The U.S. housing market kept up its blistering pace despite the pandemic, as homes that sold last recently stayed on the market for about two weeks, outpacing last year’s numbers.
Newly pending sales returned to strong weekly growth after a month-long lull, according to Zillow.com. They rose 10.9% for the weekend ending July 18. They remain 2.4% below the previous month.
Even with this increased volume, homes continued to sell quickly. Homes that were sold last week typically went under contract after just 15 days.
That’s the same as the previous week and eight days faster than last year.
San Diego’s market, however, is even hotter, with homes selling after just nine days – 13 days faster than last year.
In the regional real estate market, the median list price is up 10.8% year over year to $827,180. And during the first week of June, the median sale price was 2.9% higher than the year before at $598,400.
For comparison: in the first week of June, the national median sale price was $262,600, up 1% year over year. As of last week, the median list price was 5.3% higher than a year earlier, at $341,640.
With sales strong and no uptick in new listings, overall inventory has continued to fall. 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 slide, 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.
With demand strong, only 4.2% of listings cut their price. That’s 1.3% lower than the same week in 2019.
– Staff reports