SANTA CLARA, Calif.,
Sept. 3, 2020 /PRNewswire/ -- During
a time when the typical homebuying season is showing signs of
slowing down, home buyers were out in full force in August,
scooping up homes at a rapid pace and sending the nation's median
listing price up 10% to a new record of $350,000 as the nation's inventory of for sale
homes reached new lows, according to realtor.com®'s
August Monthly Housing Trends report.
Nationally, buyers continue to outnumber sellers as the
inventory of available homes declined 36% in August year-over-year
-- a faster pace than July when inventory was down 33%. New
listings were down 12% year-over-year, a slight improvement over
July's decline of 13%, but not nearly enough to make a dent in the
overall inventory shortage. At the end of August, there were nearly
500,000 fewer homes available for sale compared to a year
ago.
The lack of available inventory and strong buyer demand combined
to accelerate listing price growth to its highest level in three
years, while the pace at which homes sold continued to pick up
steam. On average, a home in the U.S. is selling in 56 days, five
days faster than last year.
"It's difficult to imagine that the housing market will be able
to sustain the frenzied demand we are currently experiencing, but
we have yet to see any signs of slowing," said Danielle Hale, realtor.com® Chief
Economist. "Buyer traffic on realtor.com is outpacing the record
levels we saw earlier this year, suggesting that demand will
continue to exceed the number of available homes for sale. Although
demand is much more intense than it normally is this late into a
buying season, the typical home asking price has likely peaked for
the year at $350,000. However, given
the strong demand, sellers will remain in the driver's seat for the
foreseeable future."
In July, the number of homes listed for sale in the nation's 50
largest metros declined 38.1% year-over-year in August, up from the
34.8% year-over-year deficit in July. Forty four of the 50 largest
metros experienced greater inventory declines than July despite an
uptick in the volume of new listings in many of these same metros,
underscoring just how hot the housing market is.
Indianapolis-Carmel-Anderson,
Ind. (-55.9%); Riverside-San
Bernardino-Ontario, Calif.
(-55.5%); and Providence-Warwick,
R.I.-Mass. (-51.7%); posted the largest inventory declines
in August, while homes sold two, nine, and 10 days faster than last
year in those markets, respectively.
Listing prices in the nation's largest metros grew by an average
of 8.9% compared to last year, up from 7.8% in July. Of the largest
50 metros, 49 saw year-over-year gains in median listing prices in
August.
The Northeast is leading the price gain with listing prices up
nearly 19% in Philadelphia, 14.7%
in Boston; and 12.2% in
Providence-Warwick. On the West Coast, San Francisco saw listing prices increase 12%.
The Miami-Fort Lauderdale-West
Palm Beach market was the only metro to see a year-over-year
decline, with listing prices falling 0.3% most likely due to the
recent spike in Coronavirus cases and lower international buyer
demand.
Metros With the Largest Price Gains
Metro
|
Median Listing
Price YoY
|
Median
Listing
Price
|
Median
Days on
Market Y-Y
|
Median
Days on
Market
|
New
Listing
Count YoY
|
Active
Listing
Count YoY
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
18.6%
|
$343,000
|
-15
|
45
|
-7.4%
|
-45.1%
|
Cincinnati,
Ohio-Ky.-Ind.
|
17.8%
|
$327,300
|
-5
|
44
|
-25.7%
|
-47.7%
|
Cleveland-Elyria,
Ohio
|
15.6%
|
$232,500
|
-5
|
49
|
-25.3%
|
-50.2%
|
Boston-Cambridge-Newton, Mass.-N.H.
|
14.7%
|
$678,500
|
-14
|
38
|
-13.1%
|
-34.4%
|
Kansas City,
Mo.-Kan.
|
12.9%
|
$345,100
|
0
|
51
|
-29.7%
|
-48.9%
|
San
Francisco-Oakland-Hayward, Calif.
|
12.3%
|
$1,029,100
|
-1
|
35
|
-2.8%
|
-12.9%
|
Providence-Warwick,
R.I.-Mass.
|
12.2%
|
$429,100
|
-10
|
46
|
-15.7%
|
-51.7%
|
Indianapolis-Carmel-Anderson, Ind.
|
11.8%
|
$299,600
|
-2
|
47
|
-27.7%
|
-55.9%
|
New Orleans-Metairie,
La.
|
11.7%
|
$324,100
|
-4
|
66
|
-27.6%
|
-35.8%
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
11.7%
|
$335,000
|
-18
|
40
|
-5.2%
|
-44.9%
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
11.6%
|
$619,100
|
-18
|
53
|
5.3%
|
-11.9%
|
Memphis,
Tenn.-Miss.-Ark.
|
11.5%
|
$265,100
|
-6
|
48
|
-23.5%
|
-48.4%
|
Rochester,
N.Y.
|
11.3%
|
$245,000
|
-12
|
29
|
-6.2%
|
-40.0%
|
Austin-Round Rock,
Texas
|
10.7%
|
$400,000
|
-9
|
42
|
-8.6%
|
-39.9%
|
Riverside-San
Bernardino-Ontario, Calif.
|
10.6%
|
$459,100
|
-9
|
46
|
-13.9%
|
-55.5%
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
10.5%
|
$525,100
|
-15
|
30
|
-7.0%
|
-43.7%
|
Detroit-Warren-Dearborn, Mich
|
10.2%
|
$279,100
|
-2
|
37
|
-21.8%
|
-41.7%
|
Richmond,
Va.
|
10.1%
|
$358,000
|
1
|
52
|
-18.2%
|
-44.0%
|
St. Louis,
Mo.-Ill.
|
9.5%
|
$250,000
|
1
|
58
|
-14.7%
|
-37.2%
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
9.1%
|
$354,100
|
-5
|
47
|
-18.2%
|
-41.7%
|
Denver-Aurora-Lakewood, Colo.
|
8.0%
|
$539,600
|
-6
|
36
|
-10.2%
|
-36.6%
|
San Diego-Carlsbad,
Calif.
|
8.0%
|
$779,100
|
-7
|
35
|
-7.3%
|
-43.9%
|
Oklahoma City,
Okla.
|
7.7%
|
$269,900
|
-1
|
50
|
-18.1%
|
-35.2%
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
7.4%
|
$1,199,900
|
-10
|
32
|
21.6%
|
-26.1%
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
7.1%
|
$300,000
|
-8
|
52
|
-16.5%
|
-40.9%
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
7.1%
|
$370,100
|
-9
|
43
|
-18.2%
|
-46.9%
|
Hartford-West
Hartford-East Hartford, Conn.
|
7.0%
|
$299,100
|
-19
|
44
|
-7.2%
|
-32.1%
|
Milwaukee-Waukesha-West Allis, Wis.
|
6.6%
|
$346,000
|
6
|
44
|
-12.0%
|
-41.6%
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
6.5%
|
$349,100
|
-4
|
42
|
-11.8%
|
-34.5%
|
Phoenix-Mesa-Scottsdale, Ariz.
|
6.5%
|
$415,100
|
-12
|
39
|
3.3%
|
-42.8%
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
6.5%
|
$225,100
|
4
|
43
|
-1.0%
|
-40.2%
|
Las
Vegas-Henderson-Paradise, Nev.
|
6.4%
|
$343,600
|
-8
|
41
|
4.9%
|
-11.3%
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
6.2%
|
$528,100
|
-6
|
37
|
-8.6%
|
-51.1%
|
Louisville/Jefferson
County, Ky.-Ind.
|
6.1%
|
$285,000
|
-7
|
38
|
-30.3%
|
-50.1%
|
San Antonio-New
Braunfels, Texas
|
5.9%
|
$313,700
|
-6
|
51
|
-8.6%
|
-39.2%
|
Birmingham-Hoover,
Ala.
|
5.9%
|
$272,200
|
-6
|
52
|
-8.0%
|
-36.3%
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
5.8%
|
$500,100
|
-4
|
42
|
-9.3%
|
-42.4%
|
Columbus,
Ohio
|
5.7%
|
$316,400
|
-7
|
35
|
-17.7%
|
-46.5%
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
5.5%
|
$396,000
|
-5
|
32
|
-17.2%
|
-32.5%
|
Houston-The
Woodlands-Sugar Land, Texas
|
5.3%
|
$329,700
|
-5
|
51
|
-9.5%
|
-29.3%
|
Baltimore-Columbia-Towson, Md.
|
5.2%
|
$350,000
|
-14
|
42
|
-11.6%
|
-51.6%
|
Seattle-Tacoma-Bellevue, Wash.
|
4.3%
|
$625,100
|
-8
|
33
|
-1.7%
|
-27.3%
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
4.2%
|
$360,100
|
-5
|
36
|
-3.6%
|
-28.4%
|
Dallas-Fort
Worth-Arlington, Texas
|
3.5%
|
$360,000
|
-4
|
46
|
-16.0%
|
-40.1%
|
Raleigh,
N.C.
|
3.5%
|
$386,200
|
-15
|
43
|
-10.8%
|
-37.9%
|
Jacksonville,
Fla.
|
2.3%
|
$320,100
|
-7
|
63
|
-16.2%
|
-35.8%
|
Orlando-Kissimmee-Sanford, Fla.
|
0.8%
|
$325,000
|
-2
|
58
|
-2.1%
|
-17.5%
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
-0.2%
|
$405,100
|
-5
|
93
|
-3.2%
|
-12.8%
|
Pittsburgh,
Pa.
|
N/A*
|
$250,000
|
-6
|
54
|
-8.1%
|
-34.6%
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
N/A*
|
$999,100
|
N/A*
|
51
|
-9.5%
|
-26.6%
|
* Some data points for Pittsburgh and Los
Angeles have been excluded due to data unavailability.
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Lexie Holbert,
lexie.holbert@move.com
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SOURCE realtor.com