Summer Housing Market Looks Very Competitive

The housing market is almost all the way back.

That’s according to realtor.com’s Housing Market Recovery Index, which reached 98.5 in the weekly report released Thursday. An index of 100 is the pre-coronavirus pandemic baseline level.

“Today’s market remains tipped in favor of sellers as would-be spring buyers are shopping well into what would normally be summer vacation season,” said Danielle Hale, chief economist for realtor.com. “Home buyers, trying to take advantage of record-low mortgage rates and make up for lost time, are finding limited and more expensive options. Although sellers are slowly acclimating to this unexpected surge in buyer interest, inventory is still lagging behind demand which is driving quick time on market and listing price growth on par with this time last summer.”

The report found that for the week ending July 11:

• The Housing Market Recovery Index increased 0.7 percentage points to 98.5.
• The West (104.6) continues to lead the recovery with the overall index now visibly above the pre-COVID benchmark, followed by the Northeast (102.6), South (96.3) and Midwest (95.3).
• New listings were down 19 percent for the week – and 14 percent from a year ago, while totally inventory was down 32 percent.
• Median listing prices continue growing at 7.9 percent over last year, faster than the pre-COVID pace and on par with this time last year. 

Here is a market-by-market look at the index: