Press release
Realtor.com® Weekly Recovery Report: Record Breaking Traffic Signals Summer Buying Season is Here
But buyers continue to face significant headwinds of record-low inventory SANTA CLARA, Calif., July 9, 2020 /PRNewswire/ -- Summer home buying season is off
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[{"type":"text","content":"But buyers continue to face significant headwinds of record-low inventory\n\n\nSANTA CLARA, Calif., July 9, 2020 /PRNewswire/ -- Summer home buying season is off to a roaring start. As buyers flooded into the market, realtor.com® monthly traffic hit an all-time high of 86 million unique users in June 2020, breaking May's record of 85 million unique users. Realtor.com® daily traffic also hit its highest level ever of 7 million unique users on June 25, signaling that despite the global pandemic buyers are ready to make a purchase.\nThe realtor.com® Housing Market Recovery Index reached 97.8 nationwide for the week ending July 4, posting the largest weekly increase since the index was introduced. The week's 2.1 point increase over the prior week brings the index just 2.2 points below the pre-COVID baseline. However, supply remains the biggest factor slowing the recovery; total listings remain 31 percent lower than last year and more listings will need to enter the market for sustained improvement in home sales.\n\"The consistent, record-level homebuyer interest we've detected on realtor.com® over the last five weeks is setting up the tightest summer homebuying season on record,\" said Javier Vivas, director of economic research for realtor.com®. \"All-time low mortgage rates and easing job losses have boosted buyer confidence back to pre-pandemic levels. With supply at record lows , the backlog of demand portends increased competition and a seller's market in the weeks ahead. While buyers are back, growth in home sales this summer will be constrained by the slow return of sellers and the limited amount of homes hitting the market.\nKey Findings:\nLocal Recovery: Regionally, the West (index 104.4) continues to lead the recovery with the overall index now visibly above the pre-COVID benchmark. The Northeast (index 102.1) also surpassed the recovery baseline last week, and continues to improve. The South (index 96.4) and Midwest (index 95.4) are still lagging but are now back on a steady recovery path. Locally, an additional two markets have crossed the recovery benchmark this week, taking the total number of markets above the January baseline to 14, the highest since the early pandemic period. The overall recovery index is showing greatest recovery in Boston, San Francisco, Denver, Philadelphia, and Los Angeles, with growth in demand...