Newly pending sales went up again, increasing 2.1 percent WoW and 13.7 percent MoM for the week ending June 20, according to the latest Zillow Weekly Market report. These areas experienced the largest spikes in pending home sales for this week:
Buffalo (+26.3 percent), San Jose (+19 percent) and Nashville (+14.4 percent).
In addition, home sales have sped up, with properties selling at the fastest pace in more than two years, according to Zillow. During this week, homes sold after 21 days on the market, on average.
Here’s a breakdown of other market factors:
Inventory
New For-Sale Listings: -1.2% WoW, +3% MoM
Total: -0.6% WoW, =18.8% YoY
Median List Price
+0.7% WoW ($335,160, on average)
+3.2% YoY
Home Price and Pending Sales Forecast
Zillow expects prices to decreased 1.8 percent from April to October 2020, with a slow recovery through 2021. Economists predict pending sales volume hit bottom in April, forecasting almost-full recovery by end of year.
Source: Zillow
