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Could home sales begin to taper off after this fall? Zillow thinks so. While the company predicts home sales to decrease as we enter winter and into 2021, sales are still forecasted to stay above pre-pandemic levels. For home prices, those could increase even further. Zillow predicts seasonally adjusted home prices to rise 1.2% from August to November and rise 4.8% from August 2020 to August 2021. These predictions are based on this summer’s strong sales, a pushed back buying season, and future sources of economic uncertainty.
Rate of homes going under contract slows slightly, but time on market still short
Buyers are still extremely keen to purchase houses, with newly pending sales up 21.8% compared to the same week a year ago. However, the frenzied activity of the summer is showing signs of slowing as the summer ends, dropping 2.8% compared to a month ago and down 1% from the week prior.
Typical time-on-market for listings stayed steady at 13 days, which is 14 days quicker than last year. Among the 50 largest U.S. markets, Cincinnati and Columbus, Ohio, shared the shortest typical time on market at four days to pending (4). Nashville posted the longest typical time on market (33 days).
