Zillow: Month-Over-Month Pending Home Sales Up 24.5 Percent – NMP Skip to main content

Zillow: Month-Over-Month Pending Home Sales Up 24.5 Percent

Jun 05, 2020
Photo credit: Getty Images/maxsattana

They fell 7.2% from a week earlier and remain down 17.2% year-over-year.

Zillow's Weekly Market Report shows that after growth since mid-April, newly pending home sales fell 5.2% from the previous week. Last year at this time, newly pending sales were down 7.1% week-over-week. Zillow attributes the slowdown in sales were driven by the Memorial Day holiday weekend. Month-over-month, newly pending sales are up 24.5% nationally and remain positive in each of the top-35 metros.
 
Zillow's Report shows that although new listings are up 19.3% from a month ago, they fell 7.2% from a week earlier and remain down 17.2% year-over-year. Total inventory is down 24.9% from a year ago, marking the biggest year-over-year gap of 2020 thus far.
 
Zillow found that the median list price nationwide stood at $329,941 for the week, 3.1% higher than one year ago and up 0.3% from the previous week. The Report also found that list prices are higher than last year in 29 of the 35 largest U.S. metros.
 
This quarter is the first in eight years in which Zillow determined a negative outlook on home value growth, predicting that home values will decrease 0.3% in 2020, a sharp decline from three months ago when Zillow forecasted growth of 3.3%.
 
Mortgage rates rose ever so slightly this week, according to Freddie Mac’s latest Primary Mortgage Market Survey (PMMS), hitting the 3.18% mark. And as rates remain in record-low ranges, the latest totals from the Mortgage Bankers Association however found a 3.9% decrease in mortgage applications on a seasonally adjusted basis for the week ending May 29, 2020.
About the author
Published
Jun 05, 2020
The Fed Held. The Mortgage Market Got A Warning.

Three policymakers favored an immediate hike, while Warsh welcomed higher bond yields and offered no clear path toward mortgage-rate relief

Jul 30, 2026
New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Jul 15, 2026
First Major Housing Reform In Decades Becomes Law Without Trump's Signature

Bipartisan ROAD to Housing Act advances supply, construction, and mortgage reforms despite White House protest

Jul 10, 2026
Mortgage Star Conference Honors Women Shaping The Future Of Mortgage Leadership

MWLC honors leaders driving innovation, mentorship, and growth across the mortgage industry

Jul 09, 2026
June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Jul 02, 2026
NEXA Founder Mike Kortas Launches evoLend To Help Originators Retain Borrowers

New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools

Jul 02, 2026