0.40%
8/22/2020	23420	fresno, ca	70	4.90%	-58.80%	-22	-44.90%	-18.00%	8.70%	-63.50%	-1.50%
8/22/2020	16700	charleston-north charleston, sc	71	11.50%	-37.80%	-15	-19.00%	-8.40%	2.70%	-49.30%	-2.10%
8/22/2020	30780	little rock-north little rock-conway, ar	72	18.80%	-46.70%	-22	-33.90%	-21.90%	3.40%	-42.90%	0.20%
8/22/2020	15980	cape coral-fort myers, fl	73	12.30%	-30.90%	-25	-24.50%	-0.40%	2.30%	-34.70%	-0.40%
8/22/2020	10420	akron, oh	74	8.20%	-51.10%	-6	-11.50%	-15.50%	6.40%	-53.40%	-1.00%
8/22/2020	21340	el paso, tx	75	11.50%	-43.40%	-15	-22.70%	2.00%	5.10%	-61.30%	-1.50%
8/22/2020	37100	oxnard-thousand oaks-ventura, ca	76	10.90%	-46.50%	-15	-26.80%	-15.50%	4.80%	-64.10%	-3.10%
8/22/2020	17820	colorado springs, co	77	7.60%	-41.60%	-8	-19.10%	-10.80%	5.50%	-51.30%	-2.00%
8/22/2020	31540	madison, wi	78	5.70%	-40.80%	-7	-12.30%	7.50%	6.50%	-41.20%	-0.60%
8/22/2020	12540	bakersfield, ca	79	14.40%	-48.80%	-14	-28.60%	1.10%	8.00%	-62.40%	-2.30%
8/22/2020	49180	winston-salem, nc	80	10.00%	-47.80%	-12	-17.70%	-27.40%	2.90%	-51.20%	-0.60%
8/22/2020	45060	syracuse, ny	81	5.30%	-43.10%	7	11.90%	-11.10%	4.50%	-49.00%	-1.10%
8/22/2020	19660	deltona-daytona beach-ormond beach, fl	82	3.40%	-38.40%	-12	-15.60%	-17.00%	2.20%	-55.60%	-2.10%
8/22/2020	14260	boise city, id	83	8.50%	-58.10%	-5	-11.90%	-6.70%	10.90%	-75.80%	-6.40%
8/22/2020	48620	wichita, ks	84	21.50%	-46.40%	-3	-5.70%	-29.40%	2.70%	-38.40%	0.90%
8/22/2020	45780	toledo, oh	85	15.70%	-41.10%	-9	-16.70%	-8.10%	4.90%	17.10%	6.70%
8/22/2020	19780	des moines-west des moines, ia	86	-0.20%	-30.30%	-9	-13.90%	-8.60%	2.20%	-33.60%	-0.80%
8/22/2020	44140	springfield, ma	87	23.20%	-47.20%	-8	-14.00%	-21.60%	4.20%	-57.70%	-1.80%
8/22/2020	29460	lakeland-winter haven, fl	88	6.40%	-25.00%	-4	-6.00%	-11.70%	1.40%	-35.90%	-1.00%
8/22/2020	37340	palm bay-melbourne-titusville, fl	89	6.20%	-36.60%	-6	-9.50%	-29.80%	0.80%	-56.00%	-2.70%
8/22/2020	32580	mcallen-edinburg-mission, tx	90	11.80%	-44.10%	-11	-11.80%	-29.80%	1.20%	-31.00%	0.70%
8/22/2020	25420	harrisburg-carlisle, pa	91	6.00%	-49.40%	-21	-37.50%	-0.70%	7.20%	-52.60%	-1.10%
8/22/2020	42540	scranton--wilkes-barre--hazleton, pa	92	18.70%	-52.80%	-19	-24.40%	-26.90%	3.10%	-55.80%	-0.60%
8/22/2020	12260	augusta-richmond county, ga-sc	93	7.00%	-45.60%	-16	-22.90%	-29.70%	2.10%	-52.40%	-0.70%
8/22/2020	49660	youngstown-warren-boardman, oh-pa	94	4.90%	-52.50%	-13	-18.60%	-19.30%	4.60%	-59.90%	-1.70%
8/22/2020	44700	stockton-lodi, ca	95	5.40%	-61.00%	-9	-18.80%	-20.00%	9.30%	-72.80%	-3.50%
8/22/2020	20500	durham-chapel hill, nc	96	12.80%	-39.90%	-11	-16.40%	-18.20%	2.70%	-61.10%	-3.30%
8/22/2020	38860	portland-south portland, me	97	10.70%	-47.40%	-16	-27.60%	-4.60%	6.00%	-63.60%	-2.20%
8/22/2020	44060	spokane-spokane valley, wa	98	13.50%	-45.50%	-6	-13.00%	-15.50%	5.60%	-52.20%	-1.40%
8/22/2020	16860	chattanooga, tn-ga	99	13.90%	-49.90%	-9	-14.30%	-20.10%	4.20%	-65.40%	-2.50%
8/22/2020	27140	jackson, ms	100	21.80%	-42.80%	-13	-14.40%	-41.40%	0.10%	-52.10%	-1.00%

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