2021 RealTrends 500 Now Live!

The RealTrends 500, now in its 34th year, remains the undisputed leading report ranking the performance of the top residential real estate brokerage firms.

Gathering of Eagles

The Gathering of Eagles conference is the Trusted Source, offering brokers, managers and leaders valuable insider industry information on how to run a profitable business.

RealTrending: eXp’s Glenn Sanford

Glenn Sanford, CEO of eXp World holdings, addresses his critics about his agent referral program, where he is taking the company next and growth limiters for the brokerage.

Newsletter

The RealTrends monthly newsletter is known as the trusted industry source for information on trends, strategies, analysis, people and news shaping the real estate industry of tomorrow.

U.S. Home Sales and Listing Activity Since the Start of the Pandemic

Tight housing supply has contributed to price stability in many markets.

Nationwide new listing volume was down 25.8% nationwide com-pared to the week ending March 13, when most COVID-19 measures were implemented. Although, the weekly new listing volume is up 17.4% from its lowest level, which occurred during the week ending April 17. Nationwide weekly new listing volume has been increasing each week since that time.

For the week ending May 8, the weekly volume of listings going into contract for single-family detached homes was down 5.2% nationwide compared to the week ending March 13, when most COVID-19 measures were implemented. Weekly volume of listings going into a contract is up 46.2% from its lowest level, which occurred during the week ending April 10. Of note, nationwide weekly contract volume has been increasing each week since April 10, indicating buyers are finding ways to complete transactions while practicing social distancing.

During the week ending March 13, there was an early spike in properties being removed from the market. That trend reversed for the subsequent three weeks. Since the week of April 5, removals have settled back down to pre COVID-19 levels.

The total nationwide available inventory of single-family detached homes was down by 4.7% compared to the week ending March 13, when most COVID-19 measures were implemented, and has remained relatively constant over the past six weeks. Tight supply has helped stabilize prices in many markets through the weeks following March 6. For example, since the week ending March 6 through current, there are 86,234 fewer properties in total supply than before the beginning of COVID-19 stay-at-home measures. Thirty-six of forty-six states have shown an increasing demand for properties under contract that exceeds the net supply. If this trend continues, it will put increasing pressure on real estate values.

Before the COVID-19 pandemic, housing prices continued to rise in most markets. Using a three-week moving average of the median price of new listings, two-thirds of the states reviewed saw a rise in median housing prices for newly listed properties as the historically strong spring buying season continues.

An Uptick in Median List Price

Over the week ending May 8, 32 of the 46 states have seen an uptick in the median list price of new listings, while 14 states have shown price declines. Hawaii, New York, Florida, Connecticut, and California have shown the strongest price gains. West Virginia, New Jersey, D.C., North Dakota, and Idaho have all shown the most significant declines in new listing prices.

Most Popular Articles

RealTrending: eXp’s Glenn Sanford reveals what’s next for company

Glenn Sanford, CEO of eXp World holdings, addresses his critics about his agent referral program, where he is taking the company next and growth limiters for the brokerage.

Apr 12, 2021 By

Latest Articles

How to turn FSBOs into clients

Luke Babich digs into how you can find current FSBO sellers who you may be able to convert to clients, and learn how to win over sellers who are thinking about taking the FSBO route.

Apr 20, 2021 By