Chronicle Journal: Finance

Realtor.com® Weekly Housing Report: Nearly 400,000 Fewer Homes Have Been Listed Since the Start of the Pandemic

SANTA CLARA, Calif., Sept. 24, 2020 /PRNewswire/ -- Since the beginning of the COVID pandemic in March, nearly 400,000 fewer homes have been listed compared to last year, leaving a gaping hole in the U.S. housing inventory, according to realtor.com®'s Weekly Housing Report for the week ending Sept. 19. As a result, home prices are accelerating at double last year's pace while homes sell 12 days faster than last year, on average.

"Sellers are more reluctant to list their home given the uncertainty over the economy and the pandemic environment. Buyers on the other hand, especially hungry first timers, remain largely unfazed by the challenges, and are motivated by low mortgage rates and the fear of missing out on the right home," said Javier Vivas, director of economic research for realtor.com®. "The majority of sellers are also buyers, so even as new listings hit the market, another buyer is also added. Adding to the inventory issues, thousands of previously vacant homes, such as second homes and rentals, have been reoccupied by their owners during the pandemic, effectively taking them off the market."

Number of homes on the market remains woefully behind last year

  • Since mid-March (the beginning of the COVID pandemic), a total of 2.91 million unique properties have been put on the market for sale. This is approximately 390,000 fewer homes than the 3.30 million listed during the same period last year.
  • As of this week, the number of homes on the market is down 39% compared to last year. With the typical seasonal slowdown approaching, relief in terms of more available homes for sale is unlikely.
  • The number of new listings hitting the market this week was down 15% compared to last year, a slight improvement over last week's decline of 17%. The slight uptick was likely a result of having a full work week compared to the short holiday week (Labor Day), as well as better containment of wildfires on the West Coast.

 Home prices continued to see record breaking growth

  • Median listing prices continued to grow at last week's record breaking pace of 11.1% year-over-year. This is more than double January 2020's price acceleration and the 19th week in a row of price acceleration.

 Homes are selling even faster than last week

  • Homes are selling in 53 days, which is 12 days faster on average than this time last year, and one day faster than last week. The rapid turnover is fueling home sales, and keeping the market from stalling. With buyer demand showing no signs of cooling, homes are expected to continue flying off the market, despite a depleted supply.

Housing market strengthens after last week's disasters 

  • 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 107.2 points, 1.0 point stronger than last week and 7.2 points stronger than it was pre-COVID. The slight improvement over last week can be attributed to the containment of fire and hurricane damage, which had weakened levels of supply.

Metro

Median
Listing
Price YoY

Total
Listings
YoY

Median Days on
Market YoY

Akron, Ohio

6.5%

-54.4%

5 days faster

Albany-Schenectady-Troy, N.Y.

16.2%

-43.1%

12 days faster

Albuquerque, N.M.

18.5%

-51.4%

6 days faster

Allentown-Bethlehem-Easton, Pa.-N.J.

26.1%

-59.0%

37 days faster

Atlanta-Sandy Springs-Roswell, Ga.

9.9%

-46.6%

9 days faster

Augusta-Richmond County, Ga.-S.C.

6.4%

-48.5%

25 days faster

Austin-Round Rock, Texas

16.9%

-49.3%

13 days faster

Bakersfield, Calif.

17.3%

-46.7%

18 days faster

Baltimore-Columbia-Towson, Md.

3.3%

-52.8%

18 days faster

Baton Rouge, La.

14.9%

-35.8%

1 days slower

Birmingham-Hoover, Ala.

7.5%

-39.3%

12 days faster

Boise City, Idaho

12.3%

-67.4%

3 days faster

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

15.4%

-34.6%

17 days faster

Bridgeport-Stamford-Norwalk, Conn.

1.6%

-23.9%

41 days faster

Buffalo-Cheektowaga-Niagara Falls, N.Y.

15.0%

-43.1%

No change

Cape Coral-Fort Myers, Fla.

13.8%

-32.6%

20 days faster

Charleston-North Charleston, S.C.

15.5%

-42.7%

22 days faster

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

8.6%

-48.9%

14 days faster

Chattanooga, Tenn.-Ga.

12.9%

-51.1%

12 days faster

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

9.2%

-35.3%

7 days faster

Cincinnati, Ohio-Ky.-Ind.

18.2%

-48.3%

9 days faster

Cleveland-Elyria, Ohio

8.2%

-51.2%

10 days faster

Colorado Springs, Colo.

4.5%

-52.0%

15 days faster

Columbia, S.C.

8.7%

-47.9%

21 days faster

Columbus, Ohio

7.1%

-48.4%

13 days faster

Dallas-Fort Worth-Arlington, Texas

5.0%

-45.3%

10 days faster

Dayton, Ohio

24.7%

-47.0%

9 days faster

Deltona-Daytona Beach-Ormond Beach, Fla.

4.3%

-43.3%

17 days faster

Denver-Aurora-Lakewood, Colo.

4.9%

-40.9%

7 days faster

Des Moines-West Des Moines, Iowa

2.2%

-36.5%

8 days faster

Detroit-Warren-Dearborn, Mich

12.9%

-46.2%

7 days faster

Durham-Chapel Hill, N.C.

11.7%

-44.9%

8 days faster

El Paso, Texas

11.1%

-45.5%

20 days faster

Fresno, Calif.

6.1%

-57.3%

20 days faster

Grand Rapids-Wyoming, Mich

7.1%

-48.5%

No change

Greensboro-High Point, N.C.

13.5%

-49.9%

9 days faster

Greenville-Anderson-Mauldin, S.C.

6.8%

-43.1%

5 days faster

Harrisburg-Carlisle, Pa.

10.2%

-51.4%

20 days faster

Hartford-West Hartford-East Hartford, Conn.

7.5%

-31.1%

23 days faster

Houston-The Woodlands-Sugar Land, Texas

7.2%

-33.0%

7 days faster

Indianapolis-Carmel-Anderson, Ind.

8.0%

-54.2%

13 days faster

Jackson, Miss.

22.0%

-45.3%

14 days faster

Jacksonville, Fla.

4.6%

-44.9%

11 days faster

Kansas City, Mo.-Kan.

13.4%

-51.8%

3 days faster

Knoxville, Tenn.

7.6%

-56.6%

12 days faster

Lakeland-Winter Haven, Fla.

8.0%

-30.8%

7 days faster

Las Vegas-Henderson-Paradise, Nev.

7.8%

-6.4%

9 days faster

Little Rock-North Little Rock-Conway, Ark.

18.3%

-49.0%

16 days faster

Los Angeles-Long Beach-Anaheim, Calif.

17.1%

-29.0%

1 day faster

Louisville/Jefferson County, Ky.-Ind.

2.6%

-49.8%

9 days faster

Madison, Wis.

5.7%

-45.5%

5 days faster

McAllen-Edinburg-Mission, Texas

13.8%

-47.7%

19 days faster

Memphis, Tenn.-Miss.-Ark.

11.1%

-53.3%

12 days faster

Miami-Fort Lauderdale-West Palm Beach, Fla.

2.5%

-14.9%

5 days faster

Milwaukee-Waukesha-West Allis, Wis.

8.3%

-43.8%

3 days faster

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

3.0%

-33.0%

7 days faster

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

8.1%

-42.3%

4 days faster

New Haven-Milford, Conn.

5.7%

-24.3%

28 days faster

New Orleans-Metairie, La.

12.5%

-39.6%

8 days faster

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

12.5%

-9.1%

10 days faster

North Port-Sarasota-Bradenton, Fla.

5.4%

-32.1%

21 days faster

Oklahoma City, Okla.

6.1%

-39.6%

3 days faster

Omaha-Council Bluffs, Neb.-Iowa

8.4%

-44.8%

9 days slower

Orlando-Kissimmee-Sanford, Fla.

1.5%

-20.4%

7 days faster

Oxnard-Thousand Oaks-Ventura, Calif.

9.1%

-45.7%

36 days faster

Palm Bay-Melbourne-Titusville, Fla.

7.0%

-42.6%

7 days faster

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

15.4%

-43.6%

20 days faster

Phoenix-Mesa-Scottsdale, Ariz.

7.8%

-41.5%

7 days faster

Pittsburgh, Pa.

25.0%

-35.7%

10 days faster

Portland-South Portland, Maine

11.9%

-48.8%

30 days faster

Portland-Vancouver-Hillsboro, Ore.-Wash.

8.3%

-45.5%

5 days faster

Providence-Warwick, R.I.-Mass.

9.1%

-54.0%

12 days faster

Raleigh, N.C.

6.0%

-46.3%

8 days faster

Richmond, Va.

11.6%

-46.7%

8 days faster

Riverside-San Bernardino-Ontario, Calif.

14.4%

-57.1%

10 days faster

Rochester, N.Y.

6.3%

-42.1%

16 days faster

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

9.1%

-51.9%

10 days faster

Salt Lake City, Utah

13.9%

-56.2%

15 days faster

San Antonio-New Braunfels, Texas

6.6%

-43.8%

14 days faster

San Diego-Carlsbad, Calif.

6.9%

-42.4%

8 days faster

San Francisco-Oakland-Hayward, Calif.

9.3%

-13.9%

5 days slower

San Jose-Sunnyvale-Santa Clara, Calif.

5.6%

-27.1%

3 days faster

Scranton--Wilkes-Barre--Hazleton, Pa.

16.1%

-53.3%

30 days faster

Seattle-Tacoma-Bellevue, Wash.

5.2%

-26.4%

7 days faster

Spokane-Spokane Valley, Wash.

15.0%

-48.1%

4 days faster

Springfield, Mass.

22.5%

-48.3%

15 days faster

St. Louis, Mo.-Ill.

11.2%

-40.1%

6 days faster

Stockton-Lodi, Calif.

9.4%

-62.1%

3 days faster

Syracuse, N.Y.

2.8%

-43.5%

2 days slower

Tampa-St. Petersburg-Clearwater, Fla.

7.2%

-45.1%

10 days faster

Toledo, Ohio

9.3%

-42.3%

12 days faster

Tucson, Ariz.

10.4%

-45.2%

6 days faster

Tulsa, Okla.

14.3%

-43.6%

8 days faster

Urban Honolulu, Hawaii

-12.2%

27.4%

3 days slower

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

10.0%

-45.6%

24 days faster

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

9.2%

-42.0%

16 days faster

Wichita, Kan.

9.9%

-49.1%

13 days faster

Winston-Salem, N.C.

8.7%

-49.4%

17 days faster

Worcester, Mass.-Conn.

11.8%

-55.0%

26 days faster

Youngstown-Warren-Boardman, Ohio-Pa.

9.4%

-57.8%

12 days faster

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: 
Cody Horvat - cody.horvat@move.com

 

Cision View original content:http://www.prnewswire.com/news-releases/realtorcom-weekly-housing-report-nearly-400-000-fewer-homes-have-been-listed-since-the-start-of-the-pandemic-301137240.html

SOURCE realtor.com

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