SEATTLE, Sept. 25, 2020 /PRNewswire/ -- After a remarkably hot summer, home sales are expected to peak this fall then taper off in 2021 while staying above pre-pandemic levels, according to a forecast by Zillow's team of economists in this week's Market Report1. Key market stats from the week ending Sept. 19 show depleted inventory levels plumbing new depths and prices skyrocketing over 2019 figures.
FORECAST: Housing market outlook improves, with major unknowns tempering expectations
KEY STATS: Market update for the week ending Sept. 19
Rate of homes going under contract slows slightly, but time on market still short
Inventory shortage falls further
Prices soar amid strong demand and low supply
New home sales astound in August
Metropolitan Area* | Newly | Newly | Median | Total | New | New | Median | Median |
United States | 21.8% | -1.0% | 13 | -34.6% | -13.6% | 4.2% | 284000 | 8.7% |
New York/Newark, NY/NJ | 60.4% | 0.8% | 32 | -20.1% | -11.5% | -0.8% | 445000 | 2.7% |
Los Angeles, CA | 8.1% | 0.7% | 12 | -24.9% | 8.4% | 3.4% | 713375 | 7.7% |
Chicago, IL | 38.2% | -2.2% | 13 | -28.5% | -1.0% | 8.7% | 264500 | 7.3% |
Dallas-Fort Worth, TX | 30.6% | -0.3% | 23 | -31.8% | -24.4% | 1.4% | 303812 | 9.1% |
Philadelphia, PA | 37.1% | 3.3% | 9 | -37.3% | -5.8% | 10.5% | 279000 | 5.3% |
Houston, TX | 25.4% | -0.2% | 17 | -29.1% | -17.3% | 8.2% | 271529 | 9.9% |
Washington, DC | 21.8% | 2.9% | 7 | -34.4% | -1.6% | 3.6% | 459431 | 8.4% |
Miami-Fort Lauderdale, FL | 40.1% | 2.6% | 27 | -13.4% | -12.3% | 4.6% | 329750 | 12.4% |
Atlanta, GA | 15.8% | -3.3% | 14 | -30.6% | -22.0% | 6.3% | 283850 | 10.4% |
Boston, MA | 6.3% | 2.4% | 8 | -30.5% | -18.9% | 1.6% | 522500 | 8.1% |
San Francisco, CA | 34.4% | -1.6% | 12 | -4.3% | 3.1% | 24.0% | 896500 | 12.1% |
Detroit, MI | 41.8% | -3.3% | 8 | -38.1% | -14.9% | 12.1% | 222975 | 11.7% |
Riverside, CA | 12.0% | -1.4% | 9 | -48.1% | 6.6% | 6.0% | 411250 | 10.3% |
Phoenix, AZ | 18.9% | 3.1% | 11 | -21.6% | 0.0% | 11.9% | 322500 | 11.9% |
Seattle, WA | 20.5% | -2.3% | 6 | -32.2% | -6.3% | -2.8% | 535525 | 11.1% |
Minneapolis-St. Paul, MN | 31.2% | 1.1% | 17 | -27.1% | 3.9% | -0.3% | 311625 | 9.3% |
San Diego, CA | 8 | -38.2% | 2.5% | -1.7% | 635188 | 8.9% | ||
St. Louis, MO | 16.8% | -1.6% | 6 | -38.4% | -11.2% | 14.7% | 217912 | 10.7% |
Tampa, FL | 8 | -34.8% | -16.4% | -4.4% | 258409 | 9.5% | ||
Baltimore, MD | 17.2% | 6.6% | 12 | -44.8% | -12.7% | 9.3% | 317500 | 0.8% |
Denver, CO | 25.8% | -1.5% | 6 | -34.2% | 16.2% | 21.8% | 462881 | 6.5% |
Pittsburgh, PA | 52.3% | 1.3% | 9 | -27.2% | -2.3% | 11.8% | 199499 | 7.7% |
Portland, OR | 21.9% | -5.5% | 6 | -37.0% | -28.4% | -1.3% | 440225 | 8.6% |
Charlotte, NC | -1.8% | -1.1% | 6 | -42.9% | -19.2% | 14.2% | 286500 | 8.5% |
Sacramento, CA | 18.3% | -1.5% | 7 | -44.1% | 0.3% | 1.6% | 452875 | 8.1% |
San Antonio, TX | 34.4% | 0.6% | 27 | -25.7% | -23.1% | 11.0% | 252812 | 8.2% |
Orlando, FL | 12 | -17.0% | -3.0% | 11.4% | 282562 | 7.8% | ||
Cincinnati, OH | 12.0% | 0.7% | 4 | -39.1% | -3.7% | 21.9% | 212125 | 11.8% |
Cleveland, OH | 70.9% | 0.3% | 18 | -39.8% | -0.8% | -2.5% | 175350 | 9.6% |
Kansas City, MO | 15.4% | -0.6% | 5 | -43.7% | -4.9% | 22.8% | 259250 | 12.7% |
Las Vegas, NV | 18.5% | -1.4% | 15 | -23.3% | 8.3% | 2.3% | 304750 | -0.1% |
Columbus, OH | 18.6% | 0.6% | 4 | -40.1% | -11.4% | 10.4% | 240500 | 16.1% |
Indianapolis, IN | 14.0% | 2.4% | 5 | -41.0% | 6.7% | 31.9% | 222625 | 8.4% |
San Jose, CA | -9.7% | -3.5% | 15 | -20.2% | 20.3% | 18.1% | 1139375 | 8.6% |
Austin, TX | 29.2% | 2.0% | 8 | -37.0% | -2.9% | 41.5% | 357978 | 12.4% |
Virginia Beach, VA | 32 | -40.7% | -1.3% | 0.7% | 276912 | 8.1% | ||
Nashville, TN | 33 | -24.0% | -36.9% | 17.5% | 317850 | 5.1% | ||
Providence, RI | -2.9% | 3.7% | 13 | -38.3% | -24.4% | 4.2% | 318600 | 5.4% |
Milwaukee, WI | 28 | -6.5% | -6.2% | 31.2% | 207475 | 6.9% | ||
Jacksonville, FL | 43.2% | 1.4% | 14 | -36.7% | -17.0% | 0.2% | 268362 | 1.3% |
Memphis, TN | 33.9% | 1.1% | 7 | -45.4% | -20.2% | 6.1% | 209212 | 7.0% |
Oklahoma City, OK | 20.4% | -4.6% | 10 | -35.5% | -6.2% | 24.8% | 205750 | 12.5% |
Louisville, KY | 3.0% | -0.6% | 5 | -43.9% | -8.3% | 1.3% | 217812 | 9.0% |
Hartford, CT | 49.6% | -1.3% | 10 | -41.5% | 5.7% | 10.9% | 258800 | 7.8% |
Richmond, VA | 6 | -39.9% | -10.0% | 9.3% | 284688 | 7.9% | ||
New Orleans, LA | 4.1% | -1.7% | 17 | -44.0% | -20.8% | -2.0% | 232875 | 6.6% |
Buffalo, NY | 18.7% | -2.5% | 10 | -36.2% | -8.6% | -0.3% | 189850 | 9.7% |
Raleigh, NC | 15.0% | 1.3% | 5 | -41.4% | -25.7% | 13.1% | 312812 | 5.8% |
Birmingham, AL | 43.2% | 0.9% | 8 | -35.4% | 9.3% | 22.3% | 224942 | 4.8% |
Salt Lake City, UT | 6 | -45.5% | -33.7% | 29.8% | 381916 | 11.2% |
*Table ordered by market size |
**Sale price data as of the week ending Aug. 8 |
1 The Zillow Weekly Market Reports are a weekly overview of the national and local real estate markets. The reports are compiled by Zillow Economic Research and data is aggregated from public sources and listing data on Zillow.com. New for-sale listings data reflect daily counts using a smoothed, seven-day trailing average. Total for-sale listings, newly pending sales, days to pending and median list price data reflect weekly counts using a smoothed, four-week trailing average. National newly pending sales trends are based upon aggregation of the 38 largest metro areas where historic pending listing data coverage is most statistically reliable, and excludes some metros due to upstream data coverage issues. For more information, visit www.zillow.com/research/. |
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