Newly pending sales slowed slightly, decreasing 1.8 percent WoW; however, they increased 18.8 percent YoY for the week ending June 27, according to the latest Zillow Weekly Market report.
These areas experienced the largest spikes in pending home sales for this week: Cincinnati (+12.2 percent), Philadelphia (+8.9 percent) and Birmingham (+8.1 percent). Newly pending sales fell the most from the previous week in Providence (-9.8 percent) Indianapolis (-8.5 percent) and Houston (-8.5 percent).
In addition, home sales continue to speed up, with properties selling at the fastest pace in more than two years, according to Zillow. During this week, homes sold after 20 days on the market, on average—a day faster than last week’s report. For the week ending June 27, homes in these areas typically went under contract in a week or less: St. Louis (7 days), Indianapolis (6), Seattle (6), Kansas City (5), Cincinnati (5) and Columbus (4).
Here’s a breakdown of other market factors:
New For-Sale Listings: -5.1% WoW, +5.2% MoM
Total: -0.7% WoW, -20.7% YoY
Median List Price
+0.6% WoW ($337,160, on average)