Realtor.com® Weekly Housing Report: New Listings Decline Even Further as Buyers and Sellers Hit Pause During Election Week

SANTA CLARA, Calif., Nov. 12, 2020 /PRNewswire/ -- Buyers and sellers took a step back from the market last week as the nation focused its attention on the presidential election and surging coronavirus cases, according to realtor.com®'s Weekly Housing Report for the week ending Nov 7. The latest report found new listings declined even further from the prior week, while prices and the pace of sales continue to hold steady -- further thwarting the usual seasonal slowdown.

"Between the presidential election and a new wave of coronavirus cases, buyers and sellers had a lot of reasons to pause last week," according to realtor.com® Chief Economist, Danielle Hale. "The big question is whether both buyers and sellers will jump back into the market after last week's break. With mortgage rates expected to rise on news of a likely vaccine, buyers may have reason to jump back in and find a home sooner rather than later, but sellers may be more inclined to stay on hold. Thus, even as overall activity slows, we may very well see continued price growth and quick sales."

Sellers take a break from putting their homes on the market

  • New listings further declined for the second week in a row, down 12% for the week ending Nov. 7 from last week's decrease of 9%. This is a step backwards for newly listed homes which were down only 2% for the week ending Oct. 24.
  • New listings are a crucial ingredient for homes sales and they will need to make a strong comeback for housing activity to continue.
  • Due in part to the decrease in newly listed homes, the total number of homes for sale saw a slight deceleration and dropped to down 39% year-over-year after spending five steady weeks down 38%.

Home prices and the time it takes to sell continue to signal a tight market 

  • Listing prices extended their streak of double-digit growth for the 13th consecutive week, up 12.9% over last year.
  • As buyers continue to find fewer options for sale, the homes that are available are selling rapidly. The average time on market is just short of two weeks -- 13 days -- faster compared to a year ago.
  • This is the seventh week in a row that homes are selling 13 or 14 days faster than last year. If this trend shifts and homes begin to sell even more quickly, it is a good indication that buyers have no intention of taking the holidays off this year, but continued steadiness in the year over year difference would mean we're seeing at least some of the usual seasonal pause in housing activity.

U.S. housing market shows signs of activity easing

  • 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 declined to 108.0 nationwide for the week ending Nov. 7, 8.0 points above the pre-COVID baseline but a decrease of 1.4 points from the prior week. This puts the index on par with September levels, a month when existing home sale closings exceeded a 6.5 million seasonally adjusted annual rate.
  • The index shows us that the market remains unusually strong for this time of year, but housing activity has begun to slow down for the second consecutive week as it comes down from October's high point of 112.4.

 

Metro

Median Listing Price YoY

Total Listings YoY

Median Days on Market YoY

Akron, Ohio

6.20%

-52.80%

-12 Days

Albany-Schenectady-Troy, N.Y.

12.60%

-39.00%

-13 Days

Albuquerque, N.M.

12.90%

-47.30%

-14 Days

Allentown-Bethlehem-Easton, Pa.-N.J.

13.20%

-49.10%

-20 Days

Atlanta-Sandy Springs-Roswell, Ga.

9.20%

-45.00%

-8 Days

Augusta-Richmond County, Ga.-S.C.

8.30%

-49.30%

-28 Days

Austin-Round Rock, Texas

18.00%

-50.90%

-13 Days

Bakersfield, Calif.

16.50%

-46.00%

-20 Days

Baltimore-Columbia-Towson, Md.

1.50%

-52.30%

-12 Days

Baton Rouge, La.

13.60%

-38.50%

-6 Days

Birmingham-Hoover, Ala.

-0.50%

-35.10%

-19 Days

Boise City, Idaho

21.20%

-72.40%

-11 Days

Boston-Cambridge-Newton, Mass.-N.H.

11.90%

-26.30%

-11 Days

Bridgeport-Stamford-Norwalk, Conn.

0.00%

-27.00%

-39 Days

Buffalo-Cheektowaga-Niagara Falls, N.Y.

10.60%

-45.70%

8 Days

Cape Coral-Fort Myers, Fla.

9.70%

-39.70%

-11 Days

Charleston-North Charleston, S.C.

12.30%

-44.50%

-22 Days

Charlotte-Concord-Gastonia, N.C.-S.C.

9.00%

-49.10%

-12 Days

Chattanooga, Tenn.-Ga.

8.50%

-52.10%

-14 Days

Chicago-Naperville-Elgin, Ill.-Ind.-Wis.

8.70%

-32.00%

-7 Days

Cincinnati, Ohio-Ky.-Ind.

13.20%

-42.10%

-13 Days

Cleveland-Elyria, Ohio

5.40%

-47.70%

-15 Days

Colorado Springs, Colo.

9.70%

-55.50%

-15 Days

Columbia, S.C.

10.50%

-48.50%

-17 Days

Columbus, Ohio

9.80%

-46.90%

-12 Days

Dallas-Fort Worth-Arlington, Texas

5.20%

-47.90%

-9 Days

Dayton, Ohio

15.20%

-45.60%

-12 Days

Deltona-Daytona Beach-Ormond Beach, Fla.

4.90%

-42.60%

-20 Days

Denver-Aurora-Lakewood, Colo.

6.30%

-46.30%

-8 Days

Des Moines-West Des Moines, Iowa

4.70%

-33.70%

-9 Days

Detroit-Warren-Dearborn, Mich

11.20%

-48.10%

-8 Days

Durham-Chapel Hill, N.C.

11.80%

-44.40%

-15 Days

El Paso, Texas

16.80%

-48.10%

-9 Days

Fresno, Calif.

9.80%

-57.30%

-11 Days

Grand Rapids-Wyoming, Mich

7.90%

-48.50%

-4 Days

Greensboro-High Point, N.C.

-1.90%

-51.30%

-18 Days

Greenville-Anderson-Mauldin, S.C.

3.50%

-39.80%

-9 Days

Harrisburg-Carlisle, Pa.

12.50%

-57.80%

-6 Days

Hartford-West Hartford-East Hartford, Conn.

7.20%

-29.10%

-22 Days

Houston-The Woodlands-Sugar Land, Texas

9.50%

-32.90%

-11 Days

Indianapolis-Carmel-Anderson, Ind.

3.90%

-45.70%

-13 Days

Jackson, Miss.

15.60%

-48.00%

-24 Days

Jacksonville, Fla.

0.30%

-46.30%

-15 Days

Kansas City, Mo.-Kan.

10.00%

-47.00%

-12 Days

Knoxville, Tenn.

9.90%

-49.90%

-17 Days

Lakeland-Winter Haven, Fla.

8.70%

-27.80%

-7 Days

Las Vegas-Henderson-Paradise, Nev.

8.50%

-26.50%

-14 Days

Little Rock-North Little Rock-Conway, Ark.

22.30%

-60.40%

-18 Days

Los Angeles-Long Beach-Anaheim, Calif.

15.40%

-19.30%

-10 Days

Louisville/Jefferson County, Ky.-Ind.

1.60%

-48.10%

-16 Days

Madison, Wis.

6.10%

-43.50%

-13 Days

McAllen-Edinburg-Mission, Texas

19.70%

-42.60%

-33 Days

Memphis, Tenn.-Miss.-Ark.

14.50%

-51.30%

-16 Days

Miami-Fort Lauderdale-West Palm Beach, Fla.

0.60%

-17.60%

1 Days

Milwaukee-Waukesha-West Allis, Wis.

5.40%

-38.20%

-9 Days

Minneapolis-St. Paul-Bloomington, Minn.-Wis.

1.40%

-29.60%

-8 Days

Nashville-Davidson--Murfreesboro--Franklin, Tenn.

7.80%

-46.10%

-8 Days

New Haven-Milford, Conn.

10.70%

-23.70%

-25 Days

New Orleans-Metairie, La.

14.00%

-38.00%

-9 Days

New York-Newark-Jersey City, N.Y.-N.J.-Pa.

15.50%

-5.00%

2 Days

North Port-Sarasota-Bradenton, Fla.

2.50%

-38.70%

-11 Days

Oklahoma City, Okla.

6.00%

-42.10%

-2 Days

Omaha-Council Bluffs, Neb.-Iowa

1.60%

-45.80%

4 Days

Orlando-Kissimmee-Sanford, Fla.

1.30%

-20.10%

-1 Days

Oxnard-Thousand Oaks-Ventura, Calif.

12.20%

-52.10%

-10 Days

Palm Bay-Melbourne-Titusville, Fla.

5.00%

-40.80%

-6 Days

Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.

17.00%

-41.70%

-13 Days

Phoenix-Mesa-Scottsdale, Ariz.

10.70%

-42.10%

-8 Days

Pittsburgh, Pa.

25.60%

-38.50%

-14 Days

Portland-South Portland, Maine

7.80%

-46.50%

-33 Days

Portland-Vancouver-Hillsboro, Ore.-Wash.

10.80%

-44.70%

-8 Days

Providence-Warwick, R.I.-Mass.

5.50%

-50.40%

-12 Days

Raleigh, N.C.

6.40%

-47.80%

-18 Days

Richmond, Va.

13.30%

-48.40%

-8 Days

Riverside-San Bernardino-Ontario, Calif.

16.10%

-53.90%

-10 Days

Rochester, N.Y.

11.10%

-43.80%

-17 Days

Sacramento--Roseville--Arden-Arcade, Calif.

12.30%

-46.10%

-17 Days

Salt Lake City, Utah

17.40%

-51.80%

-13 Days

San Antonio-New Braunfels, Texas

5.00%

-41.50%

-9 Days

San Diego-Carlsbad, Calif.

10.40%

-23.00%

-1 Days

San Francisco-Oakland-Hayward, Calif.

10.80%

3.20%

-3 Days

San Jose-Sunnyvale-Santa Clara, Calif.

8.90%

-5.80%

-12 Days

Scranton--Wilkes-Barre--Hazleton, Pa.

18.20%

-52.30%

-35 Days

Seattle-Tacoma-Bellevue, Wash.

8.50%

-39.80%

-7 Days

Spokane-Spokane Valley, Wash.

7.10%

-50.70%

-5 Days

Springfield, Mass.

14.60%

-44.10%

-15 Days

St. Louis, Mo.-Ill.

9.00%

-38.80%

-14 Days

Stockton-Lodi, Calif.

4.60%

-64.50%

-4 Days

Syracuse, N.Y.

5.60%

-44.00%

2 Days

Tampa-St. Petersburg-Clearwater, Fla.

9.20%

-41.40%

-13 Days

Toledo, Ohio

-1.60%

-42.10%

-4 Days

Tucson, Ariz.

8.40%

-44.90%

-5 Days

Tulsa, Okla.

10.20%

-41.00%

-8 Days

Urban Honolulu, Hawaii

-9.60%

24.40%

1 Day

Virginia Beach-Norfolk-Newport News, Va.-N.C.

10.60%

-52.30%

-27 Days

Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.

4.20%

-35.60%

-11 Days

Wichita, Kan.

9.40%

-36.60%

-13 Days

Winston-Salem, N.C.

-0.40%

-46.80%

-20 Days

Worcester, Mass.-Conn.

10.30%

-50.20%

-23 Days

Youngstown-Warren-Boardman, Ohio-Pa.

16.60%

-52.50%

-24 Days

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, cody.horvat@move.com

 

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SOURCE realtor.com

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