Our research team releases regular monthly housing trends reports. These reports break down inventory metrics like the number of active listings and the pace of the market. In light of the developing COVID-19 situation affecting the industry, we want to give readers more timely weekly updates. You can look forward to a Weekly Housing Trends View near the end of each week along with weekly coverage from our Housing Market Recovery Index and a weekly video update from our economists. Here’s what the housing market looked like last week.
In a typical year in the housing market, buyer interest begins to wane before seller interest causing the usual seasonal slowdown as we move into the fall. Due to a delayed spring season and low mortgage rates, we could see buyer interest extend longer than usual into the typically quieter fall. Whether this means more home sales will depend on whether sellers participate or decide to stay on the sidelines.
Weekly Housing Trends Key Findings
- Median listing prices grew at 10.3 percent over last year, the fastest pace of growth since January 2018. This marks the 15th consecutive week of price growth at or equal to the previous week’s yearly pace–a remarkable feat considering the economic backdrop. Consistently rising home price growth is the market’s answer to balancing the insufficient availability of homes for sale against a steady stream of homebuyers.
- New listings were down 13 percent. The new listings trend lost some additional momentum this week, but remains well above mid-April lows. Home sales surged in June and July following the improvement. More new sellers could keep sales elevated into the fall, but fewer new sellers could mean more price growth.
- Total inventory was down 37 percent. Buyers are motivated by low mortgage rates and a strong desire to find their own place. 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 9 days faster than last year. Whether the urgency comes from a desire to lock a low mortgage rate or to make a bid before someone else does, buyers are moving faster than this time last year. This means homes are sitting on the market for less time, despite higher price tags.
Data Summary
| Week ending Aug 22 |
Week ending Aug 15 |
Week ending Aug 8 |
First Two Weeks March | |
| Total Listings | -37% YOY | -36% YOY | -36% YOY | -16% YOY |
| Time on Market | 9 days faster YOY | 4 days faster YOY | 4 days faster YOY | 4 days faster YOY |
| Median Listing Prices | +10.3% YOY | +10.1% YOY | +9.9% YOY | +4.5% YOY |
| New Listings | -13% YOY | -11% YOY | -6% YOY | +5% YOY |
You can download weekly housing market data from our data page.
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