Sellers continue to be at an advantage in July, with homes leaving the market at their most rapid pace since Zillow began analyzing this data in 2018.

Sellers continue to be at an advantage in July in the wake of the coronavirus pandemic, with homes leaving the market at their most rapid pace since Zillow began analyzing this data in 2018, according to Zillow’s Weekly Market Report for the week ending July 4. The same record pace was set the previous week.

During the week ending July 4, homes remained on the market for only about 20 days before entering the contract-signing stage, one full week faster than the same time the previous year. In Kansas City, Cincinnati and Indianapolis homes typically remained on the market for a mere five days.

Inventory remains extremely tight, with new listings down by 1.5 percent from the week before. New listings are also down by 7.9 percent month-over-month and 27.2 percent year-over-year. Total for-sale inventory is 22.4 percent lower than the same period one year ago.

Courtesy of Zillow

As a result of intensely low inventory, sellers have been able to keep their list prices steady, with just 4.1 percent of active listings cutting their price last week. That number is down from 5.6 percent that cut their listing price one year ago.

The median list price rose by 0.5 percent week-over-week to $338,760, another reflection of sellers’ advantage. That number was also up by 4.3 percent from the year before.

Still, Zillow economists most recently projected a 1.8 percent drop in prices from April 2020 to October 2020, and believe pending sales volume hit bottom in early April when they reached about half of what pending sales were in February. Zillow anticipates those pending sales may show a complete recovery by the end of 2020.

Email Lillian Dickerson

home selling | Zillow
Show Comments Hide 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
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
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
×