According to Zillow’s most recent Weekly Market Report [1], which analyzes housing market data for the week ending July 25, home are selling faster than ever. In fact, Zillow shared that homes were transitioning from for-sale status to pending sale at 16.1% faster than this same time last year.
The accelerated rate of the moving market is being directly attributed to the current gap between housing supply and buyer demand. The bottom line is that new listings simply are not able to keep pace with the growing buyer demand.
This schism is the catalyst that is causing homes to essentially fly off the market, with many Zillow agents reporting sells occurring a mere two weeks or less following official listing. In fact, according to Zillow’s agents, this 14-day speedy turnaround is actually one day faster than the previous week, and nine days faster than this same time last year. Such a fast turnaround is an all-time record for Zillow, its report reveals (data began being analyzed for this specific statistic in 2019).
The report continued on to reveal that newly pending sales are beginning to slow their pace as summer continues in full swing. However, the market pace—even with a slowdown from the recent acceleration—is far ahead of what it was this same time last year. Further highlights of the report included the fact that sellers are continuing to stay back from entering the market, further increasing the intensity of competition among buyers who are now forced to vie for properties from an ever-tightening supply.
Specifically, new for-sale listings fell 2.2% from this past week, leaving them at 12.2% (year over year). As for the specifics of the dwindling total inventory, that fell 0.9% from this past week (down to 26.3% year over year). Finally, home listing prices were reported to be steadily on the rise (increasing 0.3% week over week to $342,660). This uptick in price tag marks a 6% hike when compared to this same time last year.