PR Newswire | Aug 20, 2020 06:01AM EDT

Growth Since January 2018

08/20 05:00 CDT

Realtor.com(r) Weekly Recovery Report: Listing Prices Surprise with Fastest Growth Since January 2018Recovery index dips for the first time ever due to lack of homes for sale after showing improvement last week SANTA CLARA, Calif., Aug. 20, 2020

SANTA CLARA, Calif., Aug. 20, 2020 /PRNewswire/ -- The U.S. median listing price grew 10.1 percent over last year, the fastest pace of growth since January 2018, according to realtor.com(r)'s Weekly Recovery Report for the week ending Aug. 15. The sustained price increases are a result of fierce competition for record low levels of inventory and unwavering demand from pent up buyers.

The realtor.com(r) Housing Market Recovery Index declined this week by 0.9 points, which resulted in an overall index reading of 104.8 nationwide for the week ending August 15. The slight drop in the overall index this week is a result of the new listings component falling back below its pre-COVID baseline (January 2020 growth) despite increasing buyer demand. Meanwhile, new listings remain on the right trajectory, but growth is still variable on a week to week basis, and consistent improvement will be key in the weeks to come.

"With supply and demand moving in opposite directions, sellers are clearly gaining the upper hand in the market as buyer competition builds up and prices gain momentum going into the fall," said Javier Vivas, director of economic research for realtor.com(r). "Buyers hoping to close on a home this year should expect some hot competition, especially if they are looking at more affordable or entry-level housing. To get a leg up on the competition, buyers should get pre-approved for a mortgage so they can make fast offers and work with a local agent who has a deep understanding of their local market."

Weekly listings data findings:

* Median listing prices grew at 10.1 percent over last year, the first double digit pace of growth since January 2018. With sellers gaining leverage in the market, buyers are now contending with rapidly accelerating competition on top of strong price growth. * Total inventory was down 36 percent. Waves of home shoppers continue to drive the housing market recovery this summer, powering sales and putting a solid dent in available inventory of homes for sale. While sellers are returning to the market, buyers are increasingly outnumbering them, causing overall levels of inventory to see sharp declines compared to last year. * New listings were down 11 percent. Improvement to new listings lost some momentum this week but the overall trend for the past four weeks points toward improvement on the horizon. The lack of options of homes for sale has been a key factor limiting buyers in the market, so continued recovery in new listings is key for home sales and overall market health in the coming months. * Time on market is 4 days faster than last year. In the current "sellers' market" environment where sellers hold the upper hand, homes are selling quickly and buyers are feeling increased pressure to promptly pull the trigger when they find a home that fits their needs. These market dynamics are pushing the peak homebuying season past May and well into August as homes continue to fly off the market.

Listings Data Summary:

Week ending Week ending Week ending First Two Aug 15 Aug 8 Aug 1 Weeks March

Total Listings -36% YOY -36% YOY -35% YOY -16% YOY

Time on Market 4 days faster 4 days faster 4 days faster 4 days faster YOY YOY YOY YOY

Median Listing +10.1% YOY +9.9% YOY +9.4% YOY +4.5% YOY Prices

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

Top 50 Metros Recovery Index

Recovery Recovery RankMetro Index Index (Week Ending (Weekly 8/15) Change)

1 Las Vegas-Henderson-Paradise, Nev. 126 0.2

2 Seattle-Tacoma-Bellevue, Wash. 120.7 0.2

3 New York-Newark-Jersey City, N.Y.-N.J.-Pa. 116.5 1.3

4 Boston-Cambridge-Newton, Mass.-N.H. 115.7 0

5 Philadelphia-Camden-Wilmington, 115.5 1.9 Pa.-N.J.-Del.-Md.

6 Portland-Vancouver-Hillsboro, Ore.-Wash. 114.3 3.5

7 Denver-Aurora-Lakewood, Colo. 113.9 -0.7

8 Los Angeles-Long Beach-Anaheim, Calif. 112.4 2.7

9 Washington-Arlington-Alexandria, 112 2.8 DC-Va.-Md.-W. Va.

10 San Jose-Sunnyvale-Santa Clara, Calif. 111.8 3.3

11 Riverside-San Bernardino-Ontario, Calif. 111.3 2.3

12 Phoenix-Mesa-Scottsdale, Ariz. 111 -0.9

13 San Diego-Carlsbad, Calif. 110 1.7

14 Baltimore-Columbia-Towson, Md. 110 2.7

15 Rochester, N.Y. 109.8 -0.8

16 Austin-Round Rock, Texas 108.7 -2.4

17 San Francisco-Oakland-Hayward, Calif. 106.8 2.5

18 Miami-Fort Lauderdale-West Palm Beach, Fla. 106.7 4.5

19 Pittsburgh, Pa. 106.3 2.5

20 Virginia Beach-Norfolk-Newport News, Va.-N.C.106.1 -0.1

21 Tampa-St. Petersburg-Clearwater, Fla. 105.7 0.1

22 San Antonio-New Braunfels, Texas 105.3 -0.6

23 Houston-The Woodlands-Sugar Land, Texas 105 2.5

24 Charlotte-Concord-Gastonia, N.C.-S.C. 104 1.6

25 Hartford-West Hartford-East Hartford, Conn. 103.9 6.1

26 Kansas City, Mo.-Kan. 103.6 2.1

27 Detroit-Warren-Dearborn, Mich 103 -2.5

28 Minneapolis-St. Paul-Bloomington, Minn.-Wis. 102.3 4.3

29 Orlando-Kissimmee-Sanford, Fla. 102.2 -1.4

30 Dallas-Fort Worth-Arlington, Texas 101.9 1.8

31 Cleveland-Elyria, Ohio 101.3 1.6

32 Sacramento--Roseville--Arden-Arcade, Calif. 101 0.2

33 Atlanta-Sandy Springs-Roswell, Ga. 101 2.8

34 Jacksonville, Fla. 100.5 3.4

35 Nashville-Davidson--Murfreesboro--Franklin, 99.3 -2.8 Tenn.

36 New Orleans-Metairie, La. 99.2 -2.2

37 Providence-Warwick, R.I.-Mass. 98.6 -0.7

38 Memphis, Tenn.-Miss.-Ark. 98.3 -2.1

39 Raleigh, N.C. 98.2 -4.2

40 Louisville/Jefferson County, Ky.-Ind. 98 -0.9

41 Chicago-Naperville-Elgin, Ill.-Ind.-Wis. 97.9 1.8

42 Indianapolis-Carmel-Anderson, Ind. 97.8 3.5

43 Birmingham-Hoover, Ala. 97.7 -2.4

44 Buffalo-Cheektowaga-Niagara Falls, N.Y. 95.9 -1.6

45 St. Louis, Mo.-Ill. 95.6 -1.5

46 Cincinnati, Ohio-Ky.-Ind. 95.6 -2.4

47 Richmond, Va. 94.2 -3.4

48 Columbus, Ohio 94.1 -1.2

49 Oklahoma City, Okla. 94 -4.7

50 Milwaukee-Waukesha-West Allis, Wis. 90.1 -0.4

Link to Weekly Stats Blog Post: https://www.realtor.com/research/weekly-housing-trends-view-data-week-august-15-2020/

Link to Index Commentary Blog Post: https://www.realtor.com/research/housing-market-recovery-index-trends-august-15-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_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

8/15/2020 new york-newark-jersey city, ny-nj-pa 1 12% -12% -18 -25.40% 5.30% 1.20% -33.00% -1.40%

8/15/2020 los angeles-long beach-anaheim, ca 2 22% -27% 6 13.30% -5.50% 2.70% -48.30% -2.10%

8/15/2020 chicago-naperville-elgin, il-in-wi 3 7% -35% -5 -11.10% -11.80% 3.10% -44.40% -1.50%

8/15/2020 dallas-fort worth-arlington, tx 4 4% -40% -3 -6.10% -12.90% 3.70% -51.20% -2.50%

8/15/2020 houston-the woodlands-sugar land, tx 5 5% -29% -6 -10.70% -5.50% 2.40% -42.70% -1.90%

8/15/2020 philadelphia-camden-wilmington, pa-nj-de-md 6 20% -44% -15 -25.00% -6.10% 4.90% -54.00% -1.80%

8/15/2020 washington-arlington-alexandria, dc-va-md-wv 7 11% -42% -14 -31.80% -1.10% 6.70% -56.50% -2.30%

8/15/2020 miami-fort lauderdale-west palm beach, fl 8 -1% -13% -9 -9.50% -0.40% 0.70% -25.70% -0.80%

8/15/2020 atlanta-sandy springs-roswell, ga 9 10% -42% -4 -8.00% -17.60% 3.40% -51.20% -1.60%

8/15/2020 boston-cambridge-newton, ma-nh 10 15% -34% -14 -27.50% -7.00% 4.20% -45.50% -1.60%

8/15/2020 san francisco-oakland-hayward, ca 11 12% -13% 2 6.30% 1.80% 2.10% -23.40% -0.90%

8/15/2020 detroit-warren-dearborn, mi 12 10% -42% -3 -7.70% -21.80% 3.20% -48.60% -1.30%

8/15/2020 phoenix-mesa-scottsdale, az 13 8% -43% -6 -13.30% 3.30% 7.20% -61.00% -4.20%

8/15/2020 seattle-tacoma-bellevue, wa 14 5% -27% -7 -18.90% 9.30% 5.50% -52.20% -3.50%

8/15/2020 minneapolis-st. paul-bloomington, mn-wi 15 6% -28% -1 -2.80% -0.90% 3.80% -47.90% -2.40%

8/15/2020 riverside-san bernardino-ontario, ca 16 11% -56% -7 -13.50% -13.90% 7.20% -72.30% -3.10%

8/15/2020 tampa-st. petersburg-clearwater, fl 17 7% -41% -4 -7.30% -8.00% 4.20% -46.60% -1.20%

8/15/2020 san diego-carlsbad, ca 18 11% -44% -1 -2.80% -7.30% 6.30% -58.80% -2.60%

8/15/2020 st. louis, mo-il 19 11% -37% 4 7.60% -18.00% 2.50% -52.20% -2.10%

8/15/2020 denver-aurora-lakewood, co 20 8% -37% -1 -2.70% -6.20% 5.00% -52.50% -3.70%

8/15/2020 baltimore-columbia-towson, md 21 5% -51% -14 -25.00% -8.20% 6.40% -63.40% -2.70%

8/15/2020 pittsburgh, pa 22 25% -34% -4 -6.90% -7.10% 3.00% -41.20% -1.10%

8/15/2020 portland-vancouver-hillsboro, or-wa 23 8% -42% -7 -14.30% -7.70% 5.20% -33.70% 0.70%

8/15/2020 charlotte-concord-gastonia, nc-sc 24 8% -47% -7 -14.00% -17.60% 4.70% -62.80% -3.30%

8/15/2020 orlando-kissimmee-sanford, fl 25 1% -18% 0 0.00% -2.70% 1.40% -23.30% -0.70%

8/15/2020 cleveland-elyria, oh 26 17% -50% 0 0.00% -18.80% 5.00% -52.10% -0.90%

8/15/2020 san antonio-new braunfels, tx 27 6% -39% -6 -10.50% -12.50% 3.00% -49.50% -1.70%

8/15/2020 cincinnati, oh-ky-in 28 17% -48% 5 12.80% -27.20% 3.70% -61.70% -2.50%

8/15/2020 sacramento--roseville--arden-arcade, ca 29 6% -51% -1 -2.60% -8.70% 8.00% -64.50% -3.40%

8/15/2020 kansas city, mo-ks 30 14% -49% 0 0.00% -28.20% 3.60% -57.70% -1.70%

8/15/2020 columbus, oh 31 6% -46% 0 0.00% -15.00% 6.00% -62.90% -4.40%

8/15/2020 indianapolis-carmel-anderson, in 32 12% -56% -2 -4.10% -24.00% 5.80% -48.70% 0.80%

8/15/2020 las vegas-henderson-paradise, nv 33 7% -11% -8 -16.30% 15.10% 2.30% -48.70% -4.70%

8/15/2020 austin-round rock, tx 34 11% -40% -9 -17.70% -8.60% 4.00% -59.40% -3.90%

8/15/2020 nashville-davidson--murfreesboro--franklin, 35 6% -33% -5 -13.50% -18.30% 2.20% -41.00% -1.10% tn

8/15/2020 san jose-sunnyvale-santa clara, ca 36 7% -26% -4 -11.10% 22.30% 6.40% -40.00% -2.30%

8/15/2020 virginia beach-norfolk-newport news, va-nc 37 12% -45% -18 -31.00% -11.70% 4.00% -70.30% -3.10%

8/15/2020 milwaukee-waukesha-west allis, wi 38 8% -42% 9 25.70% -12.90% 4.90% -50.90% -1.90%

8/15/2020 providence-warwick, ri-ma 39 12% -52% -5 -9.80% -21.40% 5.20% -67.90% -2.40%

8/15/2020 jacksonville, fl 40 4% -36% -4 -6.20% -13.90% 2.50% -48.40% -1.90%

8/15/2020 oklahoma city, ok 41 8% -35% -1 -2.00% -18.10% 2.00% -42.40% -1.20%

8/15/2020 louisville/jefferson county, ky-in 42 6% -50% -1 -2.60% -25.80% 4.50% -62.80% -2.80%

8/15/2020 memphis, tn-ms-ar 43 12% -49% -2 -4.00% -27.80% 3.40% -43.30% 0.40%

8/15/2020 new orleans-metairie, la 44 12% -36% -4 -5.70% -27.60% 0.90% -39.20% -0.50%

8/15/2020 richmond, va 45 10% -44% 5 10.60% -18.20% 3.90% -48.10% -0.80%

8/15/2020 raleigh, nc 46 4% -38% -10 -18.50% -14.10% 3.20% -64.60% -4.40%

8/15/2020 buffalo-cheektowaga-niagara falls, ny 47 6% -40% 6 15.80% -1.00% 6.60% -56.80% -2.90%

8/15/2020 hartford-west hartford-east hartford, ct 48 7% -32% -19 -30.20% -7.40% 2.20% -55.20% -2.30%

8/15/2020 birmingham-hoover, al 49 5% -36% -4 -7.00% -2.60% 3.80% -43.10% -0.90%

8/15/2020 rochester, ny 50 11% -41% -13 -31.70% -6.20% 5.80% -52.40% -2.00%

8/15/2020 tucson, az 51 13% -44% 0 0.00% -1.10% 6.30% -52.30% -1.60%

8/15/2020 salt lake city, ut 52 16% -59% -8 -21.10% -10.00% 9.40% -58.50% -0.90%

8/15/2020 grand rapids-wyoming, mi 53 7% -41% 0 0.00% -11.80% 4.90% -54.00% -2.40%

8/15/2020 tulsa, ok 54 18% -41% -3 -5.70% -17.80% 3.20% -42.60% -0.40%

8/15/2020 albany-schenectady-troy, ny 55 17% -41% -3 -4.30% -15.20% 3.00% -53.10% -1.50%

8/15/2020 albuquerque, nm 56 21% -51% -1 -2.30% -22.10% 5.10% -54.50% -1.10%

8/15/2020 omaha-council bluffs, ne-ia 57 8% -41% 8 21.60% -29.10% 2.00% -48.60% -1.20%

8/15/2020 worcester, ma-ct 58 9% -53% -13 -23.20% -10.70% 7.30% -70.90% -3.50%

8/15/2020 knoxville, tn 59 7% -49% 1 1.80% -21.10% 3.80% -53.60% -1.00%

8/15/2020 bridgeport-stamford-norwalk, ct 60 -2% -23% -38 -41.80% 16.20% 2.30% -54.40% -2.30%

8/15/2020 greenville-anderson-mauldin, sc 61 5% -35% 2 3.60% -18.30% 1.90% -46.70% -1.30%

8/15/2020 north port-sarasota-bradenton, fl 62 3% -27% -16 -18.20% 20.70% 3.30% -32.50% -0.70%

8/15/2020 new haven-milford, ct 63 6% -27% -24 -36.40% 22.50% 3.60% -64.90% -3.30%

8/15/2020 dayton, oh 64 19% -47% -2 -5.30% -24.30% 4.20% -51.40% -1.30%

8/15/2020 urban honolulu, hi 65 -11% 32% 10 16.70% 1.20% -1.60% -41.30% -2.90%

8/15/2020 allentown-bethlehem-easton, pa-nj 66 22% -59% -30 -46.20% -30.40% 5.00% -74.70% -2.70%

8/15/2020 columbia, sc 67 7% -48% -16 -28.10% -26.40% 3.20% -50.00% -0.50%

8/15/2020 baton rouge, la 68 9% -31% -2 -2.60% -23.20% 0.60% -41.00% -1.10%

8/15/2020 greensboro-high point, nc 69 11% -43% -4 -7.60% -18.70% 3.40% -44.20% -0.30%

8/15/2020 fresno, ca 70 4% -58% -18 -39.10% -13.50% 9.30% -62.60% -1.40%

8/15/2020 charleston-north charleston, sc 71 10% -36% -10 -13.70% 2.80% 3.50% -53.20% -3.00%

8/15/2020 little rock-north little rock-conway, ar 72 18% -45% -16 -27.10% -20.10% 3.30% -43.10% 0.00%

8/15/2020 cape coral-fort myers, fl 73 13% -30% -18 -18.60% 15.70% 3.20% -24.70% 0.20%

8/15/2020 akron, oh 74 10% -52% 7 18.00% -25.70% 4.80% -47.70% 0.20%

8/15/2020 el paso, tx 75 10% -44% -7 -10.90% 19.90% 7.00% -68.40% -2.00%

8/15/2020 oxnard-thousand oaks-ventura, ca 76 11% -45% -3 -6.50% -8.00% 5.60% -64.20% -3.40%

8/15/2020 colorado springs, co 77 7% -43% -3 -8.30% -12.60% 5.50% -46.20% -1.10%

8/15/2020 madison, wi 78 4% -40% 5 11.10% 12.80% 6.90% -60.30% -3.10%

8/15/2020 bakersfield, ca 79 14% -52% -14 -28.00% -16.20% 6.40% -64.30% -2.10%

8/15/2020 winston-salem, nc 80 10% -46% -1 -1.70% -22.90% 3.20% -38.40% 0.60%

8/15/2020 syracuse, ny 81 4% -44% 13 25.00% -14.70% 4.10% -50.00% -1.20%

8/15/2020 deltona-daytona beach-ormond beach, fl 82 4% -38% -7 -9.50% -17.30% 2.10% -48.70% -1.40%

8/15/2020 boise city, id 83 8% -59% -7 -15.60% -23.70% 8.00% -84.70% -8.20%

8/15/2020 wichita, ks 84 20% -46% -7 -12.50% -15.40% 4.70% -42.90% -0.10%

8/15/2020 toledo, oh 85 15% -41% -5 -10.20% -12.10% 4.20% 4.70% 5.20%

8/15/2020 des moines-west des moines, ia 86 -1% -30% -2 -3.50% -15.70% 1.50% -40.20% -1.90%

8/15/2020 springfield, ma 87 23% -48% 2 4.10% -28.90% 3.30% -58.50% -1.70%

8/15/2020 lakeland-winter haven, fl 88 6% -25% 2 3.40% -9.40% 1.60% -45.00% -1.80%

8/15/2020 palm bay-melbourne-titusville, fl 89 5% -34% 3 5.40% -13.20% 2.40% -46.70% -1.80%

8/15/2020 mcallen-edinburg-mission, tx 90 9% -43% -10 -10.80% 0.00% 3.30% -24.30% 1.00%

8/15/2020 harrisburg-carlisle, pa 91 11% -50% -21 -35.00% -5.40% 6.70% -64.40% -2.70%

8/15/2020 scranton--wilkes-barre--hazleton, pa 92 16% -51% -20 -25.60% -19.20% 3.60% -57.50% -1.10%

8/15/2020 augusta-richmond county, ga-sc 93 7% -44% -7 -11.10% -40.60% 0.40% -48.00% -0.30%

8/15/2020 youngstown-warren-boardman, oh-pa 94 5% -52% -6 -9.80% -27.20% 3.50% -58.20% -1.40%

8/15/2020 stockton-lodi, ca 95 4% -60% -1 -2.60% -12.20% 10.40% -74.10% -3.90%

8/15/2020 durham-chapel hill, nc 96 10% -38% -12 -19.40% -17.80% 2.40% -58.50% -3.00%

8/15/2020 portland-south portland, me 97 10% -48% -8 -13.80% -2.30% 6.40% -64.70% -2.30%

8/15/2020 spokane-spokane valley, wa 98 13% -46% 7 20.00% -22.80% 4.40% -63.60% -2.90%

8/15/2020 chattanooga, tn-ga 99 16% -49% -6 -9.20% -21.60% 3.90% -42.30% 0.60%

8/15/2020 jackson, ms 100 20% -40% -7 -8.60% -30.00% 1.00% -43.10% -0.40%

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