Weekly Housing Trends Key Findings
Median listing prices grew at 10.6 percent over last year, the fastest pace of growth since January 2018. This marks the 16th 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 homebuyer demand in excess of supply.
New listings were down 16 percent. The new listings trend lost momentum for the third consecutive week. Without fresh listings hitting the market, buyers will have even fewer options to choose from. This lack of choice could put a dent in fall home sales despite high interest from home shoppers, because new listings are key to home sales.
Total inventory was down 38 percent. Buyers continue to be motivated by low mortgage rates and a strong desire for the certainty of ownership in an uncertain world. 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 10 days faster than last year. With unusually high buyer interest this late in the homebuying season, buyers are moving much faster than this time last year to beat out competition and lock in low mortgage rates. This means homes are sitting on the market for much less time, despite notably higher price tags.
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