According to Zillow’s Weekly Market Report, which included the housing market data ending June 26, 2020, newly pending sales are up once more, with home properties changing hands at a rapid pace.
According to the data, home sales rates are accelerating far faster than they have within the last two years.
This acceleration of home sales comes despite the for-sale inventory available on the market today taking a big step back last week, the report states. Even with this limited available inventory, the rise in newly pending sales could not be quashed apparently, as they rose once again, revealing that buyer interest remains strong and steady.
Newly pending home sales grew weekly by 2.1% and 13.7% monthly. The report further broke down its findings into were among the 50 largest American metro areas experienced the greatest increase in newly-pending sales. Among these areas, Buffalo; San Jose; and Nashville posted the greatest increases, reporting a rise of 26.3%, 19%, and 14.4% respectively.
Also revealed in the report was data on new for-sale listings, which experienced a week-over-week dip of 1.2%. However, the good news remains that they did manage to post an improvement of 3% when compared to data from a month ago. This week’s overall inventory total fell 0.6% from the previous week, making it currently 18.8% lower than it was at this same time last year.
The list prices for homes across the nation are steadily on the rise. Specifically, the Zillow report revealed that the median list price in the United States experiences an uptick of 0.7% from just one week prior, raising the average median price to $335,160—a price tag that is 3.2% greater than the median home price in America seen just one year ago. In fact, home prices are higher this year in a vast majority (45 out of 50) of those largest metros studied, some of which experienced upticks as high as 15.8% year over year (% data taken from Cincinnati home sales).