New Listings Took a Step Back Last Week, But Sales Activity Continued Steady Climb

SEATTLE, June 26, 2020 /PRNewswire/ -- For-sale inventory took a step back last week as the rate of new home listings slowed, according to Zillow's Weekly Market Reportⁱ. Despite limited inventory, newly pending sales rose once again as buyer activity continues to be strong, and those sales are typically happening faster than they have since 2018. 

Newly pending sales are up again, and homes are selling faster than they have in more than two years

• Newly pending sales continue to grow, up 2.1% week over week and 13.7% month over month. 
• Among the 50 largest U.S. metros, newly pending sales rose the most from the previous week in Buffalo (+26.3%), San Jose (+19%) and Nashville (+14.4%). 
• U.S. homes are selling at their fastest pace in more than two years. Homes sold during the week ending June 20 typically stayed on the market for 21 days. 

Inventory took another small hit last week

• New for-sale listings fell 1.2% week over week, though they remain up 3% from a month ago. 
• Total inventory was down 0.6% from the previous week, and is now 18.8% lower than at the same time last year. 

List prices continue to climb

• The median list price in the U.S. grew 0.7% from the week prior to $335,160, and now sits 3.2% higher than a year ago. 
• List prices are higher than a year ago in 45 of the 50 largest U.S. markets, up as much as 15.8% year over year in Cincinnati. 

Metropolitan Area*	Newly Pending Sales - MoM	Newly Pending Sales - WoW	New For-Sale Listings - YoY	New For-Sale Listings - WoW	Total For-Sale Listings - YoY	Median List Price - YoY
United States	13.7%	2.1%	-20.8%	-1.2%	-18.8%	3.2%
New York, NY	57.2%	8.8%	-10.7%	-0.7%	-27.0%	2.5%
Los Angeles-Long Beach-Anaheim, CA	35.2%	4.2%	-22.4%	0.7%	-25.3%	7.3%
Chicago, IL	29.5%	8.1%	-17.9%	1.0%	-21.0%	-2.0%
Dallas-Fort Worth, TX	4.4%	-3.4%	-21.3%	1.6%	-10.3%	-1.7%
Philadelphia, PA	37.9%	-4.8%	-12.6%	5.9%	-33.6%	11.6%
Houston, TX	5.1%	1.2%	-17.8%	3.2%	-8.9%	0.2%
Washington, DC	8.9%	3.8%	-25.4%	-4.3%	-31.2%	8.9%
Miami-Fort Lauderdale, FL	26.5%	4.5%	-5.2%	-3.0%	-9.7%	-0.4%
Atlanta, GA	-1.7%	-6.0%	-22.0%	1.4%	-2.9%	-1.7%
Boston, MA	26.2%	-3.0%	-17.1%	8.2%	-25.6%	6.1%
San Francisco, CA	26.0%	9.4%	-8.9%	-1.8%	-12.1%	7.6%
Detroit, MI	5.3%	5.5%	-13.4%	5.5%	-17.6%	0.6%
Riverside, CA	15.3%	-3.3%	-20.6%	4.9%	-29.1%	3.8%
Phoenix, AZ	12.1%	2.4%	-20.5%	-6.0%	-22.2%	6.7%
Seattle, WA	6.5%	-4.5%	-35.9%	-10.9%	-37.4%	4.1%
Minneapolis-St Paul, MN	16.2%	8.8%	-14.5%	0.9%	-14.9%	3.0%
San Diego, CA	N/A	N/A	-10.5%	8.2%	-29.6%	5.1%
St. Louis, MO	2.6%	1.8%	-29.5%	-2.3%	-24.5%	6.4%
Tampa, FL	N/A	N/A	-20.2%	0.0%	-16.9%	0.3%
Baltimore, MD	20.3%	-0.2%	-16.0%	8.1%	-35.8%	4.4%
Denver, CO	4.7%	3.1%	-9.0%	-3.0%	-14.0%	4.5%
Pittsburgh, PA	N/A	N/A	-7.1%	-3.9%	-19.4%	9.9%
Portland, OR	5.3%	-4.0%	-39.8%	-8.0%	-20.1%	0.7%
Charlotte, NC	-3.9%	-0.8%	-28.4%	7.9%	-24.0%	2.9%
Sacramento, CA	26.4%	-1.7%	-13.1%	7.8%	-17.8%	2.3%
San Antonio, TX	N/A	N/A	-23.7%	7.6%	-3.8%	1.1%
Orlando, FL	N/A	N/A	-21.6%	8.1%	-7.8%	-1.0%
Cincinnati, OH	-7.7%	-1.0%	-22.1%	10.8%	-27.7%	15.8%
Cleveland, OH	4.6%	0.4%	-15.6%	-2.6%	-35.3%	8.4%
Kansas City, MO	-7.2%	-8.8%	-14.6%	1.4%	-28.6%	9.7%
Las Vegas, NV	30.4%	9.6%	-22.3%	4.7%	-18.7%	1.8%
Columbus, OH	7.9%	-3.7%	-25.4%	-8.5%	-25.8%	6.1%
Indianapolis, IN	2.4%	3.0%	-28.7%	5.0%	-24.4%	8.3%
San Jose, CA	8.5%	19.0%	-11.3%	5.0%	-24.5%	2.6%
Austin, TX	12.5%	5.7%	-24.9%	6.5%	-9.0%	5.8%
Virginia Beach, VA	N/A	N/A	-25.4%	-3.7%	-30.4%	8.4%
Nashville, TN	14.3%	14.4%	-18.4%	7.3%	-1.7%	0.9%
Providence, RI	17.7%	0.5%	-28.0%	1.2%	-30.2%	7.1%
Milwaukee, WI	N/A	N/A	-17.6%	10.9%	-15.2%	7.8%
Jacksonville, FL	-6.2%	4.1%	-16.0%	-15.3%	-12.3%	0.2%
Memphis, TN	N/A	N/A	-28.5%	0.6%	-27.9%	8.5%
Oklahoma City, OK	N/A	N/A	-16.0%	6.2%	-17.4%	8.5%
Louisville, KY	3.4%	1.4%	-22.5%	-8.2%	-28.7%	3.1%
Hartford, CT	18.7%	-1.5%	-3.1%	2.6%	-35.7%	8.0%
Richmond, VA	N/A	N/A	-28.0%	-13.4%	-19.2%	7.9%
New Orleans, LA	8.9%	8.2%	-31.2%	10.1%	-22.5%	4.5%
Buffalo, NY	83.8%	26.3%	-16.6%	2.0%	-24.7%	6.7%
Raleigh, NC	-8.1%	5.1%	-14.7%	5.7%	-17.0%	1.9%
Birmingham, AL	-2.2%	-3.5%	-17.5%	1.4%	-21.1%	5.1%
Salt Lake City, UT	4.2%	-17.9%	-30.2%	-0.5%	-26.0%	4.3%
*Table organized by market size

About Zillow
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ⁱ The Zillow Weekly Market Reports are a weekly overview of the national and local real estate markets. The reports are compiled by Zillow Economic Research and data is aggregated from public sources and listing data on Zillow.com. Newly pending sales and new for-sale listings data reflect daily counts using a smoothed, seven-day trailing average. Total for-sale listings, days to pending and median list price data reflect weekly counts using a smoothed, four-week trailing average. For more information, visit www.zillow.com/research/.

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