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, CA – 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. 

The 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.

“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.”

Weekly listings data findings:

  • Median 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 motivated by low mortgage rates and a strong desire for the certainty of ownership in an uncertain world. They’re quickly putting offers on homes that come up for sale, driving the overall number of homes for sale lower.
  • Time on market is now 12 days faster than last year. With unusually high buyer interest this late in the homebuying season, buyers are moving much faster than this time last year to beat out competition and lock in low mortgage rates. This means homes are sitting on the market for much less time, despite notably higher price tags.

Listings data summary:

Week ending
Sep 5
Week ending
Aug 29
Week ending
Aug 22
First Two
Weeks March
Total Listings-39% YOY-38% YOY-37% YOY-16% YOY
Time on Market12 days faster
YOY
10 days faster
YOY
9 days faster
YOY
4 days faster
YOY
Median Listing
Prices
+10.8% YOY+10.6% YOY+10.3% YOY+4.5% YOY
New Listings-12% YOY-16% YOY-13% YOY+5% YOY
RankMetroRecovery
Index (Week
Ending 9/5)
Recovery
Index (Weekly
Change)
1Las Vegas-Henderson-Paradise, Nev.1318.5
2Riverside-San Bernardino-Ontario, Calif.118.94.5
3Los Angeles-Long Beach-Anaheim, Calif.117.84.5
4Seattle-Tacoma-Bellevue, Wash.116.6-2
5Baltimore-Columbia-Towson, Md.114.54.5
6Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.114.4-2.2
7Phoenix-Mesa-Scottsdale, Ariz.1140.6
8Austin-Round Rock, Texas112.8-0.2
9Denver-Aurora-Lakewood, Colo.112-1.8
10San Diego-Carlsbad, Calif.111.6-0.4
11Virginia Beach-Norfolk-Newport News, Va.-N.C.110.72.2
12Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.110.70.9
13New York-Newark-Jersey City, N.Y.-N.J.-Pa.110.5-3.3
14San Jose-Sunnyvale-Santa Clara, Calif.110.1-1.6
15Portland-Vancouver-Hillsboro, Ore.-Wash.109.5-4.6
16Sacramento–Roseville–Arden-Arcade, Calif.109.34
17Charlotte-Concord-Gastonia, N.C.-S.C.109.21.4
18San Antonio-New Braunfels, Texas108.71.1
19Miami-Fort Lauderdale-West Palm Beach, Fla.108.22.2
20Hartford-West Hartford-East Hartford, Conn.107.62
21Cincinnati, Ohio-Ky.-Ind.107.51.1
22Orlando-Kissimmee-Sanford, Fla.107.41.8
23Rochester, N.Y.106.9-5.1
24Tampa-St. Petersburg-Clearwater, Fla.106.60.8
25Pittsburgh, Pa.106.1-1.4
26Detroit-Warren-Dearborn, Mich106.11.2
27Louisville/Jefferson County, Ky.-Ind.104.91.8
28Kansas City, Mo.-Kan.104.71.7
29San Francisco-Oakland-Hayward, Calif.104.7-3.8
30Memphis, Tenn.-Miss.-Ark.104.52.3
31Cleveland-Elyria, Ohio1041.2
32Boston-Cambridge-Newton, Mass.-N.H.103.9-11.9
33Dallas-Fort Worth-Arlington, Texas103.51.4
34Atlanta-Sandy Springs-Roswell, Ga.103.32.6
35Jacksonville, Fla.103.22.5
36Nashville-Davidson–Murfreesboro–Franklin, Tenn.102.97.1
37Houston-The Woodlands-Sugar Land, Texas102.83.8
38New Orleans-Metairie, La.102.84.9
39Columbus, Ohio1021.8
40Oklahoma City, Okla.101.36.6
41Milwaukee-Waukesha-West Allis, Wis.100.60.8
42St. Louis, Mo.-Ill.100.5-2.4
43Providence-Warwick, R.I.-Mass.99.9-4.8
44Minneapolis-St. Paul-Bloomington, Minn.-Wis.99.6-6.3
45Indianapolis-Carmel-Anderson, Ind.99.31.5
46Richmond, Va.99.2-2.5
47Birmingham-Hoover, Ala.98.2-2.4
48Chicago-Naperville-Elgin, Ill.-Ind.-Wis.980.6
49Buffalo-Cheektowaga-Niagara Falls, N.Y.96.9-13.8
50Raleigh, N.C.96.3-5.5

Link to Weekly Stats Blog Post:
https://www.realtor.com/research/weekly-housing-trends-view-data-week-sep-5-2020/
Link to Index Commentary Blog Post: https://www.realtor.com/research/housing-market-recovery-index-trends-sep-5-data/

Methodology: The Weekly Housing Index leverages a weighted average of realtor.com® search traffic, median list prices, new listings, and median time on market and compares it to the January 2020 market trend, as a baseline for pre-COVID market growth. The overall index is set to 100 in this baseline period. The higher a market’s index value, the higher its recovery and vice versa.

week_end_datecbsa_codecbsa_titlehh_rankmedian_listing_price_yyactive_listing_count_yymedian_days_on_market_by_day_yymedian_days_on_market_yynew_listing_count_yynew_listing_share_yyprice_reduced_count_yyprice_reduced_share_yy
9/5/202035620new york-newark-jersey city, ny-nj-pa111.60%-11.90%-18-23.70%-14.30%-0.20%-46.90%-2.20%
9/5/202031080los angeles-long beach-anaheim, ca218.10%-28.10%-3-5.80%-1.90%3.40%-48.80%-2.00%
9/5/202016980chicago-naperville-elgin, il-in-wi37.20%-34.70%-7-14.30%-16.20%2.50%-47.10%-1.90%
9/5/202019100dallas-fort worth-arlington, tx43.70%-42.90%-8-14.60%-12.40%4.30%-59.00%-3.60%
9/5/202026420houston-the woodlands-sugar land, tx56.20%-31.90%-6-10.30%-10.10%2.30%-47.00%-2.20%
9/5/202037980philadelphia-camden-wilmington, pa-nj-de-md616.50%-43.70%-20-30.80%-9.70%4.50%-55.20%-2.10%
9/5/202047900washington-arlington-alexandria, dc-va-md-wv79.20%-41.90%-16-34.80%-3.60%6.50%-54.80%-2.20%
9/5/202033100miami-fort lauderdale-west palm beach, fl81.90%-13.30%-6-6.10%1.70%0.90%-31.20%-1.10%
9/5/202012060atlanta-sandy springs-roswell, ga99.90%-44.90%-9-16.10%-19.30%3.80%-54.00%-1.70%
9/5/202014460boston-cambridge-newton, ma-nh1016.50%-40.40%-14-24.60%-41.50%-0.20%-65.00%-3.40%
9/5/202041860san francisco-oakland-hayward, ca117.10%-12.60%-2-5.40%-11.00%0.30%-29.60%-1.40%
9/5/202019820detroit-warren-dearborn, mi1211.70%-45.20%-8-17.80%-25.40%3.40%-59.10%-2.50%
9/5/202038060phoenix-mesa-scottsdale, az133.90%-41.20%-14-27.50%3.60%7.30%-55.60%-3.50%
9/5/202042660seattle-tacoma-bellevue, wa145.00%-27.30%-8-18.60%-64.60%-6.40%-82.80%-6.90%
9/5/202033460minneapolis-st. paul-bloomington, mn-wi155.20%-32.70%-5-11.60%-19.50%2.00%-58.80%-3.40%
9/5/202040140riverside-san bernardino-ontario, ca1613.10%-55.80%-15-25.90%0.10%9.50%-71.40%-3.00%
9/5/202045300tampa-st. petersburg-clearwater, fl176.80%-43.00%-8-13.60%-10.70%4.20%-48.90%-1.30%
9/5/202041740san diego-carlsbad, ca184.80%-43.40%-6-14.30%-6.30%6.50%-53.10%-1.90%
9/5/202041180st. louis, mo-il1910.40%-39.60%-7-10.60%-21.10%2.50%-46.20%-1.10%
9/5/202019740denver-aurora-lakewood, co207.20%-40.50%-7-16.30%-22.80%3.30%-56.70%-3.90%
9/5/202012580baltimore-columbia-towson, md212.90%-51.40%-20-35.70%-1.10%7.60%-61.10%-2.50%
9/5/202038300pittsburgh, pa2225.00%-34.90%-10-15.60%-14.60%2.30%-33.80%-0.10%
9/5/202038900portland-vancouver-hillsboro, or-wa236.20%-44.60%-6-12.20%-21.80%3.80%-29.90%2.10%
9/5/202016740charlotte-concord-gastonia, nc-sc247.50%-47.10%-13-23.60%-10.20%5.70%-60.90%-3.00%
9/5/202036740orlando-kissimmee-sanford, fl251.30%-19.10%-10-14.90%-4.90%1.40%-28.40%-1.00%
9/5/202017460cleveland-elyria, oh2612.30%-51.50%-9-15.50%-17.40%5.50%-57.40%-1.60%
9/5/202041700san antonio-new braunfels, tx276.00%-45.30%-15-22.70%-10.20%4.00%-49.40%-0.90%
9/5/202017140cincinnati, oh-ky-in2817.90%-47.60%-11-22.00%-23.50%4.20%-50.20%-0.80%
9/5/202040900sacramento–roseville–arden-arcade, ca299.50%-51.20%-10-22.20%0.80%9.60%-66.00%-3.80%
9/5/202028140kansas city, mo-ks3012.80%-50.70%-4-7.40%-25.60%4.40%-54.70%-1.00%
9/5/202018140columbus, oh312.70%-47.70%-13-29.60%-13.60%6.70%-58.60%-3.20%
9/5/202026900indianapolis-carmel-anderson, in3216.30%-63.20%-3-6.00%-26.80%6.90%-57.40%0.60%
9/5/202029820las vegas-henderson-paradise, nv337.60%-10.10%-13-25.00%23.00%2.90%-41.70%-3.90%
9/5/202012420austin-round rock, tx3412.80%-45.80%-16-27.10%-4.50%5.70%-63.10%-4.00%
9/5/202034980nashville-davidson–murfreesboro–franklin, tn356.70%-36.70%-5-13.50%-7.00%4.70%-47.10%-1.50%
9/5/202041940san jose-sunnyvale-santa clara, ca365.90%-26.40%-7-16.70%12.30%5.30%-37.30%-1.80%
9/5/202047260virginia beach-norfolk-newport news, va-nc3710.00%-45.80%-24-38.10%-2.30%5.20%-71.90%-3.40%
9/5/202033340milwaukee-waukesha-west allis, wi387.10%-43.30%-4-8.90%-10.00%5.60%-50.40%-1.70%
9/5/202039300providence-warwick, ri-ma3910.50%-53.90%-10-17.90%-22.20%6.00%-69.90%-2.70%
9/5/202027260jacksonville, fl403.00%-39.90%-11-15.50%-18.80%2.50%-49.00%-1.50%
9/5/202036420oklahoma city, ok417.10%-37.70%00.00%7.70%5.20%-48.40%-1.90%
9/5/202031140louisville/jefferson county, ky-in424.90%-50.10%-13-27.10%-27.90%4.30%-58.70%-2.00%
9/5/202032820memphis, tn-ms-ar4311.30%-51.10%-11-18.30%-17.90%5.10%-47.90%0.00%
9/5/202035380new orleans-metairie, la4411.70%-37.90%-14-18.20%-25.10%1.50%-42.90%-0.70%
9/5/202040060richmond, va4510.50%-46.90%-5-8.90%-22.90%3.90%-62.20%-2.50%
9/5/202039580raleigh, nc465.00%-42.90%-12-21.10%-24.60%2.60%-65.40%-4.10%
9/5/202015380buffalo-cheektowaga-niagara falls, ny4713.30%-43.40%00.00%-20.50%4.20%-55.10%-2.20%
9/5/202025540hartford-west hartford-east hartford, ct487.10%-32.50%-21-32.80%2.20%3.10%-63.70%-3.30%
9/5/202013820birmingham-hoover, al495.70%-37.90%-9-14.50%-7.80%3.50%-47.90%-1.20%
9/5/202040380rochester, ny5010.60%-42.50%-13-31.00%-12.00%5.20%-64.30%-3.40%
9/5/202046060tucson, az518.50%-43.40%-9-16.70%-6.20%5.90%-55.90%-2.10%
9/5/202041620salt lake city, ut5222.90%-69.30%-11-26.20%-28.30%9.50%-66.70%-0.20%
9/5/202024340grand rapids-wyoming, mi538.30%-49.60%24.40%-37.90%2.40%-61.40%-2.20%
9/5/202046140tulsa, ok5414.80%-41.00%-9-15.50%-16.80%3.20%-40.60%-0.20%
9/5/202010580albany-schenectady-troy, ny5515.30%-42.10%-15-19.00%-4.10%4.30%-53.30%-1.50%
9/5/202010740albuquerque, nm5618.20%-50.20%-7-13.70%-11.10%6.50%-52.30%-1.00%
9/5/202036540omaha-council bluffs, ne-ia577.90%-43.90%821.60%-7.70%6.30%-61.80%-2.50%
9/5/202049340worcester, ma-ct5811.30%-56.90%-23-39.00%-34.20%4.80%-77.90%-4.40%
9/5/202028940knoxville, tn597.70%-53.20%-11-16.90%-23.40%4.10%-57.50%-1.10%
9/5/202014860bridgeport-stamford-norwalk, ct60-0.40%-25.00%-39-41.10%-2.60%1.60%-59.10%-2.90%
9/5/202024860greenville-anderson-mauldin, sc613.50%-38.80%-10-15.20%-23.60%1.80%-46.20%-1.00%
9/5/202035840north port-sarasota-bradenton, fl623.50%-28.00%-21-23.90%19.40%3.70%-29.00%-0.30%
9/5/202035300new haven-milford, ct635.60%-26.30%-25-37.30%24.20%3.70%-62.00%-3.40%
9/5/202019380dayton, oh6414.30%-46.70%-10-21.30%-29.70%3.20%-43.10%0.30%
9/5/202046520urban honolulu, hi65-12.50%27.80%58.30%-12.20%-2.10%-43.80%-3.00%
9/5/202010900allentown-bethlehem-easton, pa-nj6624.40%-59.70%-32-45.70%-15.20%7.60%-72.00%-2.50%
9/5/202017900columbia, sc678.40%-49.00%-15-26.30%-16.50%4.60%-59.30%-2.00%
9/5/202012940baton rouge, la6812.10%-32.80%-1-1.30%-10.40%1.80%-44.70%-1.40%
9/5/202024660greensboro-high point, nc6916.20%-47.40%-9-13.90%-21.80%4.00%-46.70%-0.20%
9/5/202023420fresno, ca705.90%-57.90%-20-40.80%-13.80%9.30%-65.30%-2.00%
9/5/202016700charleston-north charleston, sc7116.00%-39.10%-20-24.10%5.40%4.10%-51.10%-2.30%
9/5/202030780little rock-north little rock-conway, ar7218.30%-49.40%-19-30.20%-39.20%1.50%-40.80%1.00%
9/5/202015980cape coral-fort myers, fl7312.50%-30.80%-22-22.50%1.80%2.60%-31.40%-0.20%
9/5/202010420akron, oh746.50%-50.70%-5-10.20%-27.50%4.40%-50.50%-0.40%
9/5/202021340el paso, tx7512.20%-45.10%-22-32.40%-32.80%1.50%-61.80%-1.40%
9/5/202037100oxnard-thousand oaks-ventura, ca7616.00%-48.70%-22-43.10%3.70%7.80%-72.80%-4.20%
9/5/202017820colorado springs, co776.70%-45.90%-14-28.00%-8.80%6.70%-51.00%-1.40%
9/5/202031540madison, wi782.90%-45.60%-3-5.60%-16.50%4.30%-47.80%-0.70%
9/5/202012540bakersfield, ca7919.70%-47.20%-15-31.30%-6.30%6.40%-56.80%-1.70%
9/5/202049180winston-salem, nc809.80%-46.60%-16-23.90%17.10%8.30%-54.70%-1.50%
9/5/202045060syracuse, ny818.60%-43.80%914.50%-15.50%4.00%-53.70%-1.60%
9/5/202019660deltona-daytona beach-ormond beach, fl824.90%-40.60%-18-22.50%-12.10%3.00%-55.30%-2.00%
9/5/202014260boise city, id839.50%-61.80%-4-9.50%-17.30%10.30%-84.00%-8.70%
9/5/202048620wichita, ks8415.00%-47.70%-9-16.10%-5.90%6.20%-51.80%-1.20%
9/5/202045780toledo, oh8511.60%-43.40%-10-18.50%-12.90%4.60%25.20%8.50%
9/5/202019780des moines-west des moines, ia860.10%-34.00%-9-13.90%-11.70%2.40%-26.50%1.10%
9/5/202044140springfield, ma8727.90%-49.60%-14-23.70%-19.10%5.30%-67.50%-3.00%
9/5/202029460lakeland-winter haven, fl887.80%-26.50%-8-12.10%9.50%3.70%-40.20%-1.50%
9/5/202037340palm bay-melbourne-titusville, fl896.00%-39.60%-11-16.70%-27.00%1.70%-49.40%-1.60%
9/5/202032580mcallen-edinburg-mission, tx9012.40%-47.70%-15-16.00%-10.40%3.30%-36.90%0.50%
9/5/202025420harrisburg-carlisle, pa916.30%-48.30%-23-39.00%-3.40%6.60%-73.80%-4.60%
9/5/202042540scranton–wilkes-barre–hazleton, pa9221.30%-53.80%-23-28.10%-14.00%4.70%-61.50%-1.40%
9/5/202012260augusta-richmond county, ga-sc936.40%-46.40%-20-27.40%-13.20%4.30%-34.10%0.80%
9/5/202049660youngstown-warren-boardman, oh-pa949.10%-55.40%-16-22.50%-25.50%4.30%-59.40%-1.10%
9/5/202044700stockton-lodi, ca9510.10%-60.60%-3-7.50%-4.90%12.30%-80.30%-5.80%
9/5/202020500durham-chapel hill, nc9611.40%-41.90%-9-13.60%-7.40%4.40%-50.90%-1.80%
9/5/202038860portland-south portland, me9712.40%-49.50%-23-35.40%-0.80%6.80%-48.10%-0.30%
9/5/202044060spokane-spokane valley, wa9814.40%-46.20%-4-9.10%-9.30%6.80%-52.70%-1.50%
9/5/202016860chattanooga, tn-ga9913.80%-48.90%-15-23.10%-9.70%5.00%-55.80%-1.30%
9/5/202027140jackson, ms10023.50%-44.20%-11-12.60%-14.30%3.10%-34.80%0.80%

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