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 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.