Continuing its upward trend, the housing market remained at a quick pace last week, according to Zillow’s Weekly Market Report.
Newly pending sales grew more than 10% from the previous week and those homes typically sold after just more than two weeks on the market. This was despite inventory falling even further, the report said.
Highlights in the Kansas City area include homes lasting five days on the market before a contract to sell was signed, on average. The quick turnaround time shows a five day faster sell than this time last year.
Kansas City newly pending sales grew 18.8% week over week and are 0.8% lower than a month ago, the report said. New for-sale listings grew 0.4% from the week prior and are down 3.8% month over month.
In the wake of the coronavirus pandemic, total inventory is 36.4% lower than this time last year, though the median list price is up 13.5% year over year to $368,990, the report said.