Typically, by this time in the year, buyers are starting to slow their activity. However, due to the coronavirus pandemic, the seasonal slowdown continues to push later into the year, according to Zillow’s last Weekly Market Report.
According to Zillow, for the week ending Oct. 31, pending sales were up 19.7 percent YoY. They have, however, slowed since last month (dipping 3.1 percent) and the previous week (down by 1.3 percent).
Available home inventory fell for the 23rd consecutive week, down 37.4 percent YoY. And new listings also declined, down 7.4 percent YoY and 7.9 percent since the previous week.
The low inventory and increased buyer activity are still driving prices up, according to Zillow. Median prices are up 11.8 percent YoY, though list prices have fallen by $500 since the previous week.