Chronicle Journal: Finance

Realtor.com® Weekly Housing Report: Home Buyers Stand to Benefit from New Listings Trend Improvement

SANTA CLARA, Calif., Oct. 29, 2020 /PRNewswire/ -- Despite the continued trend of record low inventory and unheard of price gains, the long overdue seasonal slowdown may be finally taking hold, according to realtor.com®'s Weekly Housing Report for the week ending Oct. 24. The latest report showed continued improvement in newly listed homes and a slight softening in buyer interest, which could bring some relief to those still in the market hunting for a new home during the final two months of the year.

"The number of buyers in the market remains well above the seasonal norm, but this week's data shows sellers may be losing some of their grip when it comes to having the upper hand.  For the first time since June, we saw an unseasonably large share of price reductions and a slight softening in buyer demand," said Javier Vivas, director of economic research for realtor.com®. "Months of double-digit price gains and a record low number of homes for sale may finally be translating into buyer fatigue in many markets. If this continues, we may see  price reductions ramp up and quick home sales ease through the end of the year."

Newly listed homes bring more options to weary buyers

  • New listings showed their biggest improvement since the start of the pandemic and a significant increase over the previous week.
  • Newly listed homes ended the week down 2% year-over-year, a significant improvement from the week of Oct. 17 when new listings were 6% lower than a year ago.
  • Although the total number of homes available for sale continues to be down 38% year-over-year, the market has seen six consecutive weeks of steady or improving decline.

Home prices remain high, but price reductions are on the rise

  • Listing prices extended their streak of double-digit growth, ending the week of Oct. 24 up 12.2%. The price of the typical home for sale remains unchanged at $350,000 and $38,0000 above last year.
  • The number of properties with price reductions is moving more toward seasonal norms, suggesting price gains may begin to ease in the coming weeks. The share of price reductions reached 5.5% for the week of Oct. 24, an increase from the early pandemic period in April where price reductions averaged 3.7%, and closer to the more normal 6.5% seen this time last year.
  • With few options, homes continue to sell quickly. The average time on market is now a full two weeks faster than a year ago.

U.S. housing market shows signs of more balanced conditions

  • 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 searchers 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.
  • The index reached a new high of 112.4 nationwide for the week ending Oct. 24, 12.4 points above the pre-COVID baseline and an increase of 1.5 points over last week.
  • The index tells us that although demand for housing still outweighs supply, the U.S. housing market is shifting toward a more normal buyer/seller balance, which is good news for home shoppers.

Metro

Median Listing Price YoY

Total Listings YoY

Median Days on Market YoY

Akron, Ohio

9.1%

-54.1%

9 days faster

Albany-Schenectady-Troy, N.Y.

13.1%

-41.5%

16 days faster

Albuquerque, N.M.

14.8%

-50.1%

10 days faster

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

21.3%

-57.1%

34 days faster

Atlanta-Sandy Springs-Roswell, Ga.

9.9%

-44.6%

7 days faster

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

9.0%

-48.9%

32 days faster

Austin-Round Rock, Texas

18.0%

-48.8%

13 days faster

Bakersfield, Calif.

19.3%

-47.1%

14 days faster

Baltimore-Columbia-Towson, Md.

3.1%

-51.4%

10 days faster

Baton Rouge, La.

12.7%

-39.4%

6 days faster

Birmingham-Hoover, Ala.

1.6%

-36.5%

19 days faster

Boise City, Idaho

19.4%

-70.7%

6 days faster

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

12.7%

-27.8%

12 days faster

Bridgeport-Stamford-Norwalk, Conn.

0.0%

-26.0%

43 days faster

Buffalo-Cheektowaga-Niagara Falls, N.Y.

9.6%

-48.1%

6 days slower

Cape Coral-Fort Myers, Fla.

11.2%

-38.0%

16 days faster

Charleston-North Charleston, S.C.

13.1%

-43.4%

21 days faster

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

9.2%

-48.9%

14 days faster

Chattanooga, Tenn.-Ga.

12.3%

-52.7%

13 days faster

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

9.0%

-33.2%

7 days faster

Cincinnati, Ohio-Ky.-Ind.

13.2%

-43.8%

12 days faster

Cleveland-Elyria, Ohio

5.3%

-48.1%

18 days faster

Colorado Springs, Colo.

7.0%

-53.9%

12 days faster

Columbia, S.C.

7.4%

-48.3%

21 days faster

Columbus, Ohio

12.7%

-47.4%

11 days faster

Dallas-Fort Worth-Arlington, Texas

3.8%

-46.9%

10 days faster

Dayton, Ohio

15.9%

-45.4%

12 days faster

Deltona-Daytona Beach-Ormond Beach, Fla.

5.3%

-42.7%

25 days faster

Denver-Aurora-Lakewood, Colo.

5.7%

-43.7%

10 days faster

Des Moines-West Des Moines, Iowa

3.7%

-34.0%

10 days faster

Detroit-Warren-Dearborn, Mich

12.6%

-47.4%

8 days faster

Durham-Chapel Hill, N.C.

15.1%

-45.5%

15 days faster

El Paso, Texas

16.9%

-46.7%

10 days faster

Fresno, Calif.

7.0%

-57.0%

20 days faster

Grand Rapids-Wyoming, Mich

9.1%

-47.7%

2 days faster

Greensboro-High Point, N.C.

5.3%

-50.5%

17 days faster

Greenville-Anderson-Mauldin, S.C.

3.9%

-40.5%

10 days faster

Harrisburg-Carlisle, Pa.

14.9%

-56.0%

5 days faster

Hartford-West Hartford-East Hartford, Conn.

7.2%

-29.3%

24 days faster

Houston-The Woodlands-Sugar Land, Texas

8.2%

-33.3%

11 days faster

Indianapolis-Carmel-Anderson, Ind.

3.8%

-47.7%

13 days faster

Jackson, Miss.

15.6%

-46.5%

25 days faster

Jacksonville, Fla.

0.7%

-45.3%

16 days faster

Kansas City, Mo.-Kan.

10.1%

-48.6%

10 days faster

Knoxville, Tenn.

11.9%

-53.2%

18 days faster

Lakeland-Winter Haven, Fla.

7.7%

-30.2%

6 days faster

Las Vegas-Henderson-Paradise, Nev.

7.8%

-5.1%

9 days faster

Little Rock-North Little Rock-Conway, Ark.

17.5%

-50.2%

19 days faster

Los Angeles-Long Beach-Anaheim, Calif.

16.4%

-20.3%

7 days faster

Louisville/Jefferson County, Ky.-Ind.

0.1%

-50.5%

15 days faster

Madison, Wis.

7.3%

-44.2%

12 days faster

McAllen-Edinburg-Mission, Texas

17.9%

-44.1%

39 days faster

Memphis, Tenn.-Miss.-Ark.

12.3%

-49.7%

14 days faster

Miami-Fort Lauderdale-West Palm Beach, Fla.

2.1%

-17.2%

No change

Milwaukee-Waukesha-West Allis, Wis.

2.4%

-37.1%

7 days faster

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

1.5%

-29.8%

8 days faster

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

8.1%

-44.6%

6 days faster

New Haven-Milford, Conn.

7.6%

-23.3%

28 days faster

New Orleans-Metairie, La.

18.0%

-38.2%

7 days faster

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

17.0%

-2.3%

9 days faster

North Port-Sarasota-Bradenton, Fla.

4.2%

-36.2%

19 days faster

Oklahoma City, Okla.

6.3%

-41.6%

3 days faster

Omaha-Council Bluffs, Neb.-Iowa

4.0%

-47.6%

12 days slower

Orlando-Kissimmee-Sanford, Fla.

1.6%

-20.9%

5 days faster

Oxnard-Thousand Oaks-Ventura, Calif.

13.4%

-47.5%

16 days faster

Palm Bay-Melbourne-Titusville, Fla.

6.7%

-41.7%

7 days faster

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

16.7%

-41.2%

13 days faster

Phoenix-Mesa-Scottsdale, Ariz.

8.8%

-41.7%

7 days faster

Pittsburgh, Pa.

25.3%

-39.0%

13 days faster

Portland-South Portland, Maine

8.1%

-46.5%

35 days faster

Portland-Vancouver-Hillsboro, Ore.-Wash.

9.7%

-44.7%

2 days faster

Providence-Warwick, R.I.-Mass.

5.5%

-52.1%

10 days faster

Raleigh, N.C.

7.0%

-46.5%

14 days faster

Richmond, Va.

14.4%

-48.9%

7 days faster

Riverside-San Bernardino-Ontario, Calif.

15.9%

-53.3%

11 days faster

Rochester, N.Y.

14.3%

-42.2%

15 days faster

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

12.5%

-45.9%

15 days faster

Salt Lake City, Utah

11.2%

-49.2%

14 days faster

San Antonio-New Braunfels, Texas

3.8%

-42.1%

8 days faster

San Diego-Carlsbad, Calif.

11.2%

-24.1%

13 days faster

San Francisco-Oakland-Hayward, Calif.

11.5%

-0.2%

4 days faster

San Jose-Sunnyvale-Santa Clara, Calif.

9.2%

-14.9%

9 days faster

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

18.8%

-53.1%

37 days faster

Seattle-Tacoma-Bellevue, Wash.

5.1%

-33.9%

9 days faster

Spokane-Spokane Valley, Wash.

7.2%

-49.0%

7 days faster

Springfield, Mass.

18.2%

-46.2%

17 days faster

St. Louis, Mo.-Ill.

9.8%

-38.8%

10 days faster

Stockton-Lodi, Calif.

7.0%

-62.0%

9 days faster

Syracuse, N.Y.

7.8%

-44.2%

4 days faster

Tampa-St. Petersburg-Clearwater, Fla.

8.3%

-42.6%

14 days faster

Toledo, Ohio

9.4%

-42.2%

13 days faster

Tucson, Ariz.

6.9%

-42.4%

6 days faster

Tulsa, Okla.

8.0%

-40.3%

8 days faster

Urban Honolulu, Hawaii

-11.6%

27.0%

2 days slower

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

6.9%

-45.9%

21 days faster

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

4.4%

-35.6%

8 days faster

Wichita, Kan.

10.6%

-37.3%

17 days faster

Winston-Salem, N.C.

7.4%

-47.6%

16 days faster

Worcester, Mass.-Conn.

10.3%

-51.5%

25 days faster

Youngstown-Warren-Boardman, Ohio-Pa.

11.3%

-53.4%

23 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 contact:
Janice McDill, janice.mcdill@move.com, 312.307.3134

Cision View original content:http://www.prnewswire.com/news-releases/realtorcom-weekly-housing-report-home-buyers-stand-to-benefit-from-new-listings-trend-improvement-301162604.html

SOURCE realtor.com

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