Weekly housing market report

Data through June 20 shows new listings took a step back last week nationally, limiting inventory even further, according to the Zillow Weekly Market Report released Friday.

However, newly pending sales are up again, rising as buyer activity remains strong. Home sales are typically happening faster than they have in the last two years, since 2018, the report said.

According to the report, homes sold during the week ending June 20 typically stayed on the market for 21 days. 

Highlights in Kansas City area include:

• New for-sale listings rose 1.4% week over week and are 5.1% higher than a month ago. 
• Total inventory fell 1.3% from the previous week and is now 28.6% lower than this time last year. 
• Newly pending sales are down 8.8% from the previous week, and down 7.2% month over month. 
• The median list price is $368,680, 9.7% higher than a year ago.

New for-sale listings fell 1.2% week over week, though they remain up 3% from a month ago. Total inventory was down 0.6% from the previous week and is now 18.8% lower than at the same time last year. 

Listing prices have seen a raise, the median list price in the U.S. growing 0.7% from the week prior to $335,160, and now sits 3.2% higher than a year ago, according to the report.

Zillow economists expect pending sales volume reached its bottom in early April, about 50% below February levels. Pending sales are forecasted to recover almost fully by the end of the year.