Press release
Realtor.com® Weekly Housing Report: Housing Market Shows Signs of Stabilizing, But Will it Relieve Weary Buyers?
- Home price growth slows for second week in a row, but still in double-digits - Number of homes for sale remains low, but yearly declines remain steady -
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[{"type":"text","content":"- Home price growth slows for second week in a row, but still in double-digits\n - Number of homes for sale remains low, but yearly declines remain steady\n - Frenzied pace of home sales eases for the first time since early summer\n - Sellers continue to have the upper hand as prices remain at record highs and number of homes for sale stay woefully low\n\n\nSANTA CLARA, Calif., Oct. 22, 2020 /PRNewswire/ -- The prolonged 2020 homebuying season is showing signs of settling and may finally experience the long overdue seasonal slowdown, according to realtor.com®'s Weekly Housing Report for the week ending Oct. 17. The latest report found home price growth declined slightly for the second week in a row, while the number of homes for sale and pace at which they are selling appears to be leveling off -- tidbits of good news for buyers in what very much remains a seller's market heading into November.\n\"During a time when the housing market usually slows down, we are once again reminded that 2020 is anything but typical. Going into the last half of October, the median U.S. home for sale is still priced near the year's peak and is selling almost two weeks faster than last year,\" said realtor.com® Chief Economist Danielle Hale. \"At the same time, the pace of change has steadied and for some indicators, even slowed. This could be a welcome relief for buyers who have navigated not only a pandemic, but also a fiercely competitive 2020 homebuying season characterized by double-digit price growth and record low inventory.\"\nListing price growth slows for second week in a row\nFor the week ended Oct. 17, median listing prices grew 11.1% over last year, a second weekly deceleration in price gains which have been accelerating since April. Although listing price growth has declined since the first week of October when it was growing at a pace of 12.9% year over year, the U.S. median home price -- $350,000 -- remains unseasonably high. Record low mortgage rates have been the silver lining for buyers this year. Today's buyers are still seeing slightly lower monthly principal and interest payments now compared to last year.Finding a home remains challenging, but isn't getting worse\nNewly listed homes were down 6% for the week ending Oct. 17, a slight uptick from the previous week. However, the new listings trend remains vastly improved over ear...