Homes sold in the U.S. during the second week of June stayed on the market for about 22 days, the lowest number of median days since June 2018.

Although the coronavirus pandemic has given many buyers and sellers a reason to press pause, those that have continued to move forward with a home sale or purchase have been rewarded with a quickening of the process.

Homes sold in the U.S. during the second week of June stayed on the market for about 22 days, the lowest number of median days until pending since early June 2018 when homes typically sold after 21 days, according to a recent analysis by Zillow.

Even at the housing market’s most sluggish point this spring in late May, homes typically took 31 days to sell, just six days slower than late May 2019.

“Buyers shopping today might expect to be welcomed by desperate sellers, but they’ll instead discover houses selling like hotcakes in the speediest market in recent memory,” Jeff Tucker, an economist at Zillow, said in a statement. “The market did slow down in April, but anyone shopping this summer needs to be prepared to keep up with the lightening-quick pace of sales today.”

Most of the 35 largest U.S. metro areas are witnessing the quickening pace of the market, with 29 of these metros seeing offers accepted faster than one year ago.

Columbus, Ohio, is witnessing the rapid-fire pace of the market most intensely where homes are selling within five days. However, Cincinnati, Ohio (six days); Kansas City, Missouri (six days); Seattle, Washington (seven days); and Indianapolis, Indiana (seven days) are not far behind.

Pittsburgh, Pennsylvania, has experienced the greatest market acceleration recently with sellers accepting offers 17 days sooner year-over-year and 40 days sooner month-over-month at a median of 10 days until pending.

Courtesy of Zillow

New York, New York, an area particularly hard-hit by the virus, has been the slowest market by a margin of 15 days. Miami has been the second slowest market.

Homes in New York are spending about 70 days on market before an offer is accepted, 23 days longer than in June 2019, and the greatest year-over-year slowdown among all 35 metro areas. Miami’s market slowed by six days year-over-year, from homes spending 49 days on market in June 2019, to 55 days on market in June 2020.

Zillow’s report did note that New York and Miami have historically been slower moving for-sale markets, but their year-over-year slowdowns remain significant.

Although inventory remains quite low, new listings are up 14 percent month-over-month, which may indicate that sellers are regaining confidence. However, whether or not buyers will keep up their current breakneck pace remains to be seen.

“The question is whether the tempo will slow after buyers finish playing catch-up from planned spring moves, or if this fast-paced market will stay hot thanks to continued low interest rates and buyers scrambling over record-low summer inventory,” Tucker added.

Email Lillian Dickerson

Zillow
Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Last call: ticket prices for ICNY go up at midnight. Thousands of real estate pros will be there. You won't want to miss it!Register now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription