Skip to main content

More Homes Sold Last Week Despite Low Inventory

Keith Griffin
Jul 24, 2020
House sold paperwork

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.
Published
Jul 24, 2020
Reports: Evergrande Group Arranges Bond Extension

Reuters, REDD say company's billionaire chairman has agreed to provide additional collateral to ensure a construction project tied to a $260M bond is completed.

Industry News
Oct 21, 2021
New American Funding Hires Regional Manager

Mark Tribuna will lead effort to expand company's partnership with affordable nonprofit builders in mid-Pacific region

Industry News
Oct 21, 2021
Rocket Pro Announces Initiatives To Boost Brokers

Company brings Rocket Tech, the Rocket Network and Rocket Marketing to mortgage brokers across the country

Industry News
Oct 19, 2021
FormFree Taps Amazon Web Services For Consumer Financial Identity Solutions

FormFree will use Amazon's blockchain technology to manage its latest consumer Financial DNA solution and its newly introduced FormFree Exchange.

Tech
Oct 19, 2021
Synergy One Lending Increases Its Capital By $50M

San Diego-based Synergy One Lending Inc. completed a $50 million corporate note financing with a consortium of institutional investors.

Industry News
Oct 19, 2021
TransUnion Sees Untapped Growth Opportunity For The Mortgage Industry

A study conducted by TransUnion, which explores the creditworthiness of low-to-moderate income consumers, revealed that the segment represents a $300 billion growth opportunity for the mortgage industry.

Analysis and Data
Oct 19, 2021