More Homes Sold Last Week Despite Low Inventory – NMP
Industry News

More Homes Sold Last Week Despite Low Inventory

Jul 24, 2020
House sold paperwork
A headshot of Keith Griffin
Senior Editor

More homes went under contract last week than the week prior, and the housing market kept up its blistering pace, according to Zillow's Weekly Market Report, which covers the week ending July 18. Homes that sold last week were on the market for just more than two weeks, tying a record pace in Zillow data that dates back to 2019.
 
Here are some highlights of the report.
Newly pending sales return to strong weekly growth
  • After falling week-over-week in the past four Weekly Market Reports, newly pending sales rose 10.9% this time around. They remain 2.4% below the previous month.
  • Even with this increased volume, homes continued to fly off the market quickly. Homes that were sold last week typically went under contract after just 15 daysii, same as the previous week and eight days faster than last year.
 
With sales strong and no uptick in new listings, inventory falls to new record low
  • New for-sale listings dropped 0.2% from the previous week, and are now down 14.6% year over year.
  • For-sale inventory continues to fall, down 0.9% week over week and 3.3% from the previous month. The uptick in sales pushed total inventory down more than new listings last week.
  • There are now 25.5% fewer homes on the market than this time last year.
 
Prices continue to rise
  • In the first week of June, the median sale price was $262,600, up 1% year over year.
  • As of last week, the median list price was up 5.3% higher than a year earlier, now at $341,640.
  • With demand strong, only 4.2% of listings had cut their price. That's 1.3 percentage points lower than the same week a year ago.
 
Virtual home buying and selling is growing in popularity
  • Americans say they are more likely to buy or sell a home virtually, and virtual tours have become more popular during the coronavirus pandemic, according to a new Zillow surveyiii.
  • More than a third of Americans (36%) say they are more likely to try to buy a home entirely online during the coronavirus pandemic, and 30% say after the current outbreak ends, they would do the same. 
  • During the pandemic, 43% say they are more likely to try to sell a home entirely online. When the current outbreak ends, 33% anticipate they would still be more likely to try and sell a home entirely online.
About the author
A headshot of Keith Griffin
Senior Editor
Keith Griffin is a senior editor at NMP.
Link copied
Published
Jul 24, 2020
Get the NMP Daily
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...

Continue reading
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...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
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