Realtor.com® Weekly Housing Report: Home Buyers Stand to Benefit from New Listings Trend Improvement


Realtor.com® Weekly

iCrowdNewswire   Nov 2, 202011:47 AM ET

Despite the continued trend of record low inventory and unheard of price gains, the long overdue seasonal slowdown may be finally taking hold, according to realtor.com®‘s Weekly Housing Report for the week ending Oct. 24. The latest report showed continued improvement in newly listed homes and a slight softening in buyer interest, which could bring some relief to those still in the market hunting for a new home during the final two months of the year.

“The number of buyers in the market remains well above the seasonal norm, but this week’s data shows sellers may be losing some of their grip when it comes to having the upper hand.  For the first time since June, we saw an unseasonably large share of price reductions and a slight softening in buyer demand,” said Javier Vivas, director of economic research for realtor.com®. “Months of double-digit price gains and a record low number of homes for sale may finally be translating into buyer fatigue in many markets. If this continues, we may see  price reductions ramp up and quick home sales ease through the end of the year.”

Newly listed homes bring more options to weary buyers

  • New listings showed their biggest improvement since the start of the pandemic and a significant increase over the previous week.
  • Newly listed homes ended the week down 2% year-over-year, a significant improvement from the week of Oct. 17 when new listings were 6% lower than a year ago.
  • Although the total number of homes available for sale continues to be down 38% year-over-year, the market has seen six consecutive weeks of steady or improving decline.

Home prices remain high, but price reductions are on the rise

  • Listing prices extended their streak of double-digit growth, ending the week of Oct. 24 up 12.2%. The price of the typical home for sale remains unchanged at $350,000 and $38,0000 above last year.
  • The number of properties with price reductions is moving more toward seasonal norms, suggesting price gains may begin to ease in the coming weeks. The share of price reductions reached 5.5% for the week of Oct. 24, an increase from the early pandemic period in April where price reductions averaged 3.7%, and closer to the more normal 6.5% seen this time last year.
  • With few options, homes continue to sell quickly. The average time on market is now a full two weeks faster than a year ago.

U.S. housing market shows signs of more balanced conditions

  • Realtor.com® tracks the overall strength of the housing market through its proprietary Housing Market Recovery Index, which compares real-time key indicators, including trends in number of searchers on realtor.com®, median listing prices, the number of newly listed homes, and the time it takes to sell to January 2020, prior to the pandemic.
  • The index reached a new high of 112.4 nationwide for the week ending Oct. 24, 12.4 points above the pre-COVID baseline and an increase of 1.5 points over last week.
  • The index tells us that although demand for housing still outweighs supply, the U.S. housing market is shifting toward a more normal buyer/seller balance, which is good news for home shoppers.

Media contact:
Janice McDill, janice.mcdill@move.com, 312.307.3134

Contact Information:

Janice McDill, janice.mcdill@move.com, 312.307.3134


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