Home Sales Up Last Week Despite Inventory Shortage
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There's still a nationwide inventory crunch that's slowing down the markets; however, last week, newly pending sales were up 10.9 percent WoW, according to Zillow's Weekly Market Report. They are still 2.4 percent below last month's numbers.
Inventory is now at a record low, with new for-sale listings dropping 0.2 percent from the previous week—down 14.6 percent YoY.
Here's a breakdown of the market:
Inventory
New For-Sale Listings: -0.2% WoW, -16.6% YoY
Total: -0.9% WoW, -3.3% MoM, -25.5% YoY
Median List Price
+5.3% YoY ($341,640, on average)
Virtual Transactions
According to a Zillow survey, 36 percent of Americans are more likely to try to purchase their home entirely online during the pandemic, while 30 percent say they would do the same after the outbreak ends. In addition, 43 percent said they would sell completely online, while 33 percent would do the same when the outbreak ends.
Source: Zillow
Inventory is now at a record low, with new for-sale listings dropping 0.2 percent from the previous week—down 14.6 percent YoY.
Here's a breakdown of the market:
Inventory
New For-Sale Listings: -0.2% WoW, -16.6% YoY
Total: -0.9% WoW, -3.3% MoM, -25.5% YoY
Median List Price
+5.3% YoY ($341,640, on average)
Virtual Transactions
According to a Zillow survey, 36 percent of Americans are more likely to try to purchase their home entirely online during the pandemic, while 30 percent say they would do the same after the outbreak ends. In addition, 43 percent said they would sell completely online, while 33 percent would do the same when the outbreak ends.
Source: Zillow
