SANTA CLARA, Calif., Sept. 17, 2020 /PRNewswire/ -- The already difficult task of buying a home became even more challenging this week as home price growth hit a two-year high and natural disasters drove the number of homes for sale even lower, according to realtor.com's® Weekly Housing Report for the week ending Sept. 12. Overall, the housing market remains strong but saw a slight tempering last week as wildfires and hurricanes prevented potential sellers across the West and South from listing their homes.
"Today's home buyers face some daunting challenges. Home price growth just set a new high of 11% with no indication of a slowdown and there are nearly 40% fewer homes for sale than this time last year," said Danielle Hale, chief economist for realtor.com.® "Inventory is so low that any disruption, such as this week's wildfires and hurricanes, feels even more stifling for would-be home buyers. Although this year is anything but typical, we expect inventory to follow the usual seasonal pattern of tapering off in the next few weeks, but we don't expect buyer demand to drop off as much as usual. Buyers hoping to take advantage of less competition during the housing off-season will likely be disappointed and could find it even more difficult to find a home."
Wildfires, Hurricanes and the Labor Day holiday worsened declines in homes for sale
Strong demand drove home prices 11.1% higher than last year -- a two-year record
Quick home sales are today's new normal
Housing market remains strong but saw a slight weakening due to declines in inventory
Weekly Metro Data ? Week ending 9.12.2020
Metro | Median Listing | Total Listings (YOY change) | Median Days on Market |
Akron, Ohio | 7.1% | -52.6% | 4 days faster |
Albany-Schenectady-Troy, N.Y. | 14.2% | -41.5% | 18 days faster |
Albuquerque, N.M. | 22.0% | -50.2% | 9 days faster |
Allentown-Bethlehem-Easton, Pa.-N.J. | 24.8% | -58.7% | 31 days faster |
Atlanta-Sandy Springs-Roswell, Ga. | 10.1% | -44.9% | 11 days faster |
Augusta-Richmond County, Ga.-S.C. | 8.3% | -47.7% | 20 days faster |
Austin-Round Rock, Texas | 14.6% | -47.4% | 17 days faster |
Bakersfield, Calif. | 18.5% | -47.7% | 15 days faster |
Baltimore-Columbia-Towson, Md. | 3.1% | -50.9% | 21 days faster |
Baton Rouge, La. | 13.6% | -34.2% | 1 day faster |
Birmingham-Hoover, Ala. | 8.1% | -37.6% | 12 days faster |
Boise City, Idaho | 10.1% | -64.4% | 5 days faster |
Boston-Cambridge-Newton, Mass.-N.H. | 16.4% | -33.6% | 16 days faster |
Bridgeport-Stamford-Norwalk, Conn. | 0.0% | -25.1% | 39 days faster |
Buffalo-Cheektowaga-Niagara Falls, N.Y. | 15.0% | -43.3% | 3 days faster |
Cape Coral-Fort Myers, Fla. | 12.7% | -31.0% | 21 days faster |
Charleston-North Charleston, S.C. | 16.4% | -39.6% | 23 days faster |
Charlotte-Concord-Gastonia, N.C.-S.C. | 8.8% | -48.2% | 14 days faster |
Chattanooga, Tenn.-Ga. | 13.5% | -48.3% | 15 days faster |
Chicago-Naperville-Elgin, Ill.-Ind.-Wis. | 7.7% | -34.7% | 9 days faster |
Cincinnati, Ohio-Ky.-Ind. | 14.6% | -46.3% | 9 days faster |
Cleveland-Elyria, Ohio | 10.0% | -51.1% | 9 days faster |
Colorado Springs, Colo. | 5.4% | -47.5% | 16 days faster |
Columbia, S.C. | 8.7% | -48.8% | 18 days faster |
Columbus, Ohio | 3.8% | -47.3% | 13 days faster |
Dallas-Fort Worth-Arlington, Texas | 5.2% | -43.3% | 11 days faster |
Dayton, Ohio | 23.5% | -45.8% | 10 days faster |
Deltona-Daytona Beach-Ormond Beach, Fla. | 6.6% | -42.1% | 19 days faster |
Denver-Aurora-Lakewood, Colo. | 5.2% | -39.9% | 6 days faster |
Des Moines-West Des Moines, Iowa | 1.2% | -35.6% | 7 days faster |
Detroit-Warren-Dearborn, Mich | 12.7% | -45.8% | 8 days faster |
Durham-Chapel Hill, N.C. | 11.3% | -42.3% | 9 days faster |
El Paso, Texas | 10.1% | -44.6% | 19 days faster |
Fresno, Calif. | 7.9% | -59.0% | 21 days faster |
Grand Rapids-Wyoming, Mich | 10.3% | -47.0% | 1 day slower |
Greensboro-High Point, N.C. | 13.9% | -48.3% | 4 days faster |
Greenville-Anderson-Mauldin, S.C. | 5.3% | -40.8% | 8 days faster |
Harrisburg-Carlisle, Pa. | 3.8% | -43.8% | 18 days faster |
Hartford-West Hartford-East Hartford, Conn. | 7.5% | -32.0% | 20 days faster |
Houston-The Woodlands-Sugar Land, Texas | 7.8% | -32.2% | 7 days faster |
Indianapolis-Carmel-Anderson, Ind. | 20.9% | -64.0% | 6 days faster |
Jackson, Miss. | 23.6% | -44.8% | 12 days faster |
Jacksonville, Fla. | 3.6% | -41.5% | 13 days faster |
Kansas City, Mo.-Kan. | 13.3% | -50.3% | 5 days faster |
Knoxville, Tenn. | 8.3% | -53.1% | 14 days faster |
Lakeland-Winter Haven, Fla. | 8.2% | -28.4% | 7 days faster |
Las Vegas-Henderson-Paradise, Nev. | 7.8% | -8.2% | 10 days faster |
Little Rock-North Little Rock-Conway, Ark. | 18.5% | -49.5% | 16 days faster |
Los Angeles-Long Beach-Anaheim, Calif. | 17.5% | -29.3% | 3 days faster |
Louisville/Jefferson County, Ky.-Ind. | 3.9% | -48.6% | 10 days faster |
Madison, Wis. | 2.9% | -44.6% | 7 days faster |
McAllen-Edinburg-Mission, Texas | 14.4% | -48.4% | 15 days faster |
Memphis, Tenn.-Miss.-Ark. | 12.3% | -52.0% | 15 days faster |
Miami-Fort Lauderdale-West Palm Beach, Fla. | 2.5% | -13.5% | 6 days faster |
Milwaukee-Waukesha-West Allis, Wis. | 10.0% | -42.9% | 4 days faster |
Minneapolis-St. Paul-Bloomington, Minn.-Wis. | 5.9% | -32.0% | 7 days faster |
Nashville-Davidson--Murfreesboro--Franklin, Tenn. | 7.1% | -39.6% | 6 days faster |
New Haven-Milford, Conn. | 4.1% | -24.8% | 25 days faster |
New Orleans-Metairie, La. | 12.1% | -37.7% | 12 days faster |
New York-Newark-Jersey City, N.Y.-N.J.-Pa. | 13.6% | -11.0% | 14 days faster |
North Port-Sarasota-Bradenton, Fla. | 5.6% | -28.4% | 22 days faster |
Oklahoma City, Okla. | 9.6% | -38.8% | 1 day faster |
Omaha-Council Bluffs, Neb.-Iowa | 10.7% | -44.4% | 5 days slower |
Orlando-Kissimmee-Sanford, Fla. | 1.5% | -18.1% | 9 days faster |
Oxnard-Thousand Oaks-Ventura, Calif. | 11.6% | -45.6% | 37 days faster |
Palm Bay-Melbourne-Titusville, Fla. | 8.7% | -40.5% | 6 days faster |
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | 11.8% | -38.4% | 20 days faster |
Phoenix-Mesa-Scottsdale, Ariz. | 9.0% | -40.3% | 10 days faster |
Pittsburgh, Pa. | 24.8% | -34.6% | 11 days faster |
Portland-South Portland, Maine | 11.9% | -48.4% | 28 days faster |
Portland-Vancouver-Hillsboro, Ore.-Wash. | 8.5% | -45.5% | 7 days faster |
Providence-Warwick, R.I.-Mass. | 9.5% | -53.0% | 14 days faster |
Raleigh, N.C. | 5.9% | -43.4% | 10 days faster |
Richmond, Va. | 10.9% | -46.1% | 8 days faster |
Riverside-San Bernardino-Ontario, Calif. | 13.7% | -55.9% | 17 days faster |
Rochester, N.Y. | 7.1% | -39.5% | 13 days faster |
Sacramento--Roseville--Arden-Arcade, Calif. | 10.3% | -51.3% | 11 days faster |
Salt Lake City, Utah | 23.1% | -70.5% | 13 days faster |
San Antonio-New Braunfels, Texas | 6.8% | -46.2% | 20 days faster |
San Diego-Carlsbad, Calif. | 8.8% | -43.0% | 6 days faster |
San Francisco-Oakland-Hayward, Calif. | 11.7% | -14.1% | 2 days slower |
San Jose-Sunnyvale-Santa Clara, Calif. | 5.4% | -25.9% | 7 days faster |
Scranton--Wilkes-Barre--Hazleton, Pa. | 15.8% | -52.8% | 28 days faster |
Seattle-Tacoma-Bellevue, Wash. | 4.5% | -25.2% | 3 days faster |
Spokane-Spokane Valley, Wash. | 17.8% | -46.5% | 6 days faster |
Springfield, Mass. | 21.4% | -46.4% | 19 days faster |
St. Louis, Mo.-Ill. | 10.7% | -38.8% | 7 days faster |
Stockton-Lodi, Calif. | 10.5% | -61.9% | 7 days faster |
Syracuse, N.Y. | 2.6% | -42.0% | 1 day slower |
Tampa-St. Petersburg-Clearwater, Fla. | 7.2% | -42.7% | 11 days faster |
Toledo, Ohio | 12.5% | -42.4% | 13 days faster |
Tucson, Ariz. | 8.2% | -40.7% | 9 days faster |
Tulsa, Okla. | 18.5% | -41.8% | 8 days faster |
Urban Honolulu, Hawaii | -13.2% | 29.0% | 3 days slower |
Virginia Beach-Norfolk-Newport News, Va.-N.C. | 10.0% | -45.5% | 21 days faster |
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. | 9.2% | -39.3% | 16 days faster |
Wichita, Kan. | 15.0% | -48.0% | 12 days faster |
Winston-Salem, N.C. | 9.1% | -47.0% | 15 days faster |
Worcester, Mass.-Conn. | 11.8% | -54.3% | 26 days faster |
Youngstown-Warren-Boardman, Ohio-Pa. | 5.5% | -56.9% | 14 days faster |
Link to Weekly Stats Blog Post:
https://www.realtor.com/research/weekly-housing-trends-view-data-week-sep-12-2020/
Link to Index Commentary Blog Post: https://www.realtor.com/research/housing-market-recovery-index-trends-sep-12-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.
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 Contacts:
Cody Horvat, [email protected]
SOURCE realtor.com
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