Latest Report from HouseCanary Indicates Home Sellers Are Far More Spooked by Uncertainty Than Prospective Buyers

Housing Supply Remains Tight as Weekly New Listing Volume Declines 12.2% Week-Over-Week and Net New Listings are Down 12.4% Year-Over-Year

Home Sales Activity is Outpacing 2019 Levels by 1.4% as First-Time Buyers and Urban Renters Look to Purchase Suburban Homes

Transaction Prices Remain Elevated Across Nearly 40 States Due to Weak Supply and Steady Demand, with 23 States Increasing Week-Over-Week

HouseCanary, Inc. (“HouseCanary”), a leading provider of residential real estate data and home valuations, today released its latest Market Pulse report, covering 22 listing-derived metrics and comparing data between the week ending September 11, 2020 and the week ending March 13, 2020 versus the same period in 2019. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform.

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HouseCanary Market Pulse Report (Photo: Business Wire)

Jeremy Sicklick, Co-founder and Chief Executive Officer of HouseCanary, commented: “Despite growing economic risks stemming from the COVID-19 recession and political uncertainty, the housing market has certainly been a bright spot for the economy over the past few months. The market’s resilience continues to be driven by healthy demand from first-time homebuyers and urban renters looking to purchase suburban houses while their incomes remain intact and mortgage rates hover at record lows. The other side of the coin is that the tight supply of inventory in the housing market has persisted throughout the past six months, with no signs of letting up in the near term. Many homeowners have considerable equity in their homes and no impetus to sell as they wait out the pandemic. In the short-term, we do not expect there will be a significant alteration to this supply-demand imbalance, however, turbulence from external factors could alter the recovery trajectory of the housing market following November’s elections and in early 2021.”

Select findings from this week’s Market Pulse are below. Be sure to review the Market Pulse in full for extensive state-level data.

Total Net New Listings:

  • Since the week ending March 13, there have been 1,579,105 net new listings placed on the market, representing a 12.4% decrease relative to the same period in 2019
  • For the week ending September 11, there were 49,303 net new listings placed on the market, representing a 9.9% decrease compared to the previous week
  • Percentage of total net new listings since March 13, broken down by home price:
    • $0-$200k: 22.2%
    • $200k-$400k: 44.7%
    • $400k-$600k: 17.8%
    • $600k-$1mm: 10.3%
    • >$1mm: 5.0%

Weekly New Listing Volume (Single-Family Detached Homes):

  • New listing volume is down 12.2% week-over-week
  • Percent change in new listing activity since the week ending March 13 versus the same period in 2019, broken down by home price:
    • $0-$200k: (-29.2%)
    • $200k-$400k: (-13.6%)
    • $400k-$600k: (-5.7%)
    • $600k-$1mm: (-1.3%)
    • >$1mm: +2.3%

Median Listing Price Activity (Single-Family Detached Homes):

  • 39 states are experiencing higher median prices of closed listings since the onset of the pandemic, with 21 states continuing to climb week-over-week
    • The states with the most significant closed listing price increases since the pandemic’s onset include:
      • Vermont: +35.1%
      • New Jersey: +33.0%
      • Connecticut: +29.6%
    • The most significant week-over-week closed listing price increases include:
      • New York: +8.5%
      • Vermont: +5.1%
      • Washington, D.C.: +2.5%

Total Listings Under Contract:

  • Since the week ending March 13, 1,789,658 properties have gone into contract across 41 states, representing a 1.4% increase relative to the same period in 2019
  • For the week ending September 11, there were 62,863 listings that went under contract nationwide
  • Percentage of total contract volume since the week ending March 13, broken down by home price:
    • $0-$200k: 23.7%
    • $200k-$400k: 45.0%
    • $400k-$600k: 17.3%
    • $600k-$1mm: 9.6%
    • >$1mm: 4.4%

Weekly Contract Volume (Single-Family Detached Homes):

  • Weekly contract volume is down 14.9% week-over-week
  • Percent change in contract volume week-over-week, broken down by home price:
    • $0-$200k: (-14.8%)
    • $200k-$400k: (-13.8%)
    • $400k-$600k: (-16.2%)
    • $600k-$1mm: (-15.0%)
    • >$1mm: (-20.4%)
  • Percent change in weekly contract volume since the week ending March 13 versus the same period in 2019, broken down by home price:
    • $0-$200k: (-13.0%)
    • $200k-$400k: +2.4%
    • $400k-$600k: +12.6%
    • $600k-$1mm: +16.5%
    • >$1mm: +16.9%

As a nationwide real estate broker, HouseCanary’s broad multiple listing service (“MLS”) participation allows us to evaluate listing data and aggregate the number of new listings as well as the number of new listings going into contract for all single-family detached homes observed in the HouseCanary database. Using this data, HouseCanary continues to track listing volume, new listings, and median list price for 41 states and 50 individual Metropolitan Statistical Areas (“MSAs”).

About HouseCanary:

Founded in 2013, valuation-focused real estate brokerage HouseCanary provides software and services to reshape the real estate marketplace. Financial institutions, investors, lenders, mortgage investors, and consumers turn to HouseCanary for industry-leading valuations, forecasts, and transaction-support tools. These clients trust HouseCanary to fuel acquisition, underwriting, portfolio management, and more. Learn more at www.housecanary.com.

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Contacts

Denise Dunckel
[email protected]

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