Skip to main content

New Listings Take A Step Back

NationalMortgageProfessional.com
Jun 26, 2020
Photo credit: Getty Images/ktsimage

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.
Published
Jun 26, 2020
Guild Mortgage Acquires Cherry Creek Mortgage

Terms of purchase not disclosed; reverse mortgage volume added to Guild.

Mar 14, 2023
Vigilance, Dedication, And Commitment Forge Legends

Submit a nomination for Mortgage Banker Magazine’s Legends of Lending.

Mar 10, 2023
FTC Moves To Block Black Knight, ICE Merger

Says it 'would drive up costs, reduce innovation, and reduce lenders’ choices.'

Mar 09, 2023
Rocket Arms Brokers With Bully Shield Vs. UWM

Rocket covers penalties and court fees for brokers who want to get out of United Wholesale Mortgage’s ultimatum contract. 

Feb 06, 2023
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Jan 26, 2023