Zillow’s Weekly Market Report shows that newly pending sales and new listings fell in the seven days ending May 25 after sustained growth since mid-April – perhaps a function of the Memorial Day holiday.
Even with the dip, pending sales and new listings remain well up from the previous month when the market was bouncing back from a slowdown in the early days of the coronavirus pandemic. Zillow reports that experts expect the sales lost during that period to be recouped in full over the next few years.
The report found:
- Newly pending sales fell 5.2 percent from the previous week.
- Month-over-month, newly pending sales are up 24.5 percent nationally.
- New listings are up 19.3 percent from a month ago, they fell 7.2 percent from a week earlier and remain down 17.2% percent year over year.
- Total inventory is down 24.9 percent from a year ago, marking the biggest year-over-year gap of 2020 thus far.
Finally, the median list price in the United States is $329,941, 3.1 percent higher than a year ago and up 0.3 percent from the previous week.