Wednesday, November 11, 2020 / by Vinny Steo
Weekly Housing Trends - Key Findings
- Median listing prices grew at 12.2 percent over last year. Buyers have now faced 11 consecutive weeks of double-digit growth in asking prices, and the price of the typical home for sale remains unchanged at $350,000. Typically, as temperatures drop around the country, October sees prices ease but that hasn’t yet been the case this year. However, the number of properties with price reductions is moving toward more seasonal normals, suggesting price gains may begin to ease in the coming weeks.
- New listings were down 2 percent. The inflow of sellers and new listings remain vastly improved over earlier in the year and continues to move in the right direction. This time of the year normally sees a rapid decline in the number of newly listed properties, but seller activity has held up better than usual, bringing more options for buyers.
- Total inventory was down 38 percent. The total number of homes available for sale continues to shrink but we’ve now seen six consecutive weeks of steady or improving decline. This sets up a movement toward more balanced conditions and gives buyers some hope.
- Time on market is now 14 days faster than last year. With limited homes available for sale, those that are on the market are selling quickly– a full 2 weeks faster than a year ago. The relatively good news for buyers is the time on market trend does not appear to be getting worse in the last 5 weeks. This means sellers may still have an advantage in many markets, but that leverage may be starting to ease.