Despite initial reports that city-dwellers were snatching up homes in the suburbs amid the pandemic, housing prices in urban areas have actually been keeping pace with suburban regions across the country, according to a data analysis by Zillow.

The exception to that trend, however, is being seen in NYC and San Francisco - the nation's two most expensive housing markets.  

The number of houses on the market in NYC has surged but buyer demand has not kept pace, according to StreetEasy's July Market Report.

Homes for sale in the city's five boroughs was up 6.1 percent in early August compared to last year and the number of rental properties across the city is up 63 percent.    

The Zillow report says many sellers have accepted offers well below their asking price and homes are typically lingering on the market longer than usual - almost twice as long as last year in Manhattan alone.