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Here are some key takeaways from @zillow's urban-suburban housing report (via @issiromem): https://www.zillow.com/research/2020-urb-suburb-market-report-27712/
2. Pending sales trends are relatively even across urban classifications nationally, with some regional exceptions.
Both urban homes and suburban homes are selling more quickly now than they were in February, and the percent change in time on market has been nearly equal.
Both urban homes and suburban homes are selling more quickly now than they were in February, and the percent change in time on market has been nearly equal.
3. "The share of homes selling above their list price in suburban areas vs. urban areas exhibit the same trend nationally. Price cuts are now less common in both suburban and urban areas, with the suburbs seeing a slightly sharper reduction."
4. "New supply is bouncing back quicker in urban areas, helping to prop up inventory overall. ...New listings in urban areas don’t necessarily imply an emptying of cities."
5. "Home value growth in urban ZIP codes and in suburban ZIP codes has accelerated at about the same pace since the pandemic started. In June, the annual pace of home value growth was 4.3% in urban areas and 4.1% in suburban areas."
6. "Suburban home listings are not seeing any more attention than they were last year, relative to urban or rural listings." Suburban homes made up 62.2% of all page views of for-sale listings in June 2020 vs 62.6% in June 2019. Urban & rural page views each climbed 0.2 % points"
7. "A comparison of single-family homes and condos suggests there is no clear sign of a boom for the detached homes that are often synonymous with the suburbs."
8. "the share of page views on single family detached homes actually shrank, from 82.7 last June to 81.1% this June."
9. "There also is limited evidence that shoppers are searching for larger homes. Overall, distribution is almost indistinguishable from last year, with a minor decline for homes between 1,000-3,500 SF & minor increases for homes smaller than 1,000 SF & larger than 3,500 SF. "
10. Bigger shifts are in rental units. "Rent growth is slowing faster in urban areas. ... Both urban and suburban rents were on a mild upswing before the crisis, supporting the idea that the pandemic has contributed to declining rents nationally. "
11. Sales & Inventory:
12. San Francisco is an exception, & more likely because of its high costs ...
13. Money shot: The share of sales above the list price in suburban areas vs. urban areas exhibit the same trend nationally.
14. Another Money Shot: YoY home value growth in June was 4.3% in urban areas and 4.1% in suburban areas.
15." Suburban home listings are not currently getting any more attention on Zillow than last year, relative to urban or rural listings." The share of Zillow for-sale listings page views in June in suburban areas fell slightly. Urban and rural page views each climbed slightly ...
16. "Given how much overall traffic has surged upward, however, every type of listing saw huge gains in traffic. suburbs still attract more than three times as much traffic as urban listings do."
17. "home values for detached single family homes — often associated with the suburbs — do not seem to be booming in value relative to condos. In fact, we find no difference between condos and single family homes in home value growth trends relative to before the pandemic."
18 I could go on, but you get the gist. Doomtastic predictions of the end of cities are NOT supported by the data. Full @zillow report is here: https://www.zillow.com/research/2020-urb-suburb-market-report-27712/
