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.
Our latest inventory data shows sellers have yet to find their confidence 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. 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.
Weekly Housing Trends Key Findings
- Median listing prices grew at 11.1 percent over last year, matching the fastest pace of growth in more than two years, and the 19th consecutive week of increasing price growth momentum. The rate at which asking prices are growing is more than double the pace set at the beginning of the year. Low mortgage rates are helping offset this increased cost for buyers, allowing them to take on a bigger loan amount.
- New listings were down 15 percent. The new listings trend made up some of the ground lost last week, likely a result of the fuller week post Labor Day as well as easing from fires in the West and storms in the South. The number of sellers deciding to put their home on the market remains limited even for this time of the year. Seller confidence is improving but at a much slower pace than buyer confidence.
- Total inventory was down 39 percent. With high interest from buyers and limited flow of new listings, the total number of homes available for sale continues to shrink rapidly. The added competition means existing sellers in many markets have the upper hand over buyers.
- Time on market is now 12 days faster than last year. With low inventory and a growing pool of buyers, homes are spending less time to sell. The rapid turnover continues to fuel home sales, but it’s also depleting the amount of options dangerously fast.
Data Summary
| First Two Weeks March | Week ending Sep 5 | Week ending Sep 12 | Week ending Sep 19 |
| Median Listing Prices | +4.5% YOY | +10.8% YOY | +11.1% YOY | +11.1% YOY |
| New Listings | +5% YOY | -12% YOY | -17% YOY | -15% YOY |
| Total Listings | -16% YOY | -39% YOY | -39% YOY | -39% YOY |
| Time on Market | 4 days faster YOY | 12 days faster YOY | 11 days faster YOY | 12 days faster YOY |
You can download weekly housing market data from our data page.
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