Housing Recovery Keeps Chugging Along

The housing market remains strong and is resisting the typical fall slowdown, realtor.com’s Weekly Recovery Report released Thursday showed.

Realtor.com’s Housing Market Recovery Index increased 1.5 points to 107.7 in the United States for the week ending September 5, which means the market is 7.7 percent stronger than the pre-COVID baseline.

“Sellers are calling the shots in today’s market; prices are rising and housing inventory is vanishing almost as fast as it appears,” according to realtor.com^®‘s Chief Economist, Danielle Hale. “But this week’s report revealed two indicators worth keeping an eye on. Housing demand cooled slightly, while new listings showed a smaller decline than previous weeks. This could be a hiccup in weekly activity, or if these trends continue, they could signal a shift in market dynamics leading into the fall when political, economic, and health-related uncertainties abound.”

The report found:

• Median listing prices grew 10.8 percent year-over-year, the fastest pace of growth in more than two years and the 17th consecutive week of price growth at or equal to the previous week’s yearly pace.
• New listings were down 12 percent. 
• Total inventory was down 39 percent.
• Time on market is now 12 days faster than last year.

Here is how the recovery is looking in markets across the country: