Press release
Realtor.com® Weekly Recovery Report: Summer Buying Season Resists The Usual Fall Slowdown
Weekly data also shows a slight decline in housing demand as measured by buyer traffic SANTA CLARA, Calif., Sept. 10, 2020 /PRNewswire/ -- Summer home buying
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[{"type":"text","content":"Weekly data also shows a slight decline in housing demand as measured by buyer traffic\n\n\nSANTA CLARA, Calif., Sept. 10, 2020 /PRNewswire/ -- Summer home buying season continues to show resilience against the usual fall slowdown as prices continue to hit new highs and homes sell faster than ever before, according to realtor.com's® Weekly Recovery Report for the week ending Sept. 5. At the same time, data also showed a slight decline in housing demand as well as a slowing of new listings declines, which, if sustained, could be a hopeful sign for weary buyers. \nThe realtor.com® Housing Market Recovery Index reached 107.7 nationwide for the week ending September 5, 7.7 points above the pre-COVID baseline and an improvement of 1.5 points over last week. The buyer demand component of the index stayed well above its baseline, however, it declined by 3.3 points since last week. Meanwhile, the housing supply component showed improvement as it recovered 3.2 points above last week, but still remains below its pre-COVID baseline. \n\"Sellers are calling the shots in today's market; prices are rising and housing inventory is vanishing almost as fast as it appears,\" according to realtor.com®'s Chief Economist, Danielle Hale. \"But this week's report revealed two indicators worth keeping an eye on. Housing demand cooled slightly, while new listings showed a smaller decline than previous weeks. This could be a hiccup in weekly activity, or if these trends continue, they could signal a shift in market dynamics leading into the fall when political, economic, and health-related uncertainties abound.\" \nWeekly listings data findings:\nMedian listing prices grew 10.8 percent year-over-year, the fastest pace of growth in more than two years. This marks the 17th consecutive week of price growth at or equal to the previous week's yearly pace -- a remarkable feat considering the economic backdrop. New listings were down 12 percent. The new listings trend regained some momentum, after declining for three consecutive weeks. This will provide a slight relief for buyers who have found few options to choose from. However, the overall lack of sustained new listings growth could put a dent in Fall home sales despite resilient demand from home shoppers, because new listings are key to home sales. Total inventory was down 39 percent. Buyers continue to be ...