Frenzied Buyer Demand and Low Inventory Ignite Double-Digit Growth in Home Prices
SANTA CLARA, Calif., Sept. 3, 2020 /PRNewswire/ -- During a time when the typical homebuying season is showing signs of slowing down, home buyers were out in full force in August, scooping up homes at a rapid pace and sending the nation's median listing price up
Nationally, buyers continue to outnumber sellers as the inventory of available homes declined
The lack of available inventory and strong buyer demand combined to accelerate listing price growth to its highest level in three years, while the pace at which homes sold continued to pick up steam. On average, a home in the U.S. is selling in 56 days, five days faster than last year.
"It's difficult to imagine that the housing market will be able to sustain the frenzied demand we are currently experiencing, but we have yet to see any signs of slowing," said Danielle Hale, realtor.com® Chief Economist. "Buyer traffic on realtor.com is outpacing the record levels we saw earlier this year, suggesting that demand will continue to exceed the number of available homes for sale. Although demand is much more intense than it normally is this late into a buying season, the typical home asking price has likely peaked for the year at
In July, the number of homes listed for sale in the nation's 50 largest metros declined
Indianapolis-Carmel-Anderson, Ind. (-
Listing prices in the nation's largest metros grew by an average of
The Northeast is leading the price gain with listing prices up nearly
Metros With the Largest Price Gains
Metro | Median Listing | Median | Median | Median | New | Active |
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | -15 | 45 | - | - | ||
Cincinnati, Ohio-Ky.-Ind. | -5 | 44 | - | - | ||
Cleveland-Elyria, Ohio | -5 | 49 | - | - | ||
Boston-Cambridge-Newton, Mass.-N.H. | -14 | 38 | - | - | ||
Kansas City, Mo.-Kan. | 0 | 51 | - | - | ||
San Francisco-Oakland-Hayward, Calif. | -1 | 35 | - | - | ||
Providence-Warwick, R.I.-Mass. | -10 | 46 | - | - | ||
Indianapolis-Carmel-Anderson, Ind. | -2 | 47 | - | - | ||
New Orleans-Metairie, La. | -4 | 66 | - | - | ||
Virginia Beach-Norfolk-Newport News, Va.-N.C. | -18 | 40 | - | - | ||
New York-Newark-Jersey City, N.Y.-N.J.-Pa. | -18 | 53 | - | |||
Memphis, Tenn.-Miss.-Ark. | -6 | 48 | - | - | ||
Rochester, N.Y. | -12 | 29 | - | - | ||
Austin-Round Rock, Texas | -9 | 42 | - | - | ||
Riverside-San Bernardino-Ontario, Calif. | -9 | 46 | - | - | ||
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. | -15 | 30 | - | - | ||
Detroit-Warren-Dearborn, Mich | -2 | 37 | - | - | ||
Richmond, Va. | 1 | 52 | - | - | ||
St. Louis, Mo.-Ill. | 1 | 58 | - | - | ||
Atlanta-Sandy Springs-Roswell, Ga. | -5 | 47 | - | - | ||
Denver-Aurora-Lakewood, Colo. | -6 | 36 | - | - | ||
San Diego-Carlsbad, Calif. | -7 | 35 | - | - | ||
Oklahoma City, Okla. | -1 | 50 | - | - | ||
San Jose-Sunnyvale-Santa Clara, Calif. | -10 | 32 | - | |||
Tampa-St. Petersburg-Clearwater, Fla. | -8 | 52 | - | - | ||
Charlotte-Concord-Gastonia, N.C.-S.C. | -9 | 43 | - | - | ||
Hartford-West Hartford-East Hartford, Conn. | -19 | 44 | - | - | ||
Milwaukee-Waukesha-West Allis, Wis. | 6 | 44 | - | - | ||
Chicago-Naperville-Elgin, Ill.-Ind.-Wis. | -4 | 42 | - | - | ||
Phoenix-Mesa-Scottsdale, Ariz. | -12 | 39 | - | |||
Buffalo-Cheektowaga-Niagara Falls, N.Y. | 4 | 43 | - | - | ||
Las Vegas-Henderson-Paradise, Nev. | -8 | 41 | - | |||
Sacramento--Roseville--Arden-Arcade, Calif. | -6 | 37 | - | - | ||
Louisville/Jefferson County, Ky.-Ind. | -7 | 38 | - | - | ||
San Antonio-New Braunfels, Texas | -6 | 51 | - | - | ||
Birmingham-Hoover, Ala. | -6 | 52 | - | - | ||
Portland-Vancouver-Hillsboro, Ore.-Wash. | -4 | 42 | - | - | ||
Columbus, Ohio | -7 | 35 | - | - | ||
Nashville-Davidson--Murfreesboro--Franklin, Tenn. | -5 | 32 | - | - | ||
Houston-The Woodlands-Sugar Land, Texas | -5 | 51 | - | - | ||
Baltimore-Columbia-Towson, Md. | -14 | 42 | - | - | ||
Seattle-Tacoma-Bellevue, Wash. | -8 | 33 | - | - | ||
Minneapolis-St. Paul-Bloomington, Minn.-Wis. | -5 | 36 | - | - | ||
Dallas-Fort Worth-Arlington, Texas | -4 | 46 | - | - | ||
Raleigh, N.C. | -15 | 43 | - | - | ||
Jacksonville, Fla. | -7 | 63 | - | - | ||
Orlando-Kissimmee-Sanford, Fla. | -2 | 58 | - | - | ||
Miami-Fort Lauderdale-West Palm Beach, Fla. | - | -5 | 93 | - | - | |
Pittsburgh, Pa. | N/A* | -6 | 54 | - | - | |
Los Angeles-Long Beach-Anaheim, Calif. | N/A* | N/A* | 51 | - | - |
* Some data points for Pittsburgh and Los Angeles have been excluded due to data unavailability.
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Media Contacts:
Nicole Murphy, nicole.murphy@move.com
Lexie Holbert, lexie.holbert@move.com
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SOURCE realtor.com