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Housing Market Activity Returns to Growth After Memorial Day Blip

This Zillow Weekly Market Report includes housing market data as of the week ending June 6[i]

Jun 12, 2020

SEATTLE, June 12, 2020 /PRNewswire/ -- Housing market activity picked back up last week after a hiccup during the week of Memorial Day, Zillow's Weekly Market Report shows. Newly pending sales returned to growth after last week marked the first dip since mid-April. And new listings are up 17% from the previous week, but it appears to not be enough to keep up with buyer demand as total inventory continues to fall. 

Newly pending sales bounce back after holiday weekend dip

  • Newly pending sales grew 13.6% from the previous week, and are up 28.5% month over month. 
  • Phoenix and Denver are the only two large metros where newly pending sales fell from the week prior. 

New listings are back on the upswing, but not keeping up with buyer demand

  • New listings are up 16.9% week over week after slowing during the week of Memorial Day. They remain 19.8% lower than a year ago. 
  • Total for-sale inventory fell 2.6% from the week prior as sales picked back up, and is now down 27.4% annually. 

List prices continue to tick up as expensive listings make up a bigger share of the market

  • The median list price in the U.S. is $333,372, 1% higher than a week ago and up 4.2% from this time last year. Continued growth in expensive listings, which make up a greater share of the market than they did a month ago, is a driving force behind the rise in median list price.
  • List prices are up the most from last year in Cincinnati (up 19.2%), and have fallen the most in Chicago and Baltimore (down 1.9%).

Unemployment puts millions in rental payments in limbo

 

Metropolitan
Area

Newly
Pending
Sales -
MOM

Newly
Pending
Sales -
WOW

Total For-
Sale
Listings -
YOY

New For-
Sale
Listings -
YOY

New For-
Sale
Listings -
MOM

Median
List Price -
YOY

United States

28.5%

13.6%

-27.4%

-19.8%

26.0%

4.2%

New York, NY

90.7%

53.6%

-32.7%

-20.8%

80.4%

3.3%

Los Angeles-Long
Beach-Anaheim,
CA

54.6%

9.0%

-28.8%

-16.2%

17.5%

7.8%

Chicago, IL

34.1%

17.8%

-27.9%

-19.2%

33.0%

-1.9%

Dallas-Fort
Worth, TX

18.7%

5.9%

-19.1%

-12.5%

18.4%

-0.5%

Philadelphia, PA

93.6%

16.3%

-38.8%

-15.7%

51.4%

7.7%

Houston, TX

30.1%

13.6%

-17.4%

-14.9%

2.4%

1.5%

Washington, DC

11.5%

0.1%

-39.7%

-11.4%

33.7%

8.4%

Miami-Fort
Lauderdale, FL

37.9%

3.4%

-14.3%

1.4%

43.2%

-0.2%

Atlanta, GA

16.5%

4.7%

-16.4%

-15.5%

36.6%

-1.0%

Boston, MA

37.4%

10.9%

-40.1%

-27.7%

38.4%

6.5%

San Francisco, CA

N/A

N/A

-21.8%

1.0%

41.3%

9.9%

Detroit, MI

150.4%

21.2%

-25.2%

-13.9%

21.5%

-1.0%

Riverside, CA

29.4%

11.9%

-34.9%

-8.4%

35.8%

4.3%

Phoenix, AZ

20.3%

-2.0%

-27.9%

-19.9%

1.5%

7.0%

Seattle, WA

9.9%

4.7%

-49.3%

-30.5%

12.5%

5.8%

Minneapolis-St
Paul, MN

10.5%

20.0%

-20.9%

-15.5%

13.2%

3.2%

San Diego, CA

N/A

N/A

-37.2%

-9.2%

39.4%

6.4%

St. Louis, MO

5.4%

1.4%

-33.7%

-24.5%

29.7%

5.2%

Tampa, FL

N/A

N/A

-25.4%

-8.2%

24.4%

1.5%

Baltimore, MD

27.1%

10.9%

-40.6%

-24.0%

26.1%

-1.9%

Denver, CO

17.3%

-1.3%

-23.3%

-0.1%

35.6%

6.7%

Pittsburgh, PA

N/A

N/A

-28.8%

-12.8%

107.3%

10.3%

Portland, OR

11.9%

5.6%

-33.7%

-26.4%

17.7%

1.6%

Charlotte, NC

4.3%

8.4%

-34.9%

-30.1%

18.0%

4.2%

Sacramento, CA

32.7%

2.5%

-25.1%

-8.5%

39.9%

2.9%

San Antonio, TX

N/A

N/A

-14.5%

-15.5%

17.6%

1.8%

Orlando, FL

N/A

N/A

-14.7%

-12.3%

22.7%

0.0%

Cincinnati, OH

17.9%

11.3%

-38.2%

-18.0%

10.1%

19.2%

Cleveland, OH

16.9%

12.9%

-40.8%

-19.9%

35.1%

5.3%

Kansas City, MO

15.3%

18.4%

-39.6%

-21.1%

12.3%

11.2%

Las Vegas, NV

34.1%

6.1%

-22.1%

-15.9%

9.8%

2.0%

Columbus, OH

4.5%

0.1%

-34.9%

-26.1%

10.6%

6.2%

Indianapolis, IN

17.1%

3.3%

-34.5%

-16.7%

12.8%

7.9%

San Jose, CA

N/A

N/A

-30.2%

-15.9%

24.5%

4.3%

Austin, TX

31.6%

8.0%

-26.3%

-12.5%

14.6%

9.4%

i The Zillow Weekly Market Reports are a weekly overview of the national and local real estate markets. The reports are compiled by Zillow Economic Research and data is aggregated from public sources and listing data on Zillow.com. Newly pending sales and new for-sale listings data are reported daily using a smoothed, seven-day trailing average. Total for-sale listings and median sale price data are reported weekly using a smoothed, four-week trailing average. For more information, visit www.zillow.com/research/.

SOURCE Zillow

For further information: Alex Lacter, Zillow, press@zillow.com