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Homes Selling at Record Pace, Zillow Reports

Homes continue to fly off the market just weeks after they’re listed — faster than any time in at least the past two years, said Zillow’s Weekly Market Report.

Though newly pending sales fell week over week for the first time since late May, they remain well ahead of last month’s pace. Homes sold in the week ending June 27 were typically on the market just 20 days before a contract to sell is signed, the fewest number of days recorded since at least 2018 (when Zillow began tracking the data). That time on market is one full week less than the same period a year ago.

The median price of homes listed for sale nationwide was $337,160 last week, up 0.6% from a week ago and 3.8% from the same time last year. Newly listed homes in the most-affordable price ranges were down far more compared to a year ago than listings in more-expensive tiers — contributing the overall bump in median list price.

Still, newly pending sales were down 1.8% from the week ended June 20, but were up 18.8% from the same period a month ago. New for-sale listings nationwide fell 5.1% week over week, though they remain up 5.2% from a month ago. Total inventory was down 0.7% from the previous week, and is now 20.7% lower than at the same time last year.

 

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