New Listings Take A Step Back

Jun 26, 2020

Despite limited inventory, newly pending sales rose once again.

According to Zillow's Weekly Market Report, for-sale inventory took a step back last week, as the rate of new home listings slowed. Despite limited inventory, newly pending sales rose once again as buyer activity continued to be strong.

Newly pending sales continue to grow, up 2.1% week-over-week and 13.7% month-over-month.

Zillow also found that U.S. homes are selling at their fastest pace in more than two years, as homes sold during the week ending June 20 typically stayed on the market for 21 days.

Zillow Economist Jeff Tucker said, "The market did slow down in April, but anyone shopping this summer needs to be prepared to keep up with the lightning-quick pace of sales today."

Among the 50 largest U.S. metros, newly pending sales rose the most from the previous week in Buffalo, N.Y. (+26.3%), San Jose (+19%) and Nashville (+14.4%).

New for-sale listings fell 1.2% week-over-week, though they remain up 3% from a month ago. Total inventory was down 0.6% from the previous week, and is now 18.8% lower than at the same time last year.

The median list price in the U.S. grew 0.7% from the week prior to $335,160, and now sits 3.2% higher than a year ago. List prices are higher than a year ago in 45 of the 50 largest U.S. markets, up as much as 15.8% year-over-year in Cincinnati.

About the author

NationalMortgageProfessional.com

Link copied

Published

Jun 26, 2020

Non-QM

Home Equity Lending Could Overtake Non-QM In 2027

Lenders report rising second-lien production as homeowners protect low first-mortgage rates

Home equity lending is growing fast, and industry executives expect it to surpass Non-QM in origination volume as soon as 2027."I think equity originations are expected to surpass NonQM originations in 2027," said Tom Davis, chief sales officer at Deephaven Mortgage.The grow...

Analysis and Data

Home Contract Signings Hit Record October Low, Falling 17%

Realtor.com reports a sharp decline in purchase activity as higher rates erode borrowing power

Home contract signings fell 17% year over year in October, reaching their lowest level for the month on record, as higher mortgage rates continued to squeeze buyers out of the purchase market, according to Realtor.com's latest housing report.The annual decline was the steepe...

Jan

Uncasville, CT

More from

Industry News

Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Industry News

Oct 29, 2026

Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Industry News

Oct 16, 2026

Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Industry News

Oct 14, 2026

PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Industry News

Oct 09, 2026

Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Industry News

Oct 09, 2026

Newrez, eXp Realty Form Joint Venture To Target Purchase Business

Revenos Mortgage is set to launch in early 2027, replacing eXp's joint venture with Kind Lending

Industry News

Oct 08, 2026

Popular