Realtor.com's research team releases regular monthly housing trends reports. These reports break down inventory metrics like the number of active listings and the pace of the market. In light of the developing COVID-19 situation affecting the industry, they want to give readers more timely weekly updates. You can look forward to a Weekly Housing Trends View near the end of each week along with weekly coverage from their Housing Market Recovery Index and a weekly video update from their economists. Here’s what the housing market looked like last week.
Weekly Housing Trends Key Findings
Median listing prices grew at 9.4 percent over last year, continuing to pick up speed. The strength of prices against an uncertain economic landscape that includes a double-digit unemployment rate is perhaps the most surprising aspect of how the housing market has fared–a dramatic departure from the last time unemployment was in double-digit territory. However, looking at the sheer number of buyers, low mortgage rates, and limited sellers, the strength of home prices–which are now growing at the highest pace since January 2018–makes sense.
New listings were down 11 percent. The gradual improvement in the trend of new sellers listing homes took a pause this week despite continued price gains. Selling a home now may involve some extra precautions, but it is very possible. Continued recovery in new listings is needed before we can see sales fully recover.
Time on market is now 4 days faster than last year. As a result of still too few homes for sale and mortgage rates at or near-record lows, homes are selling even faster than a year ago nationwide and in many metros, a plus for sellers looking to move quickly.
Total inventory was down 35 percent. With buyer interest high and the number of new sellers still lagging, the total number of homes for sale continues to dwindle. These conditions set the stage for further price gains ahead, a trend which could eventually cause buyer demand to cool.
Additional data insights can be found by clicking on the image below.