PR Newswire | Aug 27, 2020 06:01AM EDT

Enters Uncharted Territory

08/27 05:00 CDT

Realtor.com(r) Weekly Recovery Report: Housing's Supply and Demand Imbalance Enters Uncharted TerritoryReal estate activity grows beyond pre-pandemic pace for sixth week in a row SANTA CLARA, Calif., Aug. 27, 2020

SANTA CLARA, Calif., Aug. 27, 2020 /PRNewswire/ -- Buyer demand has shown no signs of slowing down as homes are selling nine days faster than this time last year, despite 15 consecutive weeks of solid price growth, according to realtor.com(r)'s Weekly Recovery Report for the week ending Aug. 22. With national inventory down 37 percent year-over-year, buyers' heightened demand is creating a marketplace that tilts the scales in favor of sellers as bidding wars, multiple offers and a blistering pace of sales become the new normal.

The realtor.com(r) Housing Market Recovery Index reached 106.6 nationwide for the week ending Aug. 22, posting a 1.8 point increase over last week and 6.6 points above the pre-COVID baseline of January 2020. The 'housing demand' component of the index, measured by growth in search traffic, remained above the recovery baseline, with this week's index reaching 124.1, the highest index value since March. However, the 'housing supply' component, measured by new listing growth, declined back down to 95.5, after having briefly surpassed the recovery baseline two weeks ago.

"There's a record level of buyers competing in the housing market right now," said Javier Vivas, director of economic research for realtor.com(r). "In a typical year, buyer-seller activity would be dwindling down heading into Labor Day, but 2020 has been nothing short of abnormal. It may be late August, but we're in the thick of the homebuying season, with busy open houses, multiple offers and even bidding wars becoming the common theme in many markets. First-time home buyers face the biggest hurdles and have to lean on financing to keep their home ownership dreams alive".

Weekly listings data findings:

* Time on market is now nine days faster than last year. Whether the urgency comes from a desire to lock in a low mortgage rate or to make a bid before someone else does, buyers are moving faster than this time last year. This means homes are sitting on the market for less time, despite higher price tags. * Total inventory was down 37 percent. Buyers are motivated by low mortgage rates and a strong desire to find their own place as the remote work trend begins to look long term. They're quickly putting offers on homes that come up for sale, evaporating the overall number of homes for sale. Any other insights on what is driving down inventory?] * Median listing prices grew at 10.3 percent over last year, the fastest pace of growth since January 2018. This marks the 15th consecutive week of price growth at or equal to the previous week's yearly pace--a remarkable feat considering the economic backdrop of a recession and continuing job losses. Consistently rising home price growth is the market's answer to balancing the insufficient availability of homes for sale against a steady stream of homebuyers. * New listings were down 13 percent. The new listings trend lost some additional momentum for the second week in a row, but remains well above mid-April lows. Home sales surged in June and July as pent up buyers flooded the market. More new sellers could keep sales elevated into the fall, but on the other hand, fewer new sellers could mean more price growth.

Listings Data Summary:

Week ending Week ending Week ending First Two Weeks Aug 22 Aug 15 Aug 8 March

Total Listings -37% YOY -36% YOY -36% YOY -16% YOY

Time on Market 9 days faster 4 days faster 4 days faster4 days faster YOY YOY YOY YOY

Median Listing +10.3% YOY +10.1% YOY +9.9% YOY +4.5% YOY Prices

New Listings -13% YOY -11% YOY -6% YOY +5% YOY

Top 50 Metros Recovery Index

Recovery IndexRecovery RankMetro (Week Ending 8Index (Weekly /22) Change)

1 Las Vegas-Henderson-Paradise, Nev. 123.9 -2.1

2 Seattle-Tacoma-Bellevue, Wash. 118.6 -2.1

3 San Jose-Sunnyvale-Santa Clara, Calif. 116.9 5.1

4 Denver-Aurora-Lakewood, Colo. 115.8 1.9

5 Los Angeles-Long Beach-Anaheim, Calif. 115.7 3.3

6 New York-Newark-Jersey City, N.Y.-N.J.-Pa. 115 -1.5

7 Philadelphia-Camden-Wilmington, 114.9 -0.6 Pa.-N.J.-Del.-Md.

8 Boston-Cambridge-Newton, Mass.-N.H. 114.9 -0.8

9 Riverside-San Bernardino-Ontario, Calif. 113.7 2.3

10 Phoenix-Mesa-Scottsdale, Ariz. 112.9 1.8

11 San Diego-Carlsbad, Calif. 112.4 2.3

12 Rochester, N.Y. 111.7 1.9

13 Portland-Vancouver-Hillsboro, Ore.-Wash. 111.7 -2.6

14 San Francisco-Oakland-Hayward, Calif. 110.8 4

15 Baltimore-Columbia-Towson, Md. 110.7 0.8

16 Hartford-West Hartford-East Hartford, Conn.109.6 5.7

17 Washington-Arlington-Alexandria, 109.5 -2.5 DC-Va.-Md.-W. Va.

18 Virginia Beach-Norfolk-Newport News, 109.5 3.4 Va.-N.C.

19 Pittsburgh, Pa. 109.2 2.9

20 Austin-Round Rock, Texas 109 0.3

21 Sacramento--Roseville--Arden-Arcade, Calif.107.8 6.7

22 San Antonio-New Braunfels, Texas 107.1 1.8

23 Charlotte-Concord-Gastonia, N.C.-S.C. 107.1 3.1

24 Tampa-St. Petersburg-Clearwater, Fla. 106.5 0.8

25 Memphis, Tenn.-Miss.-Ark. 106.4 8

26 Minneapolis-St. Paul-Bloomington, 105.9 3.6 Minn.-Wis.

27 Orlando-Kissimmee-Sanford, Fla. 105.8 3.6

28 Cincinnati, Ohio-Ky.-Ind. 105.3 9.8

29 Miami-Fort Lauderdale-West Palm Beach, Fla.104.6 -2.1

30 Detroit-Warren-Dearborn, Mich 104.4 1.4

31 Cleveland-Elyria, Ohio 104.1 2.9

32 Atlanta-Sandy Springs-Roswell, Ga. 104.1 3.1

33 Houston-The Woodlands-Sugar Land, Texas 104.1 -1

34 Providence-Warwick, R.I.-Mass. 103.3 4.6

35 Dallas-Fort Worth-Arlington, Texas 103.3 1.3

36 Chicago-Naperville-Elgin, Ill.-Ind.-Wis. 103.2 5.3

37 Louisville/Jefferson County, Ky.-Ind. 102.7 4.7

38 Kansas City, Mo.-Kan. 102.6 -1

39 Indianapolis-Carmel-Anderson, Ind. 101.7 3.9

40 Raleigh, N.C. 101.7 3.4

41 Nashville-Davidson--Murfreesboro--Franklin,100.6 1.3 Tenn.

42 St. Louis, Mo.-Ill. 100.4 4.8

43 New Orleans-Metairie, La. 100.3 1.1

44 Milwaukee-Waukesha-West Allis, Wis. 100.3 10.2

45 Buffalo-Cheektowaga-Niagara Falls, N.Y. 99.3 3.4

46 Columbus, Ohio 99.3 5.1

47 Birmingham-Hoover, Ala. 99.1 1.4

48 Jacksonville, Fla. 98.6 -1.9

49 Richmond, Va. 98.3 4.1

50 Oklahoma City, Okla. 90.4 -3.6

Link to Weekly Stats Blog Post:

https://www.realtor.com/research/weekly-housing-trends-view-data-week-august-22-2020/

Link to Index Commentary Blog Post: https://www.realtor.com/research/housing-market-recovery-index-trends-august-22-data/

Methodology: The Weekly Housing Index leverages a weighted average of realtor.com(r) 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.

week_end_datecbsa_codecbsa_title hh_rankmedian_listing_price_yyactive_listing_count_yymedian_days_on_market_by_day_yymedian_days_on_market_yynew_listing_count_yynew_listing_share_yyprice_reduced_count_yyprice_reduced_share_yy

8/22/2020 35620 new york-newark-jersey city, ny-nj-pa 1 11.90% -11.30% -18 -24.70% 0.10% 0.90% -37.00% -1.60%

8/22/2020 31080 los angeles-long beach-anaheim, ca 2 20.50% -27.50% -3 -5.70% -11.50% 2.00% -49.50% -2.10%

8/22/2020 16980 chicago-naperville-elgin, il-in-wi 3 7.00% -33.20% -13 -25.00% -7.80% 3.40% -44.30% -1.70%

8/22/2020 19100 dallas-fort worth-arlington, tx 4 3.40% -40.80% -10 -18.20% -17.00% 3.30% -56.60% -3.30%

8/22/2020 26420 houston-the woodlands-sugar land, tx 5 5.70% -30.10% -8 -13.60% -8.80% 2.20% -43.40% -1.90%

8/22/2020 37980 philadelphia-camden-wilmington, pa-nj-de-md 6 18.00% -45.30% -19 -30.20% -12.20% 4.40% -54.60% -1.70%

8/22/2020 47900 washington-arlington-alexandria, dc-va-md-wv 7 10.50% -43.70% -15 -33.30% -10.70% 5.80% -52.60% -1.60%

8/22/2020 33100 miami-fort lauderdale-west palm beach, fl 8 0.90% -12.90% -5 -5.00% -4.00% 0.50% -28.20% -0.90%

8/22/2020 12060 atlanta-sandy springs-roswell, ga 9 10.60% -42.90% -10 -17.90% -20.50% 3.20% -54.30% -1.90%

8/22/2020 14460 boston-cambridge-newton, ma-nh 10 15.40% -36.00% -22 -37.30% -20.10% 2.60% -52.90% -2.30%

8/22/2020 41860 san francisco-oakland-hayward, ca 11 11.20% -12.70% -7 -16.70% -6.20% 1.00% -30.70% -1.50%

8/22/2020 19820 detroit-warren-dearborn, mi 12 11.60% -43.40% -5 -12.20% -23.90% 3.20% -56.80% -2.30%

8/22/2020 38060 phoenix-mesa-scottsdale, az 13 6.50% -42.50% -17 -30.40% -4.70% 6.10% -59.30% -3.80%

8/22/2020 42660 seattle-tacoma-bellevue, wa 14 4.30% -26.20% -11 -25.00% -2.20% 3.60% -57.40% -4.10%

8/22/2020 33460 minneapolis-st. paul-bloomington, mn-wi 15 4.60% -28.70% -9 -20.00% -5.50% 3.30% -54.30% -3.10%

8/22/2020 40140 riverside-san bernardino-ontario, ca 16 11.20% -55.80% -14 -23.30% -13.90% 7.30% -72.20% -3.00%

8/22/2020 45300 tampa-st. petersburg-clearwater, fl 17 8.10% -41.80% -12 -18.80% -16.80% 3.30% -47.10% -1.10%

8/22/2020 41740 san diego-carlsbad, ca 18 6.50% -43.50% -11 -23.90% -15.00% 5.10% -58.30% -2.50%

8/22/2020 41180 st. louis, mo-il 19 9.80% -37.70% -4 -6.50% -15.00% 2.90% -49.10% -1.70%

8/22/2020 19740 denver-aurora-lakewood, co 20 7.80% -36.90% -7 -16.30% -12.10% 4.20% -52.40% -3.60%

8/22/2020 12580 baltimore-columbia-towson, md 21 3.90% -52.40% -17 -30.40% -10.60% 6.50% -65.20% -2.90%

8/22/2020 38300 pittsburgh, pa 22 25.00% -34.70% -10 -15.40% -7.20% 3.10% -38.60% -0.80%

8/22/2020 38900 portland-vancouver-hillsboro, or-wa 23 5.90% -42.70% -4 -8.90% -11.50% 4.90% -30.90% 1.40%

8/22/2020 16740 charlotte-concord-gastonia, nc-sc 24 7.20% -46.80% -14 -25.00% -17.00% 4.70% -60.50% -2.90%

8/22/2020 36740 orlando-kissimmee-sanford, fl 25 0.90% -17.40% -7 -10.80% -0.80% 1.60% -32.80% -1.70%

8/22/2020 17460 cleveland-elyria, oh 26 14.50% -51.20% -10 -17.00% -25.00% 4.30% -51.50% -0.50%

8/22/2020 41700 san antonio-new braunfels, tx 27 5.30% -41.00% -9 -15.00% -7.00% 3.80% -48.40% -1.40%

8/22/2020 17140 cincinnati, oh-ky-in 28 18.10% -47.70% -10 -19.20% -24.90% 4.10% -51.10% -0.90%

8/22/2020 40900 sacramento--roseville--arden-arcade, ca 29 7.70% -51.20% -11 -23.40% -4.40% 8.70% -66.80% -3.80%

8/22/2020 28140 kansas city, mo-ks 30 13.40% -49.80% 0 0.00% -29.60% 3.60% -58.80% -1.80%

8/22/2020 18140 columbus, oh 31 6.10% -46.20% -8 -18.60% -16.70% 5.80% -60.30% -3.80%

8/22/2020 26900 indianapolis-carmel-anderson, in 32 14.60% -57.50% -5 -10.00% -21.30% 6.50% -54.10% 0.00%

8/22/2020 29820 las vegas-henderson-paradise, nv 33 6.60% -10.70% -10 -20.00% 5.60% 1.40% -43.60% -4.00%

8/22/2020 12420 austin-round rock, tx 34 11.20% -43.40% -14 -24.60% -12.90% 4.20% -62.60% -4.10%

8/22/2020 34980 nashville-davidson--murfreesboro--franklin, 35 5.60% -32.40% -6 -15.80% -16.90% 2.40% -47.60% -1.80% tn

8/22/2020 41940 san jose-sunnyvale-santa clara, ca 36 6.90% -23.60% -12 -27.30% 25.30% 6.30% -39.00% -2.40%

8/22/2020 47260 virginia beach-norfolk-newport news, va-nc 37 11.70% -44.60% -19 -32.80% -2.10% 5.00% -69.30% -3.10%

8/22/2020 33340 milwaukee-waukesha-west allis, wi 38 6.80% -41.40% -2 -4.70% -5.90% 5.90% -49.90% -1.90%

8/22/2020 39300 providence-warwick, ri-ma 39 11.40% -52.30% -15 -25.40% -17.90% 6.10% -67.20% -2.40%

8/22/2020 27260 jacksonville, fl 40 3.50% -38.10% -8 -11.30% -24.20% 1.60% -50.50% -1.90%

8/22/2020 36420 oklahoma city, ok 41 7.70% -36.90% 0 0.00% -26.90% 1.20% -49.60% -1.90%

8/22/2020 31140 louisville/jefferson county, ky-in 42 3.30% -49.20% -8 -17.80% -26.70% 4.20% -58.20% -2.00%

8/22/2020 32820 memphis, tn-ms-ar 43 11.70% -48.30% -11 -19.00% -15.00% 5.10% -48.70% -0.40%

8/22/2020 35380 new orleans-metairie, la 44 12.10% -36.20% -10 -13.20% -28.60% 0.90% -44.50% -1.00%

8/22/2020 40060 richmond, va 45 11.10% -44.90% -5 -8.90% -24.50% 3.20% -68.20% -3.40%

8/22/2020 39580 raleigh, nc 46 4.10% -38.60% -15 -25.90% -11.00% 3.70% -64.00% -4.30%

8/22/2020 15380 buffalo-cheektowaga-niagara falls, ny 47 10.30% -40.70% 2 4.90% -3.30% 6.40% -53.10% -2.30%

8/22/2020 25540 hartford-west hartford-east hartford, ct 48 7.00% -31.90% -21 -32.80% 4.90% 3.20% -62.00% -3.10%

8/22/2020 13820 birmingham-hoover, al 49 6.30% -37.00% -11 -17.70% -10.10% 3.10% -41.10% -0.60%

8/22/2020 40380 rochester, ny 50 8.00% -38.60% -11 -28.20% 8.10% 7.40% -55.90% -2.70%

8/22/2020 46060 tucson, az 51 11.20% -43.00% -11 -19.60% -3.70% 5.80% -46.40% -0.90%

8/22/2020 41620 salt lake city, ut 52 17.70% -61.70% -9 -23.70% -11.40% 10.00% -57.20% 0.00%

8/22/2020 24340 grand rapids-wyoming, mi 53 7.20% -42.60% 3 7.10% -18.70% 4.20% -55.80% -2.30%

8/22/2020 46140 tulsa, ok 54 15.00% -42.00% -10 -16.70% -28.30% 1.90% -43.70% -0.40%

8/22/2020 10580 albany-schenectady-troy, ny 55 17.10% -42.40% -10 -12.70% -21.10% 2.50% -46.30% -0.60%

8/22/2020 10740 albuquerque, nm 56 21.30% -50.10% -11 -20.00% -20.80% 5.00% -53.50% -1.10%

8/22/2020 36540 omaha-council bluffs, ne-ia 57 7.50% -41.60% 11 31.40% -21.40% 3.60% -61.80% -2.70%

8/22/2020 49340 worcester, ma-ct 58 9.00% -53.70% -20 -32.80% -16.50% 6.70% -68.30% -3.00%

8/22/2020 28940 knoxville, tn 59 7.80% -50.30% -10 -15.40% -17.60% 4.40% -56.60% -1.40%

8/22/2020 14860 bridgeport-stamford-norwalk, ct 60 -1.20% -24.00% -37 -40.20% 2.70% 1.70% -52.30% -2.20%

8/22/2020 24860 greenville-anderson-mauldin, sc 61 3.00% -36.00% -4 -6.40% -23.00% 1.50% -34.70% 0.00%

8/22/2020 35840 north port-sarasota-bradenton, fl 62 3.00% -27.80% -22 -23.40% 11.30% 2.80% -27.80% -0.20%

8/22/2020 35300 new haven-milford, ct 63 6.40% -26.40% -25 -37.30% 19.60% 3.40% -60.10% -3.00%

8/22/2020 19380 dayton, oh 64 15.90% -47.80% -13 -26.50% -30.40% 3.40% -54.90% -1.70%

8/22/2020 46520 urban honolulu, hi 65 -11.30% 32.80% 8 13.60% 5.60% -1.40% -26.50% -2.40%

8/22/2020 10900 allentown-bethlehem-easton, pa-nj 66 24.40% -58.80% -28 -44.40% -15.60% 7.20% -63.20% -1.20%

8/22/2020 17900 columbia, sc 67 8.60% -49.20% -15 -26.80% -24.60% 3.60% -61.10% -2.10%

8/22/2020 12940 baton rouge, la 68 10.50% -31.90% 0 0.00% -21.50% 0.90% -38.00% -0.70%

8/22/2020 24660 greensboro-high point, nc 69 12.90% -45.70% -13 -20.60% -27.00% 2.80% -47.20% -0.40%

8/22/2020 23420 fresno, ca 70 4.90% -58.80% -22 -44.90% -18.00% 8.70% -63.50% -1.50%

8/22/2020 16700 charleston-north charleston, sc 71 11.50% -37.80% -15 -19.00% -8.40% 2.70% -49.30% -2.10%

8/22/2020 30780 little rock-north little rock-conway, ar 72 18.80% -46.70% -22 -33.90% -21.90% 3.40% -42.90% 0.20%

8/22/2020 15980 cape coral-fort myers, fl 73 12.30% -30.90% -25 -24.50% -0.40% 2.30% -34.70% -0.40%

8/22/2020 10420 akron, oh 74 8.20% -51.10% -6 -11.50% -15.50% 6.40% -53.40% -1.00%

8/22/2020 21340 el paso, tx 75 11.50% -43.40% -15 -22.70% 2.00% 5.10% -61.30% -1.50%

8/22/2020 37100 oxnard-thousand oaks-ventura, ca 76 10.90% -46.50% -15 -26.80% -15.50% 4.80% -64.10% -3.10%

8/22/2020 17820 colorado springs, co 77 7.60% -41.60% -8 -19.10% -10.80% 5.50% -51.30% -2.00%

8/22/2020 31540 madison, wi 78 5.70% -40.80% -7 -12.30% 7.50% 6.50% -41.20% -0.60%

8/22/2020 12540 bakersfield, ca 79 14.40% -48.80% -14 -28.60% 1.10% 8.00% -62.40% -2.30%

8/22/2020 49180 winston-salem, nc 80 10.00% -47.80% -12 -17.70% -27.40% 2.90% -51.20% -0.60%

8/22/2020 45060 syracuse, ny 81 5.30% -43.10% 7 11.90% -11.10% 4.50% -49.00% -1.10%

8/22/2020 19660 deltona-daytona beach-ormond beach, fl 82 3.40% -38.40% -12 -15.60% -17.00% 2.20% -55.60% -2.10%

8/22/2020 14260 boise city, id 83 8.50% -58.10% -5 -11.90% -6.70% 10.90% -75.80% -6.40%

8/22/2020 48620 wichita, ks 84 21.50% -46.40% -3 -5.70% -29.40% 2.70% -38.40% 0.90%

8/22/2020 45780 toledo, oh 85 15.70% -41.10% -9 -16.70% -8.10% 4.90% 17.10% 6.70%

8/22/2020 19780 des moines-west des moines, ia 86 -0.20% -30.30% -9 -13.90% -8.60% 2.20% -33.60% -0.80%

8/22/2020 44140 springfield, ma 87 23.20% -47.20% -8 -14.00% -21.60% 4.20% -57.70% -1.80%

8/22/2020 29460 lakeland-winter haven, fl 88 6.40% -25.00% -4 -6.00% -11.70% 1.40% -35.90% -1.00%

8/22/2020 37340 palm bay-melbourne-titusville, fl 89 6.20% -36.60% -6 -9.50% -29.80% 0.80% -56.00% -2.70%

8/22/2020 32580 mcallen-edinburg-mission, tx 90 11.80% -44.10% -11 -11.80% -29.80% 1.20% -31.00% 0.70%

8/22/2020 25420 harrisburg-carlisle, pa 91 6.00% -49.40% -21 -37.50% -0.70% 7.20% -52.60% -1.10%

8/22/2020 42540 scranton--wilkes-barre--hazleton, pa 92 18.70% -52.80% -19 -24.40% -26.90% 3.10% -55.80% -0.60%

8/22/2020 12260 augusta-richmond county, ga-sc 93 7.00% -45.60% -16 -22.90% -29.70% 2.10% -52.40% -0.70%

8/22/2020 49660 youngstown-warren-boardman, oh-pa 94 4.90% -52.50% -13 -18.60% -19.30% 4.60% -59.90% -1.70%

8/22/2020 44700 stockton-lodi, ca 95 5.40% -61.00% -9 -18.80% -20.00% 9.30% -72.80% -3.50%

8/22/2020 20500 durham-chapel hill, nc 96 12.80% -39.90% -11 -16.40% -18.20% 2.70% -61.10% -3.30%

8/22/2020 38860 portland-south portland, me 97 10.70% -47.40% -16 -27.60% -4.60% 6.00% -63.60% -2.20%

8/22/2020 44060 spokane-spokane valley, wa 98 13.50% -45.50% -6 -13.00% -15.50% 5.60% -52.20% -1.40%

8/22/2020 16860 chattanooga, tn-ga 99 13.90% -49.90% -9 -14.30% -20.10% 4.20% -65.40% -2.50%

8/22/2020 27140 jackson, ms 100 21.80% -42.80% -13 -14.40% -41.40% 0.10% -52.10% -1.00%

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