According to Zillow's Weekly Market Report, intense and persistent buyer demand is keeping the time on market for houses at incredible lows and pushing prices ever higher above 2019. Sales remain high above last year and are expected to stay robust in the coming months.
Time on market still short as pending sales stay high over 2019
Robust buyer-side demand persisted through October. For the fourth consecutive week, houses are typically staying on the market for 12 days, a full 17 days faster than last year.
Pending sales are up 19.7% year over year, though they have slowed 3.1% since last month and 1.3% since last week.
Scalding homebuyer demand keeps inventory in a vise-grip
Available inventory fell for the 23rd straight week and is now down 37.4% compared to last year. Demand for homes is still sky high, while current homeowners cite a lack of confidence in their ability to secure and afford a new home among reasons they're not selling.
New listings dropped 7.4% year over year and 7.9% since last week.
Price growth over 2019 increases as hot market stretches further into fall
Median list prices have risen further above last year's figures every week since early May and are now up 11.8% year over year. List prices fell $500 since last week to $345,500 -- the first weekly drop since mid-April.
Homeowners who decide to sell are benefitting from insatiable demand. Median sale prices rose to $289,625 in the week ending September 19, up 12.5% over 2019.
U.S. home prices increased 6.7% in September 2020, compared with September 2019, marking the fastest annual acceleration since May 2014. On a month-over-month basis, home prices increased by 1.1% compared to August 2020.