The market outlook continues to be optimistic. According to the latest Zillow Weekly Market Report, buyers and sellers are making their returns to the market, as indicated by increased pending sales and incoming inventory.
Pending sales are up by 40.8 percent from the previous month, according to Zillow. From the prior week, they’re also up, by 4.2 percent.
Although inventory remains a challenge, more sellers are putting their homes on the market, helping to alleviate the shortage of homes. According to Zillow, new for-sale listings are down 17.8 percent YoY; however, they’re up 37.8 percent from last month and 7.2 percent up from the previous week. Total for-sale listings decreased, down 23.3 percent YoY.
Prices remain strong. The median list price is currently $328,927—2.8 percent higher than last year, and 3.5 percent higher than the previous month.
Market Activity in Top Metro Areas:
New York, N.Y
Newly Pending Sales (MoM): 58.6%
Newly Pending Sales (WoW): 12.1%
Total For-Sale Listings (YoY): -31.6%
New For-Sale Listings (YoY): -20.2%
New For-Sale Listings (MoM): 104.8%
Median List Price (YoY): 2.9%
Los Angeles-Long Beach-Anaheim, Calif.
Newly Pending Sales (MoM): 66.7%
Newly Pending Sales (WoW): 11.5%
Total For-Sale Listings (YoY): -29.2%
New For-Sale Listings (YoY): -12.3%
New For-Sale Listings (MoM): 28.5%
Median List Price (YoY): 6.8%
Chicago, Ill.
Newly Pending Sales (MoM): 41.4%
Newly Pending Sales (WoW): 8.8%
Total For-Sale Listings (YoY): -25.3%
New For-Sale Listings (YoY): -20.2%
New For-Sale Listings (MoM): 32.9%
Median List Price (YoY): -3.8%
Dallas-Fort Worth, Texas
Newly Pending Sales (MoM): 44.0%
Newly Pending Sales (WoW): 8.5%
Total For-Sale Listings (YoY): -14.5%
New For-Sale Listings (YoY): -10.3%
New For-Sale Listings (MoM): 22.6%
Median List Price (YoY): -2.7%
Philadelphia, Pa.
Newly Pending Sales (MoM): 88.6%
Newly Pending Sales (WoW): 13.3%
Total For-Sale Listings (YoY): -38.0%
New For-Sale Listings (YoY): -7.6%
New For-Sale Listings (MoM): 83.2%
Median List Price (YoY): 4.6%
In addition, according to new survey data from the National Association of REALTORS® (NAR), 65 percent of those surveyed, who attended an open house last year, said they would do so now “without hesitation.”
Home seller and buyer optimism looks strong, and so does the reliance on real estate agents to guide them through the real estate process. According to NAR, 47 percent of buyers and 53 percent of sellers said that relying on a real estate professional is more important now, during the pandemic, than before. Fifty-one percent of buyers said this is because agents can help them glean more valuable information than they could uncover on their own. In addition, 56 percent of buyers said agents help them save the time and stress of “weeding through online listings.”
“The real estate industry—and our country—has endured some very challenging times for several months, but we’re seeing signs of progress and we are earnestly hoping the worst is behind us,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, Calif. “While we celebrate Homeownership month, we embrace today’s version of homeownership and the unique paths homeowners take to realize their dream. For prospective buyers, the desire to own a home remains strong and the guidance, expertise and professionalism REALTORS® provide is more important now than ever.”
