SANTA CLARA, Calif.,
Sept. 17, 2020 /PRNewswire/
-- The already difficult task of buying a home became even
more challenging this week as home price growth hit a two-year high
and natural disasters drove the number of homes for sale even
lower, according to realtor.com's® Weekly Housing Report
for the week ending Sept. 12.
Overall, the housing market remains strong but saw a slight
tempering last week as wildfires and hurricanes prevented potential
sellers across the West and South from listing their homes.
"Today's home buyers face some daunting challenges. Home price
growth just set a new high of 11% with no indication of a slowdown
and there are nearly 40% fewer homes for sale than this time last
year," said Danielle Hale, chief
economist for realtor.com.® "Inventory is so low that
any disruption, such as this week's wildfires and hurricanes, feels
even more stifling for would-be home buyers. Although this year is
anything but typical, we expect inventory to follow the usual
seasonal pattern of tapering off in the next few weeks, but we
don't expect buyer demand to drop off as much as usual. Buyers
hoping to take advantage of less competition during the housing
off-season will likely be disappointed and could find it even more
difficult to find a home."
Wildfires, Hurricanes and the Labor Day holiday worsened
declines in homes for sale
- The number of new listings hitting the market for the week
ending Sept. 12 declined 17% compared
to last year, as a result of the natural disasters and Labor Day
holiday. There had been some improvement in new listings declines
earlier this summer, such as the 11% yearly declines seen in late
July and early August. But the combination of natural disasters
scaring off sellers and one less work day (Labor Day holiday)
resulted in overall fewer sellers putting homes on the market.
- The total number of homes available for sale is down 39%
compared to this time last year. The lack of new listings hitting
the market, paired with an incredible number of home buyers, has
created a situation where there aren't as many homes as there are
buyers.
Strong demand drove home prices 11.1% higher than last year
-- a two-year record
- Buyer demand and lack of supply drove median listing prices up
at the fastest rate in two years, 11.1% year-over-year, which is
the 18th consecutive week of home price acceleration. Low mortgage
rates have helped keep payments relatively affordable and prevented
too many buyers from getting priced out.
Quick home sales are today's new normal
- It currently takes 54 days to sell a home, which is 11 days
faster than this time last year. Today's fast-paced market is being
fueled by limited inventory and fierce competition from other
buyers. Those who want to close, know that they have to make a
quick offer which is contributing to fast home sales.
Housing market remains strong but saw a slight weakening due
to declines in inventory
- Realtor.com® tracks the overall strength of the
housing market through its proprietary Housing Market Recovery
Index, which compares real-time key indicators including trends in
number of searches on realtor.com®, median listing
prices, the number of newly listed homes, and the time it takes to
sell to January 2020, prior to the
pandemic.
- This week, the index was 107.4 points, 1.5 points weaker than
last week, but 7.4 points stronger than it was pre-COVID. The
weekly decline can be attributed to this week's natural disasters,
which weakened market health in the Western and Southern regions of
the U.S. by 1.9 and 1.8 points, respectively.
Weekly Metro Data – Week ending 9.12.2020
Metro
|
Median Listing
Price (YOY change)
|
Total Listings
(YOY change)
|
Median Days on
Market (YOY
change)
|
Akron,
Ohio
|
7.1%
|
-52.6%
|
4 days
faster
|
Albany-Schenectady-Troy, N.Y.
|
14.2%
|
-41.5%
|
18 days
faster
|
Albuquerque,
N.M.
|
22.0%
|
-50.2%
|
9 days
faster
|
Allentown-Bethlehem-Easton, Pa.-N.J.
|
24.8%
|
-58.7%
|
31 days
faster
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
10.1%
|
-44.9%
|
11 days
faster
|
Augusta-Richmond
County, Ga.-S.C.
|
8.3%
|
-47.7%
|
20 days
faster
|
Austin-Round Rock,
Texas
|
14.6%
|
-47.4%
|
17 days
faster
|
Bakersfield,
Calif.
|
18.5%
|
-47.7%
|
15 days
faster
|
Baltimore-Columbia-Towson, Md.
|
3.1%
|
-50.9%
|
21 days
faster
|
Baton Rouge,
La.
|
13.6%
|
-34.2%
|
1 day
faster
|
Birmingham-Hoover,
Ala.
|
8.1%
|
-37.6%
|
12 days
faster
|
Boise City,
Idaho
|
10.1%
|
-64.4%
|
5 days
faster
|
Boston-Cambridge-Newton, Mass.-N.H.
|
16.4%
|
-33.6%
|
16 days
faster
|
Bridgeport-Stamford-Norwalk, Conn.
|
0.0%
|
-25.1%
|
39 days
faster
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
15.0%
|
-43.3%
|
3 days
faster
|
Cape Coral-Fort
Myers, Fla.
|
12.7%
|
-31.0%
|
21 days
faster
|
Charleston-North
Charleston, S.C.
|
16.4%
|
-39.6%
|
23 days
faster
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
8.8%
|
-48.2%
|
14 days
faster
|
Chattanooga,
Tenn.-Ga.
|
13.5%
|
-48.3%
|
15 days
faster
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
7.7%
|
-34.7%
|
9 days
faster
|
Cincinnati,
Ohio-Ky.-Ind.
|
14.6%
|
-46.3%
|
9 days
faster
|
Cleveland-Elyria,
Ohio
|
10.0%
|
-51.1%
|
9 days
faster
|
Colorado Springs,
Colo.
|
5.4%
|
-47.5%
|
16 days
faster
|
Columbia,
S.C.
|
8.7%
|
-48.8%
|
18 days
faster
|
Columbus,
Ohio
|
3.8%
|
-47.3%
|
13 days
faster
|
Dallas-Fort
Worth-Arlington, Texas
|
5.2%
|
-43.3%
|
11 days
faster
|
Dayton,
Ohio
|
23.5%
|
-45.8%
|
10 days
faster
|
Deltona-Daytona
Beach-Ormond Beach, Fla.
|
6.6%
|
-42.1%
|
19 days
faster
|
Denver-Aurora-Lakewood, Colo.
|
5.2%
|
-39.9%
|
6 days
faster
|
Des Moines-West Des
Moines, Iowa
|
1.2%
|
-35.6%
|
7 days
faster
|
Detroit-Warren-Dearborn, Mich
|
12.7%
|
-45.8%
|
8 days
faster
|
Durham-Chapel Hill,
N.C.
|
11.3%
|
-42.3%
|
9 days
faster
|
El Paso,
Texas
|
10.1%
|
-44.6%
|
19 days
faster
|
Fresno,
Calif.
|
7.9%
|
-59.0%
|
21 days
faster
|
Grand Rapids-Wyoming,
Mich
|
10.3%
|
-47.0%
|
1 day
slower
|
Greensboro-High
Point, N.C.
|
13.9%
|
-48.3%
|
4 days
faster
|
Greenville-Anderson-Mauldin, S.C.
|
5.3%
|
-40.8%
|
8 days
faster
|
Harrisburg-Carlisle,
Pa.
|
3.8%
|
-43.8%
|
18 days
faster
|
Hartford-West
Hartford-East Hartford, Conn.
|
7.5%
|
-32.0%
|
20 days
faster
|
Houston-The
Woodlands-Sugar Land, Texas
|
7.8%
|
-32.2%
|
7 days
faster
|
Indianapolis-Carmel-Anderson, Ind.
|
20.9%
|
-64.0%
|
6 days
faster
|
Jackson,
Miss.
|
23.6%
|
-44.8%
|
12 days
faster
|
Jacksonville,
Fla.
|
3.6%
|
-41.5%
|
13 days
faster
|
Kansas City,
Mo.-Kan.
|
13.3%
|
-50.3%
|
5 days
faster
|
Knoxville,
Tenn.
|
8.3%
|
-53.1%
|
14 days
faster
|
Lakeland-Winter
Haven, Fla.
|
8.2%
|
-28.4%
|
7 days
faster
|
Las
Vegas-Henderson-Paradise, Nev.
|
7.8%
|
-8.2%
|
10 days
faster
|
Little Rock-North
Little Rock-Conway, Ark.
|
18.5%
|
-49.5%
|
16 days
faster
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
17.5%
|
-29.3%
|
3 days
faster
|
Louisville/Jefferson
County, Ky.-Ind.
|
3.9%
|
-48.6%
|
10 days
faster
|
Madison,
Wis.
|
2.9%
|
-44.6%
|
7 days
faster
|
McAllen-Edinburg-Mission, Texas
|
14.4%
|
-48.4%
|
15 days
faster
|
Memphis,
Tenn.-Miss.-Ark.
|
12.3%
|
-52.0%
|
15 days
faster
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
2.5%
|
-13.5%
|
6 days
faster
|
Milwaukee-Waukesha-West Allis, Wis.
|
10.0%
|
-42.9%
|
4 days
faster
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
5.9%
|
-32.0%
|
7 days
faster
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
7.1%
|
-39.6%
|
6 days
faster
|
New Haven-Milford,
Conn.
|
4.1%
|
-24.8%
|
25 days
faster
|
New Orleans-Metairie,
La.
|
12.1%
|
-37.7%
|
12 days
faster
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
13.6%
|
-11.0%
|
14 days
faster
|
North
Port-Sarasota-Bradenton, Fla.
|
5.6%
|
-28.4%
|
22 days
faster
|
Oklahoma City,
Okla.
|
9.6%
|
-38.8%
|
1 day
faster
|
Omaha-Council Bluffs,
Neb.-Iowa
|
10.7%
|
-44.4%
|
5 days
slower
|
Orlando-Kissimmee-Sanford, Fla.
|
1.5%
|
-18.1%
|
9 days
faster
|
Oxnard-Thousand
Oaks-Ventura, Calif.
|
11.6%
|
-45.6%
|
37 days
faster
|
Palm
Bay-Melbourne-Titusville, Fla.
|
8.7%
|
-40.5%
|
6 days
faster
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
11.8%
|
-38.4%
|
20 days
faster
|
Phoenix-Mesa-Scottsdale, Ariz.
|
9.0%
|
-40.3%
|
10 days
faster
|
Pittsburgh,
Pa.
|
24.8%
|
-34.6%
|
11 days
faster
|
Portland-South
Portland, Maine
|
11.9%
|
-48.4%
|
28 days
faster
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
8.5%
|
-45.5%
|
7 days
faster
|
Providence-Warwick,
R.I.-Mass.
|
9.5%
|
-53.0%
|
14 days
faster
|
Raleigh,
N.C.
|
5.9%
|
-43.4%
|
10 days
faster
|
Richmond,
Va.
|
10.9%
|
-46.1%
|
8 days
faster
|
Riverside-San
Bernardino-Ontario, Calif.
|
13.7%
|
-55.9%
|
17 days
faster
|
Rochester,
N.Y.
|
7.1%
|
-39.5%
|
13 days
faster
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
10.3%
|
-51.3%
|
11 days
faster
|
Salt Lake City,
Utah
|
23.1%
|
-70.5%
|
13 days
faster
|
San Antonio-New
Braunfels, Texas
|
6.8%
|
-46.2%
|
20 days
faster
|
San Diego-Carlsbad,
Calif.
|
8.8%
|
-43.0%
|
6 days
faster
|
San
Francisco-Oakland-Hayward, Calif.
|
11.7%
|
-14.1%
|
2 days
slower
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
5.4%
|
-25.9%
|
7 days
faster
|
Scranton--Wilkes-Barre--Hazleton, Pa.
|
15.8%
|
-52.8%
|
28 days
faster
|
Seattle-Tacoma-Bellevue, Wash.
|
4.5%
|
-25.2%
|
3 days
faster
|
Spokane-Spokane
Valley, Wash.
|
17.8%
|
-46.5%
|
6 days
faster
|
Springfield,
Mass.
|
21.4%
|
-46.4%
|
19 days
faster
|
St. Louis,
Mo.-Ill.
|
10.7%
|
-38.8%
|
7 days
faster
|
Stockton-Lodi,
Calif.
|
10.5%
|
-61.9%
|
7 days
faster
|
Syracuse,
N.Y.
|
2.6%
|
-42.0%
|
1 day
slower
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
7.2%
|
-42.7%
|
11 days
faster
|
Toledo,
Ohio
|
12.5%
|
-42.4%
|
13 days
faster
|
Tucson,
Ariz.
|
8.2%
|
-40.7%
|
9 days
faster
|
Tulsa,
Okla.
|
18.5%
|
-41.8%
|
8 days
faster
|
Urban Honolulu,
Hawaii
|
-13.2%
|
29.0%
|
3 days
slower
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
10.0%
|
-45.5%
|
21 days
faster
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
9.2%
|
-39.3%
|
16 days
faster
|
Wichita,
Kan.
|
15.0%
|
-48.0%
|
12 days
faster
|
Winston-Salem,
N.C.
|
9.1%
|
-47.0%
|
15 days
faster
|
Worcester,
Mass.-Conn.
|
11.8%
|
-54.3%
|
26 days
faster
|
Youngstown-Warren-Boardman, Ohio-Pa.
|
5.5%
|
-56.9%
|
14 days
faster
|
Link to Weekly Stats Blog Post:
https://www.realtor.com/research/weekly-housing-trends-view-data-week-sep-12-2020/
Link to Index Commentary Blog Post:
https://www.realtor.com/research/housing-market-recovery-index-trends-sep-12-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®
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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:
Cody Horvat,
cody.horvat@move.com
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SOURCE realtor.com