PR Newswire | Aug 6, 2020 06:01AM EDT

to August This Year

08/06 05:00 CDT

Realtor.com(r) Weekly Recovery Report: Peak Home Buying Season Shifts from May to August This Year SANTA CLARA, Calif., Aug. 6, 2020

SANTA CLARA, Calif., Aug. 6, 2020 /PRNewswire/ -- Home buying season's usual May peak has shifted to August as buyers and sellers rebound from spring's COVID disruption, according to realtor.com(r)'s Weekly Recovery Report. This week's data shows growth in pace of sales, demand and prices have surpassed last year levels, while inventory continues to lag seasonal normals.

The realtor.com Housing Market Recovery Index reached 103.8 nationwide for the week ending Aug. 1, posting a 0.1 point increase over last week and bringing the index 3.8 points above the pre-COVID baseline.

"Real estate activity in the U.S. has regained its strength and continues on an upward trajectory as we enter the middle of the summer," said Javier Vivas, director of economic research for realtor.com(r). "However, a sustained seller comeback still hinges on back-to-school plans and extended lockdowns. The housing market will need to remain above pre-COVID levels for at least another 10 weeks to make up for the lost activity in the second quarter of the year. As we head into fall, an anticipated resurgence in COVID cases and economic aftershocks are likely to create an uphill battle for home buyers and sellers."

Key Findings:

* Time on market is now 4 days faster than last year. As a result of still too few homes for sale and mortgage rates at or near-record lows, homes are selling even faster than a year ago nationwide and in many metros, a plus for sellers looking to move quickly. * Median listing prices grew at 9.4 percent over last year, continuing to pick up speed. The strength of prices against an uncertain economic landscape that includes a double-digit unemployment rate is perhaps the most surprising aspect of how the housing market has fared -- a dramatic departure from the last time unemployment was in double-digit territory. However, looking at the sheer number of buyers, low mortgage rates, and limited sellers, the strength of home prices -- which are now growing at the highest pace since January 2018 -- makes sense. * New listings were down 11 percent. The gradual improvement in the trend of new sellers listing homes took a pause this week despite continued price gains. Selling a home now may involve some extra precautions, but it is very possible. Continued recovery in new listings is needed before we can see sales fully recover. * Total inventory was down 35 percent. With buyer interest high and the number of new sellers still lagging, the total number of homes for sale continues to dwindle. These conditions set the stage for further price gains ahead, a trend which could eventually cause buyer demand to cool. * Local Recovery: Regionally, the West (110.5) continues to lead the pack in the recovery, with the overall index now visibly above the pre-COVID benchmark. The Northeast (108.2) remains above recovery pace and continues to improve, while the South (99.5) and Midwest (98.8) continue to lag. Locally, a total of 29 markets have crossed the recovery benchmark, with the overall recovery index showing greatest recovery in New York, Las Vegas, Seattle, Boston and Philadelphia.

Listings Data Summary

Week ending Week ending Week ending First Two Weeks Aug 1 July 25 July 18 March

Total Listings -35% YOY -34% YOY -33% YOY -16% YOY

Time on Market 4 days faster 4 days faster 1 day faster 4 days faster YOY YOY YOY YOY

Median Listing +9.4% YOY +9.1% YOY +9.1% YOY +4.5% YOY Prices

New Listings -11% YOY -11% YOY -15% YOY +5% YOY





Top 50 Metros Recovery Index

Recovery Index Recovery Index RankMetro (Weekly Change) (Week Ending 7/25)

1 New York-Newark-Jersey City, N.Y.-N.J.-Pa. 129.6 9.6

2 Las Vegas-Henderson-Paradise, Nev. 117.1 1.3

3 Seattle-Tacoma-Bellevue, Wash. 115.5 -1.3

4 Boston-Cambridge-Newton, Mass.-N.H. 115.2 -4.2

5 Philadelphia-Camden-Wilmington, 115.2 0.6 Pa.-N.J.-Del.-Md.

6 Denver-Aurora-Lakewood, Colo. 115.0 0.6

7 Los Angeles-Long Beach-Anaheim, Calif. 114.1 0.5

8 San Diego-Carlsbad, Calif. 111.9 2.8

9 San Jose-Sunnyvale-Santa Clara, Calif. 110.6 -0.2

10 San Francisco-Oakland-Hayward, Calif. 110.1 -3.3

11 Washington-Arlington-Alexandria, 109.0 0.6 DC-Va.-Md.-W. Va.

12 Austin-Round Rock, Texas 108.5 -0.8

13 Phoenix-Mesa-Scottsdale, Ariz. 108.3 -1.2

14 Portland-Vancouver-Hillsboro, Ore.-Wash. 107.3 0.7

15 Baltimore-Columbia-Towson, Md. 107.0 2.9

16 Virginia Beach-Norfolk-Newport News, 106.6 2.0 Va.-N.C.

17 Riverside-San Bernardino-Ontario, Calif. 106.1 0.8

18 Pittsburgh, Pa. 105.6 1.9

19 Cincinnati, Ohio-Ky.-Ind. 105.2 4.8

20 Hartford-West Hartford-East Hartford, Conn.104.1 -0.8

21 Providence-Warwick, R.I.-Mass. 103.3 -0.6

22 Orlando-Kissimmee-Sanford, Fla. 102.5 1.2

23 Rochester, N.Y. 102.4 -2.8

24 Raleigh, N.C. 102.3 3.4

25 Tampa-St. Petersburg-Clearwater, Fla. 102.2 0.4

26 Charlotte-Concord-Gastonia, N.C.-S.C. 101.4 0.0

27 Kansas City, Mo.-Kan. 101.0 -0.5

28 San Antonio-New Braunfels, Texas 100.9 0.5

29 Houston-The Woodlands-Sugar Land, Texas 100.2 0.2

30 Minneapolis-St. Paul-Bloomington, 99.7 -1.7 Minn.-Wis.

31 Sacramento--Roseville--Arden-Arcade, Calif.99.6 0.2

32 Nashville-Davidson--Murfreesboro--Franklin,99.6 0.7 Tenn.

33 St. Louis, Mo.-Ill. 99.5 1.3

34 Jacksonville, Fla. 99.3 3.4

35 Memphis, Tenn.-Miss.-Ark. 99.2 0.6

36 Cleveland-Elyria, Ohio 99.1 -3.9

37 Louisville/Jefferson County, Ky.-Ind. 99.0 -0.1

38 Atlanta-Sandy Springs-Roswell, Ga. 98.8 1.0

39 Dallas-Fort Worth-Arlington, Texas 98.3 -1.4

40 Detroit-Warren-Dearborn, Mich 97.9 2.0

41 Miami-Fort Lauderdale-West Palm Beach, Fla.96.8 0.2

42 Buffalo-Cheektowaga-Niagara Falls, N.Y. 96.4 -1.7

43 Chicago-Naperville-Elgin, Ill.-Ind.-Wis. 95.4 -1.9

44 New Orleans-Metairie, La. 94.4 -3.1

45 Birmingham-Hoover, Ala. 94.3 -0.4

46 Columbus, Ohio 92.8 -1.2

47 Richmond, Va. 92.2 -2.5

48 Indianapolis-Carmel-Anderson, Ind. 92.0 0.5

49 Oklahoma City, Okla. 91.4 -3.3

50 Milwaukee-Waukesha-West Allis, Wis. 89.2 -1.5

Link to Weekly Stats Blog Post:

https://www.realtor.com/research/weekly-housing-trends-view-data-week-august-1-2020/

Link to Index Commentary Blog Post: https://www.realtor.com/research/housing-market-recovery-index-trends-august-1-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.

median_listing active_listing_ median_days_on_ median_days_on_ new_listing new_listing price_reduced_ price_reduced_cbsa_title hh_rank _price_yy count_yy market_by_day market_yy _count_yy _share_yy count_yy share_yy _yy

New York-Newark-Jersey City, N.Y.-N.J.-Pa. 1 7.70% -13.00% -16 -23.20% 56.30% 4.50% -33.30% -1.50%

Los Angeles-Long Beach-Anaheim, Calif. 2 23.80% -24.60% 5 10.40% -6.70% 2.10% -46.00% -2.00%

Chicago-Naperville-Elgin, Ill.-Ind.-Wis. 3 5.50% -34.10% -3 -6.50% -13.20% 2.80% -42.90% -1.40%

Dallas-Fort Worth-Arlington, Texas 4 2.80% -39.40% -3 -6.00% -18.30% 2.90% -49.80% -2.20%

Houston-The Woodlands-Sugar Land, Texas 5 4.60% -29.40% -4 -7.10% -12.30% 1.80% -41.60% -1.70%

Philadelphia-Camden-Wilmington, 6 18.70% -44.80% -14 -23.30% -3.40% 5.30% -48.50% -0.90%Pa.-N.J.-Del.-Md.

Washington-Arlington-Alexandria, 7 12.00% -43.40% -13 -28.90% -4.60% 6.40% -52.00% -1.60%DC-Va.-Md.-W. Va.

Miami-Fort Lauderdale-West Palm Beach, Fla. 8 -0.90% -13.10% 11 11.20% -8.30% 0.30% -30.00% -0.90%

Atlanta-Sandy Springs-Roswell, Ga. 9 7.50% -40.00% -2 -3.90% -16.00% 3.20% -47.90% -1.30%

Boston-Cambridge-Newton, Mass.-N.H. 10 13.70% -33.10% -13 -25.00% -4.60% 4.00% -47.80% -1.90%

San Francisco-Oakland-Hayward, Calif. 11 15.70% -14.50% -1 -2.80% 0.20% 2.10% -20.90% -0.60%

Detroit-Warren-Dearborn, Mich 12 8.70% -40.40% 2 5.40% -21.40% 3.10% -49.20% -1.60%

Phoenix-Mesa-Scottsdale, Ariz. 13 2.70% -44.10% -10 -18.20% -3.80% 6.20% -58.70% -3.50%

Seattle-Tacoma-Bellevue, Wash. 14 5.00% -29.80% -9 -22.00% -8.50% 3.40% -64.50% -4.70%

Minneapolis-St. Paul-Bloomington, 15 3.30% -28.50% -1 -2.40% -5.00% 3.30% -47.20% -2.10%Minn.-Wis.

Riverside-San Bernardino-Ontario, Calif. 16 7.70% -55.40% -3 -5.50% -21.30% 6.00% -71.00% -2.90%

Tampa-St. Petersburg-Clearwater, Fla. 17 7.10% -40.00% -4 -6.70% -16.80% 2.90% -46.40% -1.20%

San Diego-Carlsbad, Calif. 18 9.10% -44.40% -4 -9.50% -6.60% 6.70% -55.00% -2.10%

St. Louis, Mo.-Ill. 19 9.00% -36.50% 0 0.00% -10.30% 3.30% -46.60% -1.50%

Denver-Aurora-Lakewood, Colo. 20 8.00% -35.50% -5 -11.90% -10.30% 4.00% -44.10% -2.10%

Baltimore-Columbia-Towson, Md. 21 4.70% -50.50% -13 -23.20% -12.90% 5.60% -56.70% -1.50%

Pittsburgh, Pa. 22 25.00% -34.20% -6 -10.00% -9.30% 2.80% -39.50% -0.90%

Portland-Vancouver-Hillsboro, Ore.-Wash. 23 5.40% -42.60% 1 2.30% -10.30% 5.00% -25.70% 2.20%

Charlotte-Concord-Gastonia, N.C.-S.C. 24 5.90% -46.90% -7 -13.50% -22.40% 3.90% -60.10% -2.80%

Orlando-Kissimmee-Sanford, Fla. 25 0.40% -18.20% 0 0.00% 0.30% 1.70% -28.90% -1.20%

Cleveland-Elyria, Ohio 26 15.20% -49.50% -3 -5.60% -28.40% 3.50% -57.30% -1.60%

San Antonio-New Braunfels, Texas 27 5.30% -35.80% 0 0.00% -9.90% 2.90% -48.90% -2.20%

Cincinnati, Ohio-Ky.-Ind. 28 21.70% -47.60% -5 -10.20% -23.70% 4.40% -56.30% -1.80%

Sacramento--Roseville--Arden-Arcade, Calif. 29 5.30% -48.40% -1 -2.30% -10.70% 6.80% -62.10% -3.20%

Kansas City, Mo.-Kan. 30 13.40% -47.20% 1 2.00% -30.40% 2.90% -59.70% -2.20%

Columbus, Ohio 31 8.10% -46.30% -4 -9.50% -29.50% 3.50% -58.60% -3.20%

Indianapolis-Carmel-Anderson, Ind. 32 6.20% -49.80% 0 0.00% -33.00% 3.00% -53.70% -1.10%

Las Vegas-Henderson-Paradise, Nev. 33 5.30% -15.10% -3 -6.30% -2.60% 1.20% -49.40% -4.40%

Austin-Round Rock, Texas 34 8.60% -38.00% -7 -14.00% -1.50% 4.60% -60.90% -4.40%

Nashville-Davidson--Murfreesboro--Franklin, 35 3.60% -28.10% -5 -13.50% -16.20% 1.70% -39.90% -1.30%Tenn.

San Jose-Sunnyvale-Santa Clara, Calif. 36 9.40% -29.20% -7 -16.70% 9.20% 5.30% -38.30% -1.70%

Virginia Beach-Norfolk-Newport News, 37 11.60% -43.90% -17 -29.30% -5.10% 4.60% -68.20% -2.90%Va.-N.C.

Milwaukee-Waukesha-West Allis, Wis. 38 6.90% -42.10% 7 18.40% -20.00% 3.90% -47.10% -1.10%

Providence-Warwick, R.I.-Mass. 39 11.70% -48.50% -7 -12.50% -5.70% 6.60% -67.00% -2.50%

Jacksonville, Fla. 40 1.90% -34.40% -7 -9.90% -17.20% 1.90% -45.70% -1.60%

Oklahoma City, Okla. 41 7.60% -35.10% 0 0.00% -26.10% 1.10% -52.40% -2.60%

Louisville/Jefferson County, Ky.-Ind. 42 6.30% -50.40% -3 -6.70% -32.00% 3.40% -57.50% -1.70%

Memphis, Tenn.-Miss.-Ark. 43 11.10% -47.70% -5 -9.30% -26.90% 3.40% -46.60% -0.10%

New Orleans-Metairie, La. 44 10.00% -33.10% 2 2.90% -28.60% 0.50% -37.80% -0.50%

Richmond, Va. 45 9.20% -42.50% 1 2.00% -24.50% 2.70% -40.70% 0.00%

Raleigh, N.C. 46 3.20% -36.60% -15 -25.90% -6.20% 3.90% -55.10% -3.10%

Buffalo-Cheektowaga-Niagara Falls, N.Y. 47 5.90% -39.40% 4 10.30% -4.70% 5.90% -53.70% -2.30%

Hartford-West Hartford-East Hartford, Conn. 48 6.90% -30.80% -15 -25.40% -3.20% 2.30% -62.90% -3.00%

Birmingham-Hoover, Ala. 49 6.10% -35.90% -3 -5.20% -9.80% 2.90% -32.30% 0.20%

Rochester, N.Y. 50 11.10% -39.10% -9 -22.50% -17.70% 3.70% -58.70% -2.60%

Tucson, Ariz. 51 12.20% -43.20% 0 0.00% 2.20% 6.30% -53.60% -1.80%

Salt Lake City, Utah 52 13.10% -52.00% -2 -5.30% -11.00% 7.80% -59.90% -2.30%

Grand Rapids-Wyoming, Mich 53 5.60% -39.20% 4 9.80% -28.00% 2.00% -60.40% -3.30%

Tulsa, Okla. 54 24.30% -38.60% -5 -8.90% -26.50% 1.60% -39.90% -0.30%

Albany-Schenectady-Troy, N.Y. 55 17.30% -40.40% 0 0.00% -14.50% 3.00% -54.20% -1.60%

Albuquerque, N.M. 56 18.50% -51.30% -2 -4.10% -25.90% 4.70% -58.40% -1.60%

Omaha-Council Bluffs, Neb.-Iowa 57 4.40% -35.60% 11 31.40% -26.20% 1.60% -58.50% -2.90%

Worcester, Mass.-Conn. 58 9.00% -51.00% -13 -22.80% -13.20% 5.90% -64.60% -2.60%

Knoxville, Tenn. 59 5.20% -47.80% -5 -7.90% -20.30% 3.70% -48.50% -0.40%

Bridgeport-Stamford-Norwalk, Conn. 60 -2.40% -21.50% -34 -40.50% 47.40% 3.40% -36.50% -1.10%

Greenville-Anderson-Mauldin, S.C. 61 3.10% -33.90% 2 3.50% -23.00% 1.20% -30.20% 0.30%

North Port-Sarasota-Bradenton, Fla. 62 0.40% -27.40% -10 -10.60% 12.00% 2.50% -26.20% -0.10%

New Haven-Milford, Conn. 63 6.90% -28.00% -21 -33.30% 7.10% 2.60% -61.80% -2.80%

Dayton, Ohio 64 14.70% -47.50% -6 -13.60% -25.70% 4.10% -44.30% 0.10%

Urban Honolulu, Hawaii 65 -11.00% 30.10% 13 22.00% -11.60% -2.40% -51.40% -3.20%

Allentown-Bethlehem-Easton, Pa.-N.J. 66 24.40% -59.50% -30 -46.20% -22.20% 6.40% -64.50% -1.20%

Columbia, S.C. 67 7.20% -47.40% -10 -19.20% -28.60% 2.70% -55.00% -1.40%

Baton Rouge, La. 68 8.70% -27.40% 0 0.00% -43.90% -1.40% -48.40% -2.10%

Greensboro-High Point, N.C. 69 11.90% -42.80% -5 -8.50% -10.70% 4.20% -36.90% 0.30%

Fresno, Calif. 70 6.40% -60.50% -4 -8.70% -16.10% 9.50% -64.60% -1.40%

Charleston-North Charleston, S.C. 71 8.60% -35.40% -9 -11.70% -12.30% 2.10% -57.50% -3.70%

Little Rock-North Little Rock-Conway, Ark. 72 19.60% -46.50% -11 -18.30% -23.30% 3.10% -47.60% -0.30%

Cape Coral-Fort Myers, Fla. 73 11.50% -29.50% -16 -16.00% -1.80% 1.80% -38.90% -0.80%

Akron, Ohio 74 9.20% -48.30% -1 -2.00% -27.50% 3.60% -42.70% 0.50%

El Paso, Texas 75 13.20% -46.40% 3 5.00% -28.10% 2.20% -65.50% -1.50%

Oxnard-Thousand Oaks-Ventura, Calif. 76 12.60% -44.30% -2 -4.20% -16.30% 4.40% -61.80% -3.10%

Colorado Springs, Colo. 77 10.50% -40.10% 1 2.80% -20.60% 3.60% -46.20% -1.40%

Madison, Wis. 78 4.40% -37.00% 1 2.00% -2.70% 4.60% -36.70% -0.40%

Bakersfield, Calif. 79 11.60% -51.40% -11 -23.90% -21.40% 5.30% -59.80% -1.50%

Winston-Salem, N.C. 80 12.80% -45.10% -6 -9.10% -27.40% 2.40% -42.70% 0.10%

Syracuse, N.Y. 81 4.90% -44.30% 9 16.10% -28.10% 2.40% -50.70% -1.10%

Deltona-Daytona Beach-Ormond Beach, Fla. 82 1.90% -36.40% -4 -5.30% -24.10% 1.20% -46.20% -1.10%

Boise City, Idaho 83 7.80% -52.70% -1 -2.40% -13.80% 7.80% -70.70% -5.00%

Wichita, Kan. 84 22.60% -45.50% -1 -2.00% -29.30% 2.70% -50.90% -1.00%

Toledo, Ohio 85 12.70% -37.40% -6 -11.80% -11.90% 3.70% 19.80% 6.30%

Des Moines-West Des Moines, Iowa 86 -1.40% -30.70% -4 -6.40% -5.50% 2.70% -23.80% 0.80%

Springfield, Mass. 87 21.30% -47.00% 0 0.00% -17.70% 4.60% -54.50% -1.40%

Lakeland-Winter Haven, Fla. 88 6.50% -21.90% -2 -3.00% -7.40% 1.40% -35.70% -1.10%

Palm Bay-Melbourne-Titusville, Fla. 89 1.50% -31.00% 1 1.70% 3.60% 3.60% -49.70% -2.60%

McAllen-Edinburg-Mission, Texas 90 7.30% -42.30% 2 2.20% -41.60% 0.10% -52.50% -0.70%

Harrisburg-Carlisle, Pa. 91 13.00% -50.30% -24 -40.00% -4.00% 6.90% -62.60% -2.30%

Scranton--Wilkes-Barre--Hazleton, Pa. 92 9.50% -49.80% -18 -23.70% -18.90% 3.50% -56.30% -1.00%

Augusta-Richmond County, Ga.-S.C. 93 3.30% -43.20% -5 -7.90% -22.80% 2.60% -36.80% 0.40%

Youngstown-Warren-Boardman, Ohio-Pa. 94 0.30% -50.70% -6 -9.50% -25.80% 3.60% -52.70% -0.60%

Stockton-Lodi, Calif. 95 3.80% -58.00% -1 -2.30% -15.70% 8.80% -74.30% -3.70%

Durham-Chapel Hill, N.C. 96 10.70% -36.80% -9 -14.80% -7.20% 3.40% -46.20% -1.50%

Portland-South Portland, Maine 97 10.70% -44.90% -3 -5.70% -22.10% 3.30% -65.80% -2.50%

Spokane-Spokane Valley, Wash. 98 12.20% -46.50% 2 4.90% -21.30% 5.00% -53.10% -1.40%

Chattanooga, Tenn.-Ga. 99 17.30% -48.50% 3 5.00% -39.40% 1.40% -60.20% -1.70%

Jackson, Miss. 100 20.00% -38.60% -9 -10.30% -24.30% 1.40% -38.50% -0.10%

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