In a normal market, things would be slowing down right about now. With the coronavirus impacting lives worldwide, however, things are different this year. According to realtor.com®’s Weekly Recovery Report, the Housing Market Recovery Index reached 107.7 nationwide for the week ending Sept. 5—this is 7.7 points above the pre-COVID baseline.
There could be a shift in the near future, however—the recent change in housing supply may be a glimpse, showing improvement this week. For housing supply, the index recovered 3.2 points above last week, but it is still below its pre-COVID baseline.
Here’s the breakdown for the week:
Total Listings: -39% YoY
Time on Market: 12 days faster YoY
Median Listing Prices: +10.8% YoY
New Listings: -12% YoY
“Sellers are calling the shots in today’s market; prices are rising and housing inventory is vanishing almost as fast as it appears,” according to realtor.com®’s Chief Economist, Danielle Hale. “But this week’s report revealed two indicators worth keeping an eye on. Housing demand cooled slightly, while new listings showed a smaller decline than previous weeks. This could be a hiccup in weekly activity, or if these trends continue, they could signal a shift in market dynamics leading into the fall when political, economic and health-related uncertainties abound.”