Realtor.com's weekly housing trends report for the week ending May 9, out Thursday, shows sellers are beginning to return to the market.
After several weeks of near 40% declines year-over-year, new listings made a big jump towards positive territory last week with a -29% decline year-over-year.
"While new listings are still declining on a yearly basis, last week's jump shows some sellers are ready for a summer home sale -- a positive sign for the market," said Danielle Hale, chief economist for realtor.com. "But despite this uptick, time on market continues to increase and there's a long road ahead to getting back to last year's pace of new sellers."
Key Findings for the Week Ending May 9:
- New listings are down 29% year-over-year. Declines persist nationwide but momentum has shifted in a positive direction
- Total inventory was down 19% year-over-year, unchanged from the previous week.
- Time on market was 13 days slower than last year on average, the biggest increase in time on market since 2013
- Median listing prices are still growing at a slower pace than pre-COVID, but they may regain momentum in the weeks to come
| Week ending May 9 | Week ending May 2 | Week ending April 25 | First Two Weeks March | |
| New Listings | -29% YOY | -39% YOY | -43% YOY | +5% YOY |
| Total Listings | -19% YOY | -19% YOY | -17% YOY | -16% YOY |
| Time on Market | 13 days slower YOY | 11 days slower YOY | 9 days slower YOY | -4 days faster YOY |
| Median Listing Prices | 1.4% YOY | 1.6% YOY | 1.6% YOY | +4% YOY |
New listings: After a few weeks near -40%, the year-over-year decline in newly listed for-sale homes took another step in the right direction nationwide with the size of declines down just less than 30%. Fewer sellers are putting homes up for sale than last spring nationwide and in all large markets, but the momentum has shifted in a positive direction. In the first two weeks in March (the pre-COVID-19 pandemic base), new listings were increasing 5% year-over-year on average. In the most recent three weeks ending April 25, May 2, and May 9, the volume of newly listed properties decreased by 43%, 39%, and 29% year-over-year, respectively.
More than two thirds (75 of 97) of large metros are seeing smaller declines, including the three largest markets in the country New York, Los Angeles, and Chicago.
Asking prices: Sellers look for minimal home price growth, and the mix of homes for-sale appears to be reverting back toward pricier properties. In the first two weeks of March. median listing prices were increasing 4.4% year-over-year on average. In the most recent three weeks ending April 25, May 2, and May 9, the median U.S. listing price posted an increase of 1.6%, 1.6% and 1.4% year-over-year, respectively. While current price gains remain below pre COVID-19 levels, realtor.com expects them to regain momentum in the weeks to come as sellers regain confidence and buyers slowly resume activity. Locally, 70 of 99 metros saw asking prices increase over last year.
Total Active Listings: Limited homes for sale continues to win out this week in the tug of war between listing declines and homes sitting on the market longer. Total active listing declines were unchanged compared to last week but remain slightly larger than the pre-COVID period. Weekly data shows total active listings declined 19% compared to a year ago as the lack of sellers is currently outweighing the extra time homes spend on the market. Two forces are influencing the change in listings: 1) the sharp drop in new listings year-over-year (downward pressure) and 2) longer time on market as buyers are now more hesitant than last year to make major purchases in an uncertain economy (upward pressure).
Time on market: Time on market continues to grow longer as a result of fewer new home listings coming to market year-over-year and properties sitting on the market longer. Time on market rose by double-digit% growth nationwide and in three-quarters of large metros. In the first two weeks in March (our pre-COVID-19 base), days on market were four days faster than last year on average. The trend in time on market began to slow in mid-March, but the indicator didn't register an increase until April. Data for the week ending May 9 showed that time on market was 13 days or 19 percent greater than last year, the biggest increase in time on market since 2013. It's visible in local data as well as the national figures, with 84 of the largest 99 metros showing similar double-digit% increases in time on market from one year ago.
| cbsa_title | hh_rank | median_listing_ price_yy | median_dom_yy | active_listing_ count_yy | new_listing_ count_yy | new_listing_ share_yy | price_reduced_ count_yy | price_reduced_ share_yy |
| new york-newark-jersey city, ny-nj-pa | 1 | -2.4% | 33.3% | -22.3% | -55.6% | -3.4% | -69.2% | -3.2% |
| los angeles-long beach-anaheim, ca | 2 | 13.1% | 54.8% | -18.5% | -18.0% | 0.1% | -38.2% | -1.5% |
| chicago-naperville-elgin, il-in-wi | 3 | -3.2% | 51.3% | -20.7% | -31.0% | -1.4% | -42.4% | -2.1% |
| dallas-fort worth-arlington, tx | 4 | -4.1% | 27.3% | -14.2% | -8.7% | 0.6% | -31.6% | -1.9% |
| houston-the woodlands-sugar land, tx | 5 | -1.6% | 24.0% | -9.5% | -13.3% | -0.3% | -24.8% | -1.2% |
| philadelphia-camden-wilmington, pa-nj-de-md | 6 | 8.7% | 51.1% | -39.2% | -55.1% | -2.6% | -69.1% | -3.9% |
| washington-arlington-alexandria, dc-va-md-wv | 7 | 4.3% | 41.9% | -30.7% | -39.0% | -1.5% | -44.3% | -1.3% |
| miami-fort lauderdale-west palm beach, fl | 8 | -2.5% | 14.8% | -10.2% | -23.5% | -0.8% | -40.0% | -1.7% |
| atlanta-sandy springs-roswell, ga | 9 | -1.4% | 19.6% | -15.7% | -21.2% | -0.6% | -31.0% | -1.4% |
| boston-cambridge-newton, ma-nh | 10 | 2.6% | 55.6% | -28.8% | -30.8% | -0.3% | -50.9% | -2.1% |
| san francisco-oakland-hayward, ca | 11 | 4.9% | 42.9% | -20.6% | -19.9% | 0.1% | -48.4% | -2.0% |
| detroit-warren-dearborn, mi | 12 | -3.8% | 88.6% | -10.7% | -3.3% | 0.9% | -62.3% | -4.3% |
| phoenix-mesa-scottsdale, az | 13 | 1.1% | 0.0% | -23.7% | -21.3% | 0.3% | -40.4% | -2.5% |
| seattle-tacoma-bellevue, wa | 14 | -4.6% | 32.1% | -21.2% | -53.7% | -8.7% | -64.0% | -5.4% |
| minneapolis-st. paul-bloomington, mn-wi | 15 | 0.0% | 23.5% | -10.3% | -12.7% | -0.3% | -9.9% | 0.0% |
| riverside-san bernardino-ontario, ca | 16 | 1.7% | 30.6% | -25.8% | -19.9% | 0.7% | -32.0% | -0.6% |
| tampa-st. petersburg-clearwater, fl | 17 | 1.8% | 10.3% | -17.9% | -23.0% | -0.5% | -32.0% | -1.6% |
| san diego-carlsbad, ca | 18 | 4.2% | 50.0% | -28.4% | -23.1% | 0.8% | -42.8% | -1.6% |
| st. louis, mo-il | 19 | 6.0% | 17.9% | -21.3% | -20.9% | 0.0% | -42.9% | -2.1% |
| denver-aurora-lakewood, co | 20 | 4.6% | 44.8% | -21.2% | -20.8% | 0.1% | -35.8% | -1.9% |
| baltimore-columbia-towson, md | 21 | 0.0% | 35.7% | -32.7% | -39.1% | -1.0% | -49.9% | -2.1% |
| pittsburgh, pa | 22 | 15.4% | 59.3% | -18.1% | -61.5% | -4.9% | -78.9% | -5.4% |
| portland-vancouver-hillsboro, or-wa | 23 | 2.3% | 50.0% | -24.0% | -38.9% | -2.4% | -25.5% | 0.1% |
| charlotte-concord-gastonia, nc-sc | 24 | 0.0% | 12.0% | -22.0% | -21.8% | 0.0% | -44.6% | -2.5% |
| orlando-kissimmee-sanford, fl | 25 | 0.0% | 14.0% | -7.3% | -25.2% | -1.8% | -25.4% | -1.4% |
| cleveland-elyria, oh | 26 | 5.0% | 18.5% | -31.0% | -29.7% | 0.2% | -41.1% | -1.1% |
| san antonio-new braunfels, tx | 27 | -3.2% | 23.5% | -7.2% | -17.6% | -1.0% | -7.8% | 0.0% |
| cincinnati, oh-ky-in | 28 | 11.3% | 20.9% | -32.3% | -35.8% | -0.6% | -39.3% | -0.7% |
| sacramento--roseville--arden-arcade, ca | 29 | 2.0% | 29.4% | -17.7% | -24.9% | -1.1% | -39.9% | -2.3% |
| kansas city, mo-ks | 30 | 7.2% | 52.4% | -31.3% | -40.7% | -1.5% | -40.8% | -0.9% |
| columbus, oh | 31 | 6.6% | 41.7% | -24.4% | -26.1% | -0.3% | -35.4% | -1.3% |
| indianapolis-carmel-anderson, in | 32 | 0.0% | 32.6% | -21.3% | -38.8% | -2.8% | -10.1% | 1.7% |
| las vegas-henderson-paradise, nv | 33 | 2.8% | 23.8% | -8.8% | -52.9% | -6.8% | -46.1% | -3.5% |
| austin-round rock, tx | 34 | 0.0% | 6.4% | -11.8% | -9.4% | 0.3% | -16.0% | -0.4% |
| nashville-davidson--murfreesboro--franklin, tn | 35 | 2.7% | 8.8% | -16.9% | -7.3% | 1.2% | -32.7% | -1.3% |
| san jose-sunnyvale-santa clara, ca | 36 | 1.9% | 56.0% | -27.4% | -36.0% | -1.8% | -44.7% | -1.6% |
| virginia beach-norfolk-newport news, va-nc | 37 | 7.3% | 22.7% | -30.6% | -33.5% | -0.4% | -48.1% | -1.3% |
| milwaukee-waukesha-west allis, wi | 38 | 2.6% | 27.5% | -15.5% | -27.9% | -1.8% | -67.8% | -9.0% |
| providence-warwick, ri-ma | 39 | 5.3% | 40.0% | -34.9% | -42.9% | -1.3% | -48.4% | -1.0% |
| jacksonville, fl | 40 | -3.1% | 3.2% | -9.7% | -18.5% | -0.8% | -10.7% | 0.0% |
| oklahoma city, ok | 41 | 3.1% | 14.3% | -14.9% | -9.9% | 0.5% | -30.1% | -1.5% |
| louisville/jefferson county, ky-in | 42 | -3.4% | 23.9% | -25.0% | -32.1% | -1.0% | -39.8% | -1.4% |
| memphis, tn-ms-ar | 43 | 8.0% | 9.3% | -23.4% | -19.5% | 0.5% | -38.6% | -1.3% |
| new orleans-metairie, la | 44 | 0.0% | 22.4% | -12.9% | -31.5% | -1.7% | -34.6% | -1.6% |
| richmond, va | 45 | 2.9% | 17.8% | -17.0% | -30.9% | -1.8% | -44.7% | -2.2% |
| raleigh, nc | 46 | -2.1% | 15.7% | -13.9% | -31.2% | -2.1% | -44.7% | -3.1% |
| buffalo-cheektowaga-niagara falls, ny | 47 | 4.5% | 84.2% | -29.4% | -50.2% | -3.9% | -56.4% | -2.1% |
| hartford-west hartford-east hartford, ct | 48 | 3.6% | 40.9% | -32.7% | -39.7% | -0.8% | -56.8% | -2.0% |
| birmingham-hoover, al | 49 | 2.0% | 14.3% | -18.1% | -10.1% | 0.8% | -26.8% | -0.6% |
| rochester, ny | 50 | 10.9% | 72.7% | -29.1% | -41.1% | -2.2% | -55.3% | -1.9% |
| tucson, az | 51 | 0.1% | 3.9% | -22.7% | -16.4% | 0.7% | -40.4% | -1.7% |
| salt lake city, ut | 52 | 3.5% | 16.1% | -20.4% | -29.8% | -1.7% | -22.7% | -0.1% |
| grand rapids-wyoming, mi | 53 | 4.1% | 96.7% | -9.8% | -17.8% | -1.2% | -48.4% | -3.0% |
| tulsa, ok | 54 | 10.4% | 12.2% | -22.9% | -26.6% | -0.4% | -38.6% | -1.3% |
| albany-schenectady-troy, ny | 55 | 6.7% | 43.1% | -28.6% | -50.2% | -2.8% | -67.3% | -3.1% |
| albuquerque, nm | 56 | 9.1% | 17.8% | -30.2% | -37.6% | -1.1% | -32.9% | -0.2% |
| omaha-council bluffs, ne-ia | 57 | 5.0% | 75.0% | -9.0% | -16.7% | -1.1% | -37.0% | -1.8% |
| worcester, ma-ct | 58 | 5.5% | 43.6% | -28.9% | -30.7% | -0.3% | -50.2% | -2.3% |
| knoxville, tn | 59 | 5.0% | 10.7% | -26.4% | -17.7% | 1.0% | -39.8% | -1.5% |
| bridgeport-stamford-norwalk, ct | 60 | -1.3% | 28.3% | -32.3% | -42.3% | -0.9% | -55.6% | -1.7% |
| greenville-anderson-mauldin, sc | 61 | -1.4% | 22.2% | -8.6% | -20.5% | -1.1% | -23.3% | -1.0% |
| north port-sarasota-bradenton, fl | 62 | -1.9% | 2.4% | -16.6% | -8.5% | 0.5% | -35.1% | -1.5% |
| new haven-milford, ct | 63 | 0.0% | 30.6% | -33.1% | -42.0% | -0.9% | -61.0% | -2.2% |
| dayton, oh | 64 | 19.4% | 59.5% | -49.1% | -52.9% | -0.8% | -19.6% | 2.8% |
| urban honolulu, hi | 65 | -14.0% | 17.5% | 30.3% | -16.3% | -2.5% | -35.5% | -2.6% |
| allentown-bethlehem-easton, pa-nj | 66 | 20.3% | 32.7% | -49.3% | -66.3% | -3.0% | -84.4% | -4.1% |
| columbia, sc | 67 | 2.5% | -1.9% | -24.5% | -25.1% | -0.1% | -42.9% | -1.6% |
| baton rouge, la | 68 | 0.4% | 28.6% | -10.3% | -25.5% | -1.1% | -41.8% | -2.3% |
| greensboro-high point, nc | 69 | 3.3% | 15.1% | -21.1% | -23.0% | -0.2% | -22.8% | -0.1% |
| fresno, ca | 70 | 3.1% | 30.8% | -33.6% | -24.4% | 1.4% | -43.4% | -1.0% |
| charleston-north charleston, sc | 71 | 3.4% | 10.1% | -18.6% | -11.9% | 0.6% | -35.9% | -1.7% |
| little rock-north little rock-conway, ar | 72 | 12.1% | 9.4% | -33.0% | -21.8% | 1.2% | -55.3% | -2.5% |
| cape coral-fort myers, fl | 73 | 9.7% | 0.0% | -24.7% | -9.0% | 0.9% | -45.9% | -1.8% |
| akron, oh | 74 | 0.0% | 47.6% | -23.6% | -26.9% | -0.5% | -39.9% | -1.7% |
| el paso, tx | 75 | 4.4% | 13.0% | -21.7% | -9.4% | 1.1% | -52.5% | -1.7% |
| oxnard-thousand oaks-ventura, ca | 76 | 11.6% | 46.3% | -24.5% | -40.3% | -2.3% | -55.4% | -3.2% |
| colorado springs, co | 77 | 8.4% | 25.0% | -13.6% | -3.1% | 1.6% | -21.0% | -1.1% |
| madison, wi | 78 | 4.9% | 37.2% | -18.0% | -43.7% | -4.1% | -33.3% | -1.0% |
| bakersfield, ca | 79 | 5.8% | 36.6% | -26.6% | -24.8% | 0.3% | -48.9% | -2.0% |
| winston-salem, nc | 80 | 9.5% | 10.3% | -23.8% | -34.6% | -1.3% | -36.8% | -0.9% |
| syracuse, ny | 81 | -2.0% | 67.8% | -30.4% | -48.5% | -2.4% | -68.6% | -3.3% |
| deltona-daytona beach-ormond beach, fl | 82 | -2.7% | 6.8% | -7.4% | -7.9% | 0.0% | -39.8% | -2.6% |
| boise city, id | 83 | 5.4% | 43.3% | -1.9% | -26.4% | -3.4% | 49.2% | 4.0% |
| wichita, ks | 84 | 5.1% | 25.5% | -30.2% | -20.4% | 1.3% | -16.0% | 1.0% |
| toledo, oh | 85 | -4.8% | 35.4% | -14.3% | 18.3% | 3.6% | 30.3% | 3.1% |
| des moines-west des moines, ia | 86 | -5.1% | 1.6% | -3.6% | -13.6% | -0.9% | -4.1% | 0.0% |
| springfield, ma | 87 | 12.1% | 71.8% | -28.2% | -46.8% | -3.2% | -53.8% | -2.4% |
| lakeland-winter haven, fl | 88 | 2.3% | 7.8% | -3.7% | -31.0% | -2.4% | -5.7% | 0.0% |
| palm bay-melbourne-titusville, fl | 89 | 2.1% | 1.6% | -10.7% | -9.5% | 0.1% | -18.6% | -0.7% |
| mcallen-edinburg-mission, tx | 90 | 1.3% | 6.1% | -12.2% | -34.5% | -1.6% | 29.3% | 1.4% |
| harrisburg-carlisle, pa | 91 | 13.7% | 59.1% | -41.9% | -50.9% | -1.4% | -85.5% | -5.4% |
| scranton--wilkes-barre--hazleton, pa | 92 | 3.0% | 57.1% | -27.3% | -73.1% | -4.7% | -91.1% | -4.6% |
| augusta-richmond county, ga-sc | 93 | 4.8% | 14.5% | -27.0% | -36.8% | -1.0% | -24.1% | 0.3% |
| youngstown-warren-boardman, oh-pa | 94 | 2.5% | 26.4% | -27.5% | -28.9% | -0.1% | -61.7% | -3.6% |
| stockton-lodi, ca | 95 | 2.6% | 42.9% | -23.6% | -38.7% | -2.5% | -48.7% | -2.2% |
| durham-chapel hill, nc | 96 | -2.2% | 16.0% | -14.2% | -29.3% | -1.9% | -37.1% | -1.8% |
| portland-south portland, me | 97 | 9.2% | 28.0% | -28.1% | -35.9% | -1.1% | -68.0% | -3.3% |
| spokane-spokane valley, wa | 98 | 8.6% | 46.9% | -21.1% | -28.7% | -1.5% | -44.8% | -1.7% |
| chattanooga, tn-ga | 99 | 12.1% | 25.5% | -26.0% | -25.9% | 0.0% | -47.4% | -2.0% |
| jackson, ms | 100 | 4.2% | 23.2% | -21.9% | -27.4% | -0.5% | -21.6% | 0.0% |
