Realtor.com® Weekly Housing Report: Home Buyers Stand to Benefit from New Listings Trend Improvement

SANTA CLARA, Calif., Oct. 29, 2020 /PRNewswire/ -- Despite the continued trend of record low inventory and unheard of price gains, the long overdue seasonal slowdown may be finally taking hold, according to realtor.com(®)'s Weekly Housing Report for the week ending Oct. 24. The latest report showed continued improvement in newly listed homes and a slight softening in buyer interest, which could bring some relief to those still in the market hunting for a new home during the final two months of the year.

"The number of buyers in the market remains well above the seasonal norm, but this week's data shows sellers may be losing some of their grip when it comes to having the upper hand. For the first time since June, we saw an unseasonably large share of price reductions and a slight softening in buyer demand," said Javier Vivas, director of economic research for realtor.com(®). "Months of double-digit price gains and a record low number of homes for sale may finally be translating into buyer fatigue in many markets. If this continues, we may see price reductions ramp up and quick home sales ease through the end of the year."

Newly listed homes bring more options to weary buyers

    --  New listings showed their biggest improvement since the start of the
        pandemic and a significant increase over the previous week.
    --  Newly listed homes ended the week down 2% year-over-year, a significant
        improvement from the week of Oct. 17 when new listings were 6% lower
        than a year ago.
    --  Although the total number of homes available for sale continues to be
        down 38% year-over-year, the market has seen six consecutive weeks of
        steady or improving decline.

Home prices remain high, but price reductions are on the rise

    --  Listing prices extended their streak of double-digit growth, ending the
        week of Oct. 24 up 12.2%. The price of the typical home for sale remains
        unchanged at $350,000 and $38,0000 above last year.
    --  The number of properties with price reductions is moving more toward
        seasonal norms, suggesting price gains may begin to ease in the coming
        weeks. The share of price reductions reached 5.5% for the week of Oct.
        24, an increase from the early pandemic period in April where price
        reductions averaged 3.7%, and closer to the more normal 6.5% seen this
        time last year.
    --  With few options, homes continue to sell quickly. The average time on
        market is now a full two weeks faster than a year ago.

U.S. housing market shows signs of more balanced conditions

    --  Realtor.com(®) tracks the overall strength of the housing market
        through its proprietary Housing Market Recovery Index, which compares
        real-time key indicators, including trends in number of searchers on
        realtor.com(®), median listing prices, the number of newly listed
        homes, and the time it takes to sell to January 2020, prior to the
        pandemic.
    --  The index reached a new high of 112.4 nationwide for the week ending
        Oct. 24, 12.4 points above the pre-COVID baseline and an increase of 1.5
        points over last week.
    --  The index tells us that although demand for housing still outweighs
        supply, the U.S. housing market is shifting toward a more normal
        buyer/seller balance, which is good news for home shoppers.


       
              Metro                                Median Listing Price Total Listings YoY       Median Days on Market
                                                                 YoY                                            YoY

    ---

                                Akron, Ohio                             9.1%             -54.1% 
        9 days faster

    ---

        Albany-Schenectady-Troy, N.Y.                                  13.1%             -41.5%     16 days faster

    ---

                                Albuquerque, N.M.                      14.8%             -50.1%     10 days faster

    ---

        Allentown-Bethlehem-Easton,
         Pa.-N.J.                                                      21.3%             -57.1%     34 days faster

    ---

        Atlanta-Sandy Springs-
         Roswell, Ga.                                                   9.9%             -44.6% 
        7 days faster

    ---

        Augusta-Richmond County, Ga.-
         S.C.                                                           9.0%             -48.9%     32 days faster

    ---

        Austin-Round Rock, Texas                                       18.0%             -48.8%     13 days faster

    ---

                                Bakersfield, Calif.                    19.3%             -47.1%     14 days faster

    ---

        Baltimore-Columbia-Towson,
         Md.                                                            3.1%             -51.4%     10 days faster

    ---


       Baton Rouge, La.                                               12.7%             -39.4% 
        6 days faster

    ---

        Birmingham-Hoover, Ala.                                         1.6%             -36.5%     19 days faster

    ---


       Boise City, Idaho                                              19.4%             -70.7% 
        6 days faster

    ---

        Boston-Cambridge-Newton,
         Mass.-N.H.                                                    12.7%             -27.8%     12 days faster

    ---

        Bridgeport-Stamford-Norwalk,
         Conn.                                                          0.0%             -26.0%     43 days faster

    ---

        Buffalo-Cheektowaga-Niagara
         Falls, N.Y.                                                    9.6%             -48.1% 
        6 days slower

    ---

        Cape Coral-Fort Myers, Fla.                                    11.2%             -38.0%     16 days faster

    ---

        Charleston-North Charleston,
         S.C.                                                          13.1%             -43.4%     21 days faster

    ---

        Charlotte-Concord-Gastonia,
         N.C.-S.C.                                                      9.2%             -48.9%     14 days faster

    ---


       Chattanooga, Tenn.-Ga.                                         12.3%             -52.7%     13 days faster

    ---

        Chicago-Naperville-Elgin,
         Ill.-Ind.-Wis.                                                 9.0%             -33.2% 
        7 days faster

    ---

        Cincinnati, Ohio-Ky.-Ind.                                      13.2%             -43.8%     12 days faster

    ---


       Cleveland-Elyria, Ohio                                          5.3%             -48.1%     18 days faster

    ---

                                Colorado Springs, Colo.                 7.0%             -53.9%     12 days faster

    ---


       Columbia, S.C.                                                  7.4%             -48.3%     21 days faster

    ---


       Columbus, Ohio                                                 12.7%             -47.4%     11 days faster

    ---

        Dallas-Fort Worth-Arlington,
         Texas                                                          3.8%             -46.9%     10 days faster

    ---


       Dayton, Ohio                                                   15.9%             -45.4%     12 days faster

    ---

        Deltona-Daytona Beach-Ormond
         Beach, Fla.                                                    5.3%             -42.7%     25 days faster

    ---

        Denver-Aurora-Lakewood, Colo.                                   5.7%             -43.7%     10 days faster

    ---

        Des Moines-West Des Moines,
         Iowa                                                           3.7%             -34.0%     10 days faster

    ---

        Detroit-Warren-Dearborn, Mich                                  12.6%             -47.4% 
        8 days faster

    ---

        Durham-Chapel Hill, N.C.                                       15.1%             -45.5%     15 days faster

    ---


       El Paso, Texas                                                 16.9%             -46.7%     10 days faster

    ---

                                Fresno, Calif.                          7.0%             -57.0%     20 days faster

    ---

        Grand Rapids-Wyoming, Mich                                      9.1%             -47.7% 
        2 days faster

    ---

        Greensboro-High Point, N.C.                                     5.3%             -50.5%     17 days faster

    ---

        Greenville-Anderson-Mauldin,
         S.C.                                                           3.9%             -40.5%     10 days faster

    ---

        Harrisburg-Carlisle, Pa.                                       14.9%             -56.0% 
        5 days faster

    ---

        Hartford-West Hartford-East
         Hartford, Conn.                                                7.2%             -29.3%     24 days faster

    ---

        Houston-The Woodlands-Sugar
         Land, Texas                                                    8.2%             -33.3%     11 days faster

    ---

        Indianapolis-Carmel-Anderson,
         Ind.                                                           3.8%             -47.7%     13 days faster

    ---


       Jackson, Miss.                                                 15.6%             -46.5%     25 days faster

    ---

                                Jacksonville, Fla.                      0.7%             -45.3%     16 days faster

    ---


       Kansas City, Mo.-Kan.                                          10.1%             -48.6%     10 days faster

    ---


       Knoxville, Tenn.                                               11.9%             -53.2%     18 days faster

    ---

        Lakeland-Winter Haven, Fla.                                     7.7%             -30.2% 
        6 days faster

    ---

        Las Vegas-Henderson-Paradise,
         Nev.                                                           7.8%              -5.1% 
        9 days faster

    ---

        Little Rock-North Little Rock-
         Conway, Ark.                                                  17.5%             -50.2%     19 days faster

    ---

        Los Angeles-Long Beach-
         Anaheim, Calif.                                               16.4%             -20.3% 
        7 days faster

    ---

        Louisville/Jefferson County,
         Ky.-Ind.                                                       0.1%             -50.5%     15 days faster

    ---

                                Madison, Wis.                           7.3%             -44.2%     12 days faster

    ---

        McAllen-Edinburg-Mission,
         Texas                                                         17.9%             -44.1%     39 days faster

    ---

        Memphis, Tenn.-Miss.-Ark.                                      12.3%             -49.7%     14 days faster

    ---

        Miami-Fort Lauderdale-West
         Palm Beach, Fla.                                               2.1%             -17.2%   
        No change

    ---

        Milwaukee-Waukesha-West
         Allis, Wis.                                                    2.4%             -37.1% 
        7 days faster

    ---

        Minneapolis-St. Paul-
         Bloomington, Minn.-Wis.                                        1.5%             -29.8% 
        8 days faster

    ---

        Nashville-Davidson--
         Murfreesboro--Franklin,
         Tenn.                                                          8.1%             -44.6% 
        6 days faster

    ---

        New Haven-Milford, Conn.                                        7.6%             -23.3%     28 days faster

    ---

        New Orleans-Metairie, La.                                      18.0%             -38.2% 
        7 days faster

    ---

        New York-Newark-Jersey City,
         N.Y.-N.J.-Pa.                                                 17.0%              -2.3% 
        9 days faster

    ---

        North Port-Sarasota-
         Bradenton, Fla.                                                4.2%             -36.2%     19 days faster

    ---

                                Oklahoma City, Okla.                    6.3%             -41.6% 
        3 days faster

    ---

        Omaha-Council Bluffs, Neb.-
         Iowa                                                           4.0%             -47.6%     12 days slower

    ---

        Orlando-Kissimmee-Sanford,
         Fla.                                                           1.6%             -20.9% 
        5 days faster

    ---

        Oxnard-Thousand Oaks-Ventura,
         Calif.                                                        13.4%             -47.5%     16 days faster

    ---

        Palm Bay-Melbourne-
         Titusville, Fla.                                               6.7%             -41.7% 
        7 days faster

    ---

        Philadelphia-Camden-
         Wilmington, Pa.-N.J.-Del.-
         Md.                                                           16.7%             -41.2%     13 days faster

    ---

        Phoenix-Mesa-Scottsdale,
         Ariz.                                                          8.8%             -41.7% 
        7 days faster

    ---

                                Pittsburgh, Pa.                        25.3%             -39.0%     13 days faster

    ---

        Portland-South Portland, Maine                                  8.1%             -46.5%     35 days faster

    ---

        Portland-Vancouver-Hillsboro,
         Ore.-Wash.                                                     9.7%             -44.7% 
        2 days faster

    ---

        Providence-Warwick, R.I.-
         Mass.                                                          5.5%             -52.1%     10 days faster

    ---


       Raleigh, N.C.                                                   7.0%             -46.5%     14 days faster

    ---


       Richmond, Va.                                                  14.4%             -48.9% 
        7 days faster

    ---

        Riverside-San Bernardino-
         Ontario, Calif.                                               15.9%             -53.3%     11 days faster

    ---


       Rochester, N.Y.                                                14.3%             -42.2%     15 days faster

    ---

        Sacramento--Roseville--
         Arden-Arcade, Calif.                                          12.5%             -45.9%     15 days faster

    ---

                                Salt Lake City, Utah                   11.2%             -49.2%     14 days faster

    ---

        San Antonio-New Braunfels,
         Texas                                                          3.8%             -42.1% 
        8 days faster

    ---

        San Diego-Carlsbad, Calif.                                     11.2%             -24.1%     13 days faster

    ---

        San Francisco-Oakland-
         Hayward, Calif.                                               11.5%              -0.2% 
        4 days faster

    ---

        San Jose-Sunnyvale-Santa
         Clara, Calif.                                                  9.2%             -14.9% 
        9 days faster

    ---

        Scranton--Wilkes-Barre--
         Hazleton, Pa.                                                 18.8%             -53.1%     37 days faster

    ---

        Seattle-Tacoma-Bellevue,
         Wash.                                                          5.1%             -33.9% 
        9 days faster

    ---

        Spokane-Spokane Valley, Wash.                                   7.2%             -49.0% 
        7 days faster

    ---


       Springfield, Mass.                                             18.2%             -46.2%     17 days faster

    ---


       St. Louis, Mo.-Ill.                                             9.8%             -38.8%     10 days faster

    ---


       Stockton-Lodi, Calif.                                           7.0%             -62.0% 
        9 days faster

    ---

                                Syracuse, N.Y.                          7.8%             -44.2% 
        4 days faster

    ---

        Tampa-St. Petersburg-
         Clearwater, Fla.                                               8.3%             -42.6%     14 days faster

    ---


       Toledo, Ohio                                                    9.4%             -42.2%     13 days faster

    ---


       Tucson, Ariz.                                                   6.9%             -42.4% 
        6 days faster

    ---

                                Tulsa, Okla.                            8.0%             -40.3% 
        8 days faster

    ---


       Urban Honolulu, Hawaii                                        -11.6%              27.0% 
        2 days slower

    ---

        Virginia Beach-Norfolk-
         Newport News, Va.-N.C.                                         6.9%             -45.9%     21 days faster

    ---

        Washington-Arlington-
         Alexandria, DC-Va.-Md.-W.
         Va.                                                            4.4%             -35.6% 
        8 days faster

    ---


       Wichita, Kan.                                                  10.6%             -37.3%     17 days faster

    ---


       Winston-Salem, N.C.                                             7.4%             -47.6%     16 days faster

    ---


       Worcester, Mass.-Conn.                                         10.3%             -51.5%     25 days faster

    ---

        Youngstown-Warren-Boardman,
         Ohio-Pa.                                                      11.3%             -53.4%     23 days faster

    ---

About realtor.com
)Realtor.com(®) makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com(®) pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com(®) pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com(®) is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com(®) is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS(®). For more information, visit realtor.com(®).

Media contact:
Janice McDill, janice.mcdill@move.com, 312.307.3134

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