The U.S. median listing price grew 10.1 percent over last year, the fastest pace of growth since January 2018, according to realtor.comÂ®‘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.
Here’s the market breakdown for the week ending August 15:
New Listings:Â -11 percent YoY
Median Listing Prices:Â +10.1 YoY
Total Listings:Â -36 percent YoY
Days on Market:Â 4 days faster YoY
“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.comÂ®. “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.”
The Weekly Housing Index leverages a weighted average ofÂ realtor.comÂ®Â search traffic, median list prices, new listings and median time on market, and compares it to theÂ January 2020Â 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.