Latest HouseCanary News
Oct 7, 2021
Homes Under $200K Continue to be in Short Supply as Net New Listing Activity is Down Nearly 30% Year-Over-Year List-to-Sale Price Ratio Hovers Slightly Above 100, Underscoring a Sustained Seller-Friendly Environment Gap Between Contract Volume and Net New Listing Volume Continues to Shrink, Signaling a Decrease in the Outsized Demand for New Homes HouseCanary, Inc. , a national brokerage known for its real estate valuation accuracy, released its latest Market Pulse report, covering 22 listing-derived metrics and comparing data between September 2020 and September 2021. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform. Jeremy Sicklick , Co-Founder and Chief Executive Officer of HouseCanary, commented: “The record growth in home prices over the past year driven by short supply has made homeownership less affordable for many Americans, especially for would-be first-time homebuyers and those searching for homes under $200K. It’s also worth noting that mortgage rates have increased recently, topping 3% for the first time since early July. Higher borrowing rates, in tandem with lofty prices, could potentially limit the demand for new homes and refinances. Now that we are exiting the peak summer market season, median prices – while still near record highs – are beginning to cool off, especially with the holiday season right around the corner. We continue to see prospective buyers making above-list price offers on homes given the ultra-competitive market environment and if the supply shortage holds through the winter, we could expect to see additional rapid price growth in spring 2022, but at a lower rate compared to 2021.” Select findings from this month’s Market Pulse are below. Be sure to review the Market Pulse in full for extensive state-level data. Total Net New Listings: Since September 2020, there have been 3,201,229 net new listings placed on the market, which is an 9.9% increase versus the same period in 2020 Percentage of total net new listings over the last 52 weeks, broken down by home price: $0-$200k: 18.0% Median Listing Price Activity (Single-Family Detached Homes): For the week ending October 1, 2021, the median price of all single-family listings in the U.S. was $383,800, a 7.5% increase year-over-year For the week ending October 1, 2021, the median closed price of single-family listings in the U.S. was $383,878, a13.9% increase year-over-year The median price of all single-family listings in the U.S. is down 0.3% month-over-month and the median price of closed listings has increased by 0.2% month-over-month 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”).