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Realtor.com® Weekly Recovery Report: Housing Market Gains Momentum Ahead of Summer Buying Season

Cision
Cision

Days on market sees its largest weekly improvement post-COVID

SANTA CLARA, Calif. , June 25, 2020 /PRNewswire/ -- The realtor.com ® Weekly Housing Recovery Index hit 92 points for the week ending June 20 , up 2 points over last week and just 8 points short of its pre-COVID baseline, according to new data released today by realtor.com ® . Days on market also saw its largest post-COVID improvement this week with homes selling three days faster than last week on average --- driven by the easing of shelter in place orders and buyers re-entering the market.

"This week's data shows the housing market is continuing to warm up as economies reopen and more buyers return to the streets, but with COVID cases increasing in some regions uncertainty still remains," said Javier Vivas , director of economic research for realtor.com ® . "The pace of home sales also showed the first substantial signs of improvement in anticipation of the summer season. It's unlikely we'll see the national pace of sales return to normal this year, but we should see home closings accelerate in the coming weeks -- and peak later than usual this summer."

  • Local Index Recovery:  Miami, Philadelphia , Rochester N.Y. , and Jacksonville FL  crossed the recovery benchmark this week, taking the total number of markets above the January baseline to 10, the highest number since the onset of COVID. The overall recovery index is showing greatest recovery in Seattle , Denver , Boston , Jacksonville, Fla. , and Philadelphia . Regionally, the West (index 99.6) continues to lead the recovery with the overall index now essentially at the January benchmark. The South (index 93.9), which led the early recovery, is beginning to lag relative to other regions, with both the Northeast and Midwest (index 94.5 and index 93.6) catching up. See full list of metros below.

Listings Data Summary


Week ending

June 20

Week ending
June 13

Week ending
June 6

First Two
Weeks March

Total Listings

-29% YOY

-27% YOY

-25% YOY

-16% YOY

Time on Market

13 days slower YOY

16 days slower YOY

16 days slower YOY

-4 days faster YOY

Median Listing Prices

+5.6% YOY

+4.6% YOY

+4.3% YOY

+4.5% YOY

New Listings

-19% YOY

-20% YOY

-21% YOY

+5% YOY

  • Time on market is now just 13 days slower than last year. While it still takes longer to find a buyer and complete a sale compared to this time last year, the gap is shrinking as buyers return and are forced to move faster to compete for a limited number of homes for sale.

  • New listings are down 19 percent . Buyer interest in the housing market has more than fully recovered. In comparison, the pace of sellers coming back to the market is lagging. This is helping to keep the balance between market components, such as price and time on market. But new listings are a crucial pre-cursor to home sales , particularly in an inventory-light market, so productivity of the summer season really comes down to how many homes are listed.

  • Median listing prices are now growing at 5.6 percent over last year, more than a percentage point above pre-COVID pace.

  • Total inventory is down 29 percent. The number of homes for sale continues to decline faster than last year because buyers outnumber sellers in this unusual summer season.

Rank

Metro

Recovery
Index (Week
Ending 6/20)

Recovery
Index
(Weekly
Change)

1

Seattle-Tacoma-Bellevue, Wash.

110.6

4.6

2

Denver-Aurora-Lakewood, Colo.

108.3

0.7

3

Boston-Cambridge-Newton, Mass.-N.H.

106.5

-0.2

4

Jacksonville, Fla.

104.5

7.1

5

Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.

103.8

9.1

6

Los Angeles-Long Beach-Anaheim, Calif.

103.7

3.1

7

Las Vegas-Henderson-Paradise, Nev.

102.6

1.6

8

San Francisco-Oakland-Hayward, Calif.

102.5

-2.0

9

San Diego-Carlsbad, Calif.

100.3

-4.2

10

Miami-Fort Lauderdale-West Palm Beach, Fla.

100.1

2.9

11

Baltimore-Columbia-Towson, Md.

99.6

2.8

12

Rochester, N.Y.

99.1

-2.2

13

Kansas City, Mo.-Kan.

99.0

3.9

14

Hartford-West Hartford-East Hartford, Conn.

98.8

5.4

15

Dallas-Fort Worth-Arlington, Texas

98.6

2.1

16

Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.

97.6

1.0

17

Austin-Round Rock, Texas

97.5

-1.5

18

Nashville-Davidson--Murfreesboro--Franklin, Tenn.

97.2

-0.2

19

Memphis, Tenn.-Miss.-Ark.

97.1

2.1

20

Cincinnati, Ohio-Ky.-Ind.

96.6

7.4

21

Riverside-San Bernardino-Ontario, Calif.

96.3

3.0

22

Louisville/Jefferson County, Ky.-Ind.

96.0

-0.7

23

Atlanta-Sandy Springs-Roswell, Ga.

95.9

-0.4

24

Cleveland-Elyria, Ohio

95.6

4.2

25

Detroit-Warren-Dearborn, Mich.

94.9

-2.5

26

Phoenix-Mesa-Scottsdale, Ariz.

94.5

0.5

27

Minneapolis-St. Paul-Bloomington, Minn.-Wis.

94.3

1.7

28

Virginia Beach-Norfolk-Newport News, Va.-N.C.

94.1

1.5

29

Houston-The Woodlands-Sugar Land, Texas

93.9

1.3

30

San Jose-Sunnyvale-Santa Clara, Calif.

93.7

1.9

31

St. Louis, Mo.-Ill.

93.1

2.5

32

Portland-Vancouver-Hillsboro, Ore.-Wash.

93.1

-0.3

33

New Orleans-Metairie, La.

92.8

8.6

34

Charlotte-Concord-Gastonia, N.C.-S.C.

92.3

2.1

35

New York-Newark-Jersey City, N.Y.-N.J.-Pa.

91.6

-0.8

36

San Antonio-New Braunfels, Texas

91.5

0.7

37

Indianapolis-Carmel-Anderson, Ind.

90.9

5.4

38

Birmingham-Hoover, Ala.

90.5

-5.7

39

Tampa-St. Petersburg-Clearwater, Fla.

90.4

-0.6

40

Sacramento--Roseville--Arden-Arcade, Calif.

89.6

-2.6

41

Providence-Warwick, R.I.-Mass.

89.4

4.5

42

Orlando-Kissimmee-Sanford, Fla.

89.2

1.5

43

Milwaukee-Waukesha-West Allis, Wis.

88.9

1.3

44

Pittsburgh, Pa.

88.6

0.5

45

Oklahoma City, Okla.

88.3

-4.8

46

Chicago-Naperville-Elgin, Ill.-Ind.-Wis.

87.8

0.5

47

Richmond, Va.

86.4

-6.8

48

Buffalo-Cheektowaga-Niagara Falls, N.Y.

84.7

3.1

49

Columbus, Ohio

84.5

0.8

50

Raleigh, N.C.

81.9

-0.9

Weekly listings data: https://www.realtor.com/research/weekly-housing-trends-view-data-week-june-20-2020/

Weekly Recovery index data: https://www.realtor.com/research/ housing-market-recovery-index-trends-june-20-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 ®
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

week_end_date

cbsa_code

cbsa_title

median_listing_price_yy

active_listing_count_yy

median_days_on_market_by_day_yy

median_days_on_market_yy

new_listing_count_yy

new_listing_share_yy

price_reduced_count_yy

price_reduced_share_yy

6/20/2020

35620

new york-newark-jersey city, ny-nj-pa

1.70%

-20.60%

24

42.10%

1.10%

1.80%

-59.20%

-3.00%

6/20/2020

31080

los angeles-long beach-anaheim, ca

21.90%

-19.80%

13

28.90%

-19.60%

0.00%

-48.80%

-2.70%

6/20/2020

16980

chicago-naperville-elgin, il-in-wi

0.30%

-28.80%

3

7.10%

-19.80%

1.30%

-38.90%

-1.30%

6/20/2020

19100

dallas-fort worth-arlington, tx

0.00%

-30.70%

-1

-2.00%

-13.10%

2.30%

-43.20%

-2.30%

6/20/2020

26420

houston-the woodlands-sugar land, tx

1.60%

-23.20%

6

11.80%

-15.20%

0.90%

-40.90%

-2.20%

6/20/2020

37980

philadelphia-camden-wilmington, pa-nj-de-md

13.80%

-40.00%

0

0.00%

-15.40%

3.40%

-50.50%

-1.70%

6/20/2020

47900

washington-arlington-alexandria, dc-va-md-wv

9.00%

-39.00%

-2

-5.30%

-19.70%

3.50%

-56.10%

-2.40%

6/20/2020

33100

miami-fort lauderdale-west palm beach, fl

...