The markets are churning despite the pandemic, according to Zillow’s recent Weekly Market Report, which found that newly pending sales are up nearly 17 percent YoY. From last week, new pending sales increased 1.3 percent, and homes are selling quicker (in 13 days, on average, which is 11 days faster YoY).
While inventory saw a boost from the previous week—new for-sale listings are up 4.3 percent)—but it’s still not enough to make up for the nationwide inventory drought. New listings are still 13.2 percent lower YoY, and total inventory is down 27.6 percent YoY.
The tight market is causing home prices to continue rising. Last week, the median list
price in the U.S. was $344,660—up 7.3 percent YoY. For the week ending June 27, the median sale price was $269,700—a 1.8 percent increase from the same time last year.
In some markets, housing activity is incredibly fast-paced. For example, in Cincinnati, Columbus, Kansas City and Raleigh, homes are typically only on the market for four days before getting an accepted offer.
For more information, please visit www.zillow.com.