Our 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, we 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 our Housing Market Recovery Index and a weekly video update from our economists. Here’s what the housing market looked like last week.
Weekly Housing Trends Key Findings
- Median listing prices grew at 12.9 percent over last year, marking the 21st week of accelerating prices and a new high-mark for price growth in our weekly data which goes back to 2017. During a normal year, asking prices begin to dip going into the fall as the types of homes for sale shift and sellers have to do more to attract a buyer from a smaller pool of shoppers, but 2020 is not following this usual seasonal trend, and the typical September asking price remained at $350,000, on par with peak summer home prices.
- New listings were down 7 percent. The number of sellers deciding to put their home on the market remains limited, but the drop in new sellers is not as large as the overall decline in inventory, which means new listings are a growing share of total listings–providing some small relief for option-starved buyers.
- Total inventory was down 38 percent. With high interest from buyers and limited flow of new listings, the total number of homes available for sale continues to shrink. For the third week in a row the pace of decline was even or improving. We’re a long way from a buyer’s market, but this is a buyer-friendly shift.
- Time on market is now 13 days faster than last year. With low inventory and a large pool of buyers, homes sell much faster than a year ago. The rapid turnover reflects the unseasonable excess of buyers in the housing market this fall, and will likely persist until sellers come back in a bigger way.
Data Summary
| First Two Weeks March | Week ending Sep 19 | Week ending Sep 26 | Week ending Oct 3 |
| Median Listing Prices | +4.5% YOY | +11.1% YOY | +12.4% YOY | +12.9% YOY |
| New Listings | +5% YOY | -15% YOY | -6% YOY | -7% YOY |
| Total Listings | -16% YOY | -39% YOY | -39% YOY | -38% YOY |
| Time on Market | 4 days faster YOY | 12 days faster YOY | 13 days faster YOY | 13 days faster YOY |
You can download weekly housing market data from our data page.
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