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Zillow weekly market report: new home sellers join the market as high demand persists

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Posted at 12:07 PM, Sep 11, 2020
and last updated 2020-09-11 15:07:47-04

Buyer demand for houses remained unquenched in the first week of September as newly pending sales reached record year-over-year highs, Zillow’s Weekly Market Report shows. Total for-sale inventory continued its long decline but more homeowners are now deciding to list their houses for sale, providing the largest boost in new inventory since the start of the pandemic.

Median sale prices and median list prices are up as well, both posting the highest year-over-year increases since at least the start of 2019. And while new surveys show optimism among buyers, sellers and economists, employment is still reeling from high-than-expected jobless claims.

These are the housing highlights in the Las Vegas metro for the week ending Sept. 5:

  • Newly pending sales fell 1.1% from last week, and are 8.5% higher than last year.
  • Homes typically went under contract after 13 days, 17 days faster than last year.
  • New listings grew 19.1% from last week. Total inventory is now down 23% year over year.
  • The median list price is up 7.1% year over year to $347,347.
  • The median sale price the week ending July 25 was $310,155, 3.7% higher than a year earlier.