Further insight from Zillow is painting a better picture of its current standing with an ever-changing market amidst a pandemic.
We’ve reported a number of times that companies are finding high demand and low inventory. This has kept housing prices us though mortgage rates have gone down.
Now, Zillow has reported that existing home sales jumped 24.7% in July companied to June, specifically hitting 5.86 million (SAAR). This is the highest monthly total since 2006, predating the 2008 recession. Sales were up 8.7% year-over-year as well.
When it comes to existing-home prices, the median for all housing types in July 2020 was $304,100, an 8.5% jump, year-over-year.
When it comes to the inventory crisis, Zillow has reported that housing inventory totaled 1.50 million units, which is a 21.1% decrease year-over-year, and down just 2.6% from June 2020. This means that people are buying but the inventory is still dwindling.