When the U.S. saw its biggest housing slump this year, the week of April 6, the percentage of homes that sold within two weeks of being on the market was 16% lower than during that same week in 2019, according to data from Clever. But, by June 15, the percentage of homes selling within two weeks on market was 34% higher in 2020 than 2019, the report said.
On a market-by-market basis, the tale of recovery over the last several months can be charted by looking at the metros in the very top and the very bottom.
For example, the percentage of homes that sold within two weeks just about doubled for the top 10 metros, but decreased by 34% in the bottom 10 metros, Clever said.
The median number of days on the market across the top cities was 66 days in April, the report said, compared to 58 in June. And pending sales and active listings were 2.75 times higher for the top 10 metros during June 15 than during April 6.
The number of homes under contract compared to those that were available decreased by 6% for the bottom 10 metros, Clever said. This means that inventory is there, but people aren’t buying in these metros.
Which metro saw the biggest rebound? According to Clever’s ranking of housing demand by metro, No. 1 is Albany, New York. where buyer demand fell considerably in the worst months of the pandemic, as homes on the market in mid-April were sitting around for about 122 days total. Also in April, only 2% of active listings were pending sale. But by mid-June, that increased to 9%.
Check out the other 49 metros here.