SANTA CLARA, Calif.,
May 28, 2020 /PRNewswire/
-- Realtor.com® today released its Weekly Housing
Trends Report for the week ending May
23, which points to a shift towards a COVID-19 housing
recovery. After several weeks of dramatic drops in new listings and
almost flat yearly price gains, this week's data shows another
improvement in new listings, as well as an uptick in home prices as
buyers and sellers return to the market.
"Weekly data shows we have taken the first step in the process
of returning to healthy housing conditions: getting buyers and
sellers off the sidelines," said Javier
Vivas, director of economic research for
realtor.com®. "The improvement in new listings this week
is a sign the market is on its way to recovery, but the deficit in
total inventory will be a drag on sales. Many buyers are ready and
itching to get back on the market, so the faster we see sellers
return, the faster home sales will recover."
Key Findings for the Week Ending May
23:
- Median listing prices have regained momentum and
growth is now approaching pre-COVID levels.
- New listings are down just 20 percent as more
sellers return to the market compared to a week ago. Year-over-year
declines in new listings continue to improve, but are not quite
back to normal levels yet.
- Total inventory was down 22 percent with signs pointing
to rising home buyer interest, and steeper declines in inventory on
the horizon unless more sellers list homes for sale.
- Time on market was 16 days slower than last year,
as it takes longer to find a buyer and complete a sale in current
market conditions.
|
Week ending
May 23
|
Week ending
May 16
|
Week ending
May 9
|
First Two
Weeks March
|
Median Listing
Prices
|
3.1% YOY
|
1.5% YOY
|
1.4% YOY
|
+4% YOY
|
New
Listings
|
-20% YOY
|
-28% YOY
|
-29% YOY
|
+5% YOY
|
Total
Listings
|
-22% YOY
|
-20% YOY
|
-19% YOY
|
-16% YOY
|
Time on
Market
|
16 days slower
YOY
|
15 days slower
YOY
|
13 days slower
YOY
|
-4 days faster
YOY
|
New listings: Nationwide, the size of declines eased this
week, dropping nearly 20 percent, a sizable improvement over the 30
to 40 percent declines in prior weeks. While more sellers are
returning to the market every week, newly listed properties still
remain below normal levels for this time of the year, nationwide
and in all large markets.
In the first two weeks in March (our pre-COVID-19 base), new
listings were increasing 5 percent year-over-year on average. In
the most recent three weeks ending May
9, May 16, and May 23 the volume of newly listed properties
decreased by 29 percent, 28 percent, and 20
percent year-over-year, respectively. Three quarters (75 of
100) of large metros continued to see smaller declines this week,
including the largest three markets in the country: New York, Los
Angeles and Chicago.
Asking prices: This week's data shows price
gains are reaccelerating as the mix of homes for-sale appears to be
reverting back toward pricier properties. While current price gains
remain below pre COVID-19 levels, we expect them to regain momentum
in the weeks to come as sellers regain confidence and buyers resume
activity.
In the first two weeks of March (our pre-COVID-19 base), median
listing prices were increasing 4.4 percent year-over-year on
average. In the most recent three weeks ending May 9, May 16, and
May 23, the median U.S. listing price
posted an increase of 1.4 percent, 1.5 percent and 3.1 percent
year-over-year, respectively. Locally, 77 of 100 large metros saw
asking prices increase over last year.
Total Active Listings: Sellers have yet to come back in
full force, limiting the availability of homes for sale. Total
active listings are declining from a year ago at a faster rate than
observed in previous weeks. Signs, such as an increase in purchase
mortgage applications compared to last week and a year ago, are
pointing to rising home buyer interest, and steeper declines in
inventory could be on the horizon if more sellers don't list homes
to meet rising demand.
Weekly data shows total active listings declined 22 percent on a
yearly basis for the week ending May
23, compared to declines of 20 percent and 19 percent for
the weeks ending May 16 and
May 9.
Time on market: While new listings and asking prices are
gaining momentum, homes are still sitting on the market for more
than two weeks longer than this time last year. With fewer new
properties compared to last year and buyers taking their time in
this strange new world of home searching, sellers should be
prepared to wait longer to find a buyer and longer for the
transaction to close as well. It could take a few more weeks for
time on market to reach normal levels as buyers come back to the
market and sales start to pick up.
In the first two weeks in March (our pre-COVID-19 base), days on
market were 4 days faster than last year on average. Data for the
week ending May 23 showed that time
on market was 16 days or 29 percent higher than last year, the
biggest increase in time on market since 2013. This trend is
visible in local data as well as the national figures, with 93 of
the largest 100 metros showing similar double-digit percent
increases in time on market from one year ago. In particular,
New York and Michigan markets are seeing large jumps in age
of inventory compared to last spring.
For more information, please visit:
https://www.realtor.com/research/weekly-housing-trends-view-data-week-may-23-2020/
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
cbsa_title
|
median_listing_
price_yy
|
median_dom_yy
|
active_listing_
count_yy
|
new_listing_count
_yy
|
new_listing_
share_yy
|
price_reduced_
count_yy
|
price_reduced_
share_yy
|
akron, oh
|
-0.2%
|
39.5%
|
-32.3%
|
-28.9%
|
0.5%
|
-45.3%
|
-1.8%
|
albany-schenectady-troy, ny
|
11.6%
|
46.9%
|
-30.1%
|
-24.1%
|
0.6%
|
-59.1%
|
-2.2%
|
albuquerque,
nm
|
9.5%
|
10.9%
|
-33.9%
|
-7.1%
|
3.4%
|
-26.6%
|
0.5%
|
allentown-bethlehem-easton, pa-nj
|
17.8%
|
40.0%
|
-47.0%
|
-14.5%
|
4.4%
|
-65.2%
|
-2.2%
|
atlanta-sandy
springs-roswell, ga
|
-0.1%
|
16.7%
|
-19.4%
|
-16.4%
|
0.3%
|
-26.6%
|
-0.7%
|
augusta-richmond
county, ga-sc
|
5.4%
|
15.6%
|
-29.7%
|
-39.4%
|
-1.0%
|
-45.6%
|
-1.3%
|
austin-round rock,
tx
|
3.3%
|
13.3%
|
-16.6%
|
-16.2%
|
0.0%
|
-32.6%
|
-1.9%
|
bakersfield,
ca
|
4.6%
|
30.2%
|
-32.1%
|
-15.5%
|
2.1%
|
-42.2%
|
-1.1%
|
baltimore-columbia-towson, md
|
0.0%
|
32.6%
|
-35.7%
|
-27.1%
|
1.2%
|
-44.1%
|
-1.2%
|
baton rouge,
la
|
3.6%
|
27.8%
|
-13.6%
|
-22.0%
|
-0.6%
|
-30.0%
|
-1.3%
|
birmingham-hoover,
al
|
4.5%
|
12.5%
|
-20.8%
|
-8.3%
|
1.3%
|
-22.3%
|
-0.2%
|
boise city,
id
|
5.4%
|
57.1%
|
-11.3%
|
-17.6%
|
-0.9%
|
-20.2%
|
-0.6%
|
boston-cambridge-newton, ma-nh
|
4.4%
|
37.8%
|
-28.0%
|
14.7%
|
4.9%
|
-46.8%
|
-2.1%
|
bridgeport-stamford-norwalk, ct
|
0.1%
|
30.0%
|
-30.7%
|
13.3%
|
3.1%
|
-54.6%
|
-2.0%
|
buffalo-cheektowaga-niagara falls, ny
|
5.5%
|
118.8%
|
-32.1%
|
-39.5%
|
-1.3%
|
-56.7%
|
-2.2%
|
cape coral-fort
myers, fl
|
11.7%
|
1.1%
|
-26.4%
|
-27.3%
|
-0.1%
|
-44.1%
|
-1.5%
|
charleston-north
charleston, sc
|
3.5%
|
14.3%
|
-21.1%
|
-14.1%
|
0.7%
|
-33.5%
|
-1.4%
|
charlotte-concord-gastonia, nc-sc
|
1.3%
|
16.0%
|
-29.9%
|
-38.1%
|
-1.2%
|
-41.6%
|
-1.4%
|
chattanooga,
tn-ga
|
13.5%
|
34.6%
|
-30.0%
|
-23.7%
|
0.7%
|
-38.3%
|
-0.9%
|
chicago-naperville-elgin, il-in-wi
|
-2.1%
|
47.6%
|
-23.7%
|
-25.1%
|
-0.2%
|
-42.7%
|
-1.9%
|
cincinnati,
oh-ky-in
|
15.5%
|
20.9%
|
-35.6%
|
-32.7%
|
0.5%
|
-44.5%
|
-1.1%
|
cleveland-elyria,
oh
|
5.3%
|
30.2%
|
-36.1%
|
-32.2%
|
0.6%
|
-44.2%
|
-1.0%
|
colorado springs,
co
|
10.4%
|
13.8%
|
-16.3%
|
-0.3%
|
2.3%
|
-2.1%
|
1.1%
|
columbia,
sc
|
2.5%
|
3.6%
|
-30.1%
|
-38.4%
|
-1.1%
|
-32.1%
|
-0.1%
|
columbus,
oh
|
4.4%
|
38.9%
|
-27.2%
|
-32.8%
|
-1.0%
|
-47.4%
|
-2.7%
|
dallas-fort
worth-arlington, tx
|
-2.8%
|
15.2%
|
-18.4%
|
-12.4%
|
0.7%
|
-29.1%
|
-1.3%
|
dayton, oh
|
29.0%
|
75.7%
|
-52.6%
|
-53.8%
|
-0.3%
|
-38.1%
|
1.7%
|
deltona-daytona
beach-ormond beach, fl
|
-2.0%
|
8.1%
|
-12.5%
|
-13.2%
|
-0.1%
|
-22.8%
|
-0.8%
|
denver-aurora-lakewood, co
|
6.0%
|
26.7%
|
-23.0%
|
-11.0%
|
1.8%
|
-14.6%
|
0.9%
|
des moines-west des
moines, ia
|
-3.9%
|
22.2%
|
-11.1%
|
-7.3%
|
0.4%
|
-40.0%
|
-4.6%
|
detroit-warren-dearborn, mi
|
-0.8%
|
97.1%
|
-17.4%
|
-20.7%
|
-0.4%
|
-32.5%
|
-1.3%
|
durham-chapel hill,
nc
|
5.0%
|
28.0%
|
-17.7%
|
-26.0%
|
-1.0%
|
-13.6%
|
0.4%
|
el paso,
tx
|
7.1%
|
21.4%
|
-29.1%
|
-33.9%
|
-0.5%
|
-46.9%
|
-1.0%
|
fresno, ca
|
3.6%
|
14.0%
|
-36.2%
|
-13.3%
|
3.2%
|
-53.0%
|
-2.3%
|
grand rapids-wyoming,
mi
|
6.0%
|
96.7%
|
-11.3%
|
16.2%
|
3.3%
|
-38.4%
|
-2.5%
|
greensboro-high
point, nc
|
5.2%
|
16.1%
|
-22.9%
|
-22.9%
|
0.0%
|
-40.9%
|
-1.5%
|
greenville-anderson-mauldin, sc
|
-0.7%
|
31.5%
|
-14.8%
|
-31.9%
|
-1.7%
|
-17.4%
|
-0.1%
|
harrisburg-carlisle,
pa
|
11.2%
|
47.8%
|
-33.6%
|
12.2%
|
5.4%
|
-70.4%
|
-4.3%
|
hartford-west
hartford-east hartford, ct
|
5.4%
|
27.1%
|
-33.7%
|
-19.9%
|
1.5%
|
-55.1%
|
-1.8%
|
houston-the
woodlands-sugar land, tx
|
-1.0%
|
25.5%
|
-13.8%
|
-13.2%
|
0.1%
|
-32.2%
|
-1.7%
|
indianapolis-carmel-anderson, in
|
-0.1%
|
39.5%
|
-26.0%
|
-17.8%
|
1.2%
|
-37.3%
|
-1.5%
|
jackson,
ms
|
4.4%
|
30.0%
|
-24.5%
|
-25.6%
|
-0.1%
|
-44.6%
|
-2.1%
|
jacksonville,
fl
|
-0.6%
|
7.8%
|
-13.4%
|
-13.0%
|
0.0%
|
-19.1%
|
-0.5%
|
kansas city,
mo-ks
|
6.1%
|
42.2%
|
-33.8%
|
-34.8%
|
-0.1%
|
-46.5%
|
-1.5%
|
knoxville,
tn
|
4.5%
|
22.6%
|
-31.4%
|
-30.3%
|
0.1%
|
-28.4%
|
0.3%
|
lakeland-winter
haven, fl
|
1.3%
|
12.5%
|
-4.1%
|
-20.5%
|
-1.5%
|
-1.1%
|
0.3%
|
las
vegas-henderson-paradise, nv
|
3.1%
|
27.9%
|
-8.4%
|
-12.4%
|
-0.4%
|
-36.8%
|
-3.0%
|
little rock-north
little rock-conway, ar
|
19.6%
|
14.3%
|
-38.1%
|
-28.7%
|
1.2%
|
-45.6%
|
-0.7%
|
los angeles-long
beach-anaheim, ca
|
16.0%
|
62.8%
|
-17.6%
|
-18.8%
|
-0.1%
|
-41.8%
|
-1.9%
|
louisville/jefferson
county, ky-in
|
0.0%
|
28.9%
|
-29.8%
|
-21.5%
|
1.1%
|
-31.7%
|
-0.3%
|
madison,
wi
|
3.8%
|
43.2%
|
-20.3%
|
-23.1%
|
-0.4%
|
-32.2%
|
-0.8%
|
mcallen-edinburg-mission, tx
|
2.7%
|
7.0%
|
-17.6%
|
-27.2%
|
-0.6%
|
-32.1%
|
-0.7%
|
memphis,
tn-ms-ar
|
6.4%
|
17.6%
|
-27.3%
|
-13.8%
|
1.7%
|
-38.2%
|
-1.1%
|
miami-fort
lauderdale-west palm beach, fl
|
-2.4%
|
17.6%
|
-9.8%
|
-19.1%
|
-0.5%
|
-30.5%
|
-1.1%
|
milwaukee-waukesha-west allis, wi
|
7.1%
|
22.0%
|
-18.6%
|
-12.3%
|
0.8%
|
-40.8%
|
-1.9%
|
minneapolis-st.
paul-bloomington, mn-wi
|
2.8%
|
24.2%
|
-13.0%
|
-3.6%
|
1.2%
|
-28.8%
|
-1.1%
|
nashville-davidson--murfreesboro--franklin,
tn
|
2.8%
|
5.9%
|
-14.6%
|
-5.4%
|
1.1%
|
-12.2%
|
0.1%
|
new haven-milford,
ct
|
2.1%
|
30.0%
|
-35.3%
|
-25.2%
|
1.2%
|
-56.5%
|
-1.7%
|
new orleans-metairie,
la
|
0.0%
|
25.4%
|
-14.7%
|
-3.3%
|
0.9%
|
-31.8%
|
-1.4%
|
new
york-newark-jersey city, ny-nj-pa
|
1.1%
|
40.4%
|
-21.6%
|
-25.8%
|
-0.3%
|
-61.6%
|
-2.6%
|
north
port-sarasota-bradenton, fl
|
-0.3%
|
6.9%
|
-18.4%
|
-10.4%
|
0.5%
|
-23.9%
|
-0.5%
|
oklahoma city,
ok
|
3.9%
|
11.4%
|
-19.3%
|
-1.6%
|
1.8%
|
-23.8%
|
-0.5%
|
omaha-council bluffs,
ne-ia
|
5.0%
|
69.0%
|
-15.7%
|
-24.3%
|
-1.2%
|
-38.0%
|
-1.5%
|
orlando-kissimmee-sanford, fl
|
-0.5%
|
22.8%
|
-9.3%
|
-22.9%
|
-1.3%
|
-25.3%
|
-1.3%
|
oxnard-thousand
oaks-ventura, ca
|
13.3%
|
47.7%
|
-23.8%
|
-22.5%
|
0.1%
|
-42.2%
|
-1.8%
|
palm
bay-melbourne-titusville, fl
|
1.4%
|
11.1%
|
-12.7%
|
-25.4%
|
-1.2%
|
-26.6%
|
-1.2%
|
philadelphia-camden-wilmington,
pa-nj-de-md
|
10.7%
|
46.0%
|
-37.0%
|
-17.5%
|
2.4%
|
-54.9%
|
-2.3%
|
phoenix-mesa-scottsdale, az
|
2.6%
|
12.0%
|
-28.1%
|
-23.9%
|
0.5%
|
-39.3%
|
-1.8%
|
pittsburgh,
pa
|
14.0%
|
56.1%
|
-16.1%
|
11.1%
|
2.7%
|
-48.2%
|
-3.2%
|
portland-south
portland, me
|
8.8%
|
40.0%
|
-30.8%
|
-20.8%
|
1.5%
|
-55.8%
|
-1.8%
|
portland-vancouver-hillsboro, or-wa
|
2.3%
|
48.6%
|
-28.6%
|
-26.5%
|
0.3%
|
-16.7%
|
1.3%
|
providence-warwick,
ri-ma
|
7.8%
|
41.3%
|
-36.9%
|
-21.3%
|
2.3%
|
-54.2%
|
-1.8%
|
raleigh,
nc
|
-0.2%
|
21.6%
|
-18.3%
|
-19.8%
|
-0.2%
|
-38.2%
|
-2.0%
|
richmond,
va
|
4.4%
|
12.2%
|
-20.5%
|
-25.8%
|
-0.6%
|
-36.7%
|
-1.3%
|
riverside-san
bernardino-ontario, ca
|
2.8%
|
36.0%
|
-29.8%
|
-22.6%
|
0.9%
|
-47.8%
|
-1.7%
|
rochester,
ny
|
9.8%
|
48.4%
|
-28.7%
|
-6.3%
|
3.3%
|
-69.9%
|
-4.2%
|
sacramento--roseville--arden-arcade, ca
|
1.5%
|
20.0%
|
-19.6%
|
-19.5%
|
0.0%
|
-27.1%
|
-0.7%
|
salt lake city,
ut
|
2.6%
|
12.9%
|
-22.4%
|
-10.8%
|
1.7%
|
-26.5%
|
-0.7%
|
san antonio-new
braunfels, tx
|
-2.8%
|
29.4%
|
-12.9%
|
-23.3%
|
-1.1%
|
-18.4%
|
-0.5%
|
san diego-carlsbad,
ca
|
4.0%
|
38.7%
|
-30.5%
|
-14.5%
|
2.4%
|
-46.3%
|
-1.9%
|
san
francisco-oakland-hayward, ca
|
7.4%
|
13.8%
|
-13.7%
|
-0.7%
|
1.8%
|
-22.0%
|
-0.6%
|
san
jose-sunnyvale-santa clara, ca
|
1.8%
|
27.6%
|
-25.1%
|
0.6%
|
3.7%
|
-42.4%
|
-2.0%
|
scranton--wilkes-barre--hazleton, pa
|
3.0%
|
62.7%
|
-28.0%
|
-38.2%
|
-1.1%
|
-52.9%
|
-1.6%
|
seattle-tacoma-bellevue, wa
|
-0.8%
|
20.7%
|
-22.9%
|
-10.6%
|
1.8%
|
-42.6%
|
-2.4%
|
spokane-spokane
valley, wa
|
7.1%
|
25.0%
|
-20.9%
|
-25.0%
|
-0.7%
|
-33.7%
|
-0.9%
|
springfield,
ma
|
11.9%
|
60.0%
|
-29.4%
|
-6.0%
|
3.0%
|
-56.0%
|
-3.3%
|
st. louis,
mo-il
|
5.0%
|
26.8%
|
-24.9%
|
-24.0%
|
0.1%
|
-32.2%
|
-0.7%
|
stockton-lodi,
ca
|
4.7%
|
41.7%
|
-29.9%
|
-19.1%
|
1.7%
|
-55.6%
|
-3.0%
|
syracuse,
ny
|
-4.3%
|
76.8%
|
-34.1%
|
-36.2%
|
-0.3%
|
-56.3%
|
-1.9%
|
tampa-st.
petersburg-clearwater, fl
|
2.0%
|
20.7%
|
-21.4%
|
-19.8%
|
0.2%
|
-30.9%
|
-1.2%
|
toledo, oh
|
-0.6%
|
30.0%
|
-18.1%
|
-7.6%
|
1.2%
|
40.8%
|
4.9%
|
tucson, az
|
3.7%
|
11.5%
|
-24.6%
|
-17.4%
|
0.8%
|
-27.6%
|
-0.3%
|
tulsa, ok
|
12.5%
|
12.0%
|
-27.6%
|
-14.7%
|
1.6%
|
-32.8%
|
-0.5%
|
urban honolulu,
hi
|
-12.9%
|
28.1%
|
33.2%
|
-12.6%
|
-2.8%
|
-32.7%
|
-2.3%
|
virginia
beach-norfolk-newport news, va-nc
|
8.3%
|
17.0%
|
-33.5%
|
-15.2%
|
2.0%
|
-46.0%
|
-1.1%
|
washington-arlington-alexandria,
dc-va-md-wv
|
5.1%
|
22.9%
|
-32.7%
|
-23.6%
|
1.4%
|
-43.5%
|
-1.2%
|
wichita,
ks
|
7.9%
|
30.6%
|
-34.1%
|
-21.1%
|
1.7%
|
-28.1%
|
0.4%
|
winston-salem,
nc
|
10.8%
|
15.5%
|
-29.0%
|
-33.2%
|
-0.5%
|
-34.7%
|
-0.4%
|
worcester,
ma-ct
|
4.5%
|
32.6%
|
-31.0%
|
-15.7%
|
2.1%
|
-56.4%
|
-3.0%
|
youngstown-warren-boardman, oh-pa
|
2.5%
|
30.0%
|
-32.5%
|
-41.3%
|
-1.0%
|
-46.9%
|
-1.4%
|
View original
content:http://www.prnewswire.com/news-releases/realtorcom-weekly-housing-trends-the-stage-is-set-for-a-covid-housing-recovery-301066725.html
SOURCE realtor.com