Number of Net New Listings on the Market Declined 12% from April 2021
Median Price of Single-Family Closed Listings Up 4.7% Month-Over-Month and 15.8% Year-Over-Year
Number of Listings Under Contract Decreased 6.6% Year-Over-Year
SAN FRANCISCO–(BUSINESS WIRE)–HouseCanary, Inc. (“HouseCanary”), a national brokerage known for its real estate valuation accuracy, today released its latest Market Pulse report, covering 22 listing-derived metrics and comparing data between April 2021 and April 2022. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary.
Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented:
“In April, net new housing inventory remained negative, leading to more affordability issues for many prospective buyers. After a sustained period of historically low interest rates, there continues to be speculation regarding the Federal Reserve’s upcoming plans, but we think many housing market participants have already priced in the effect of near-term rate hikes. For starters, we have seen a sharp rise in mortgage rates this year, including the 30-year fixed mortgage rate, which has increased by 200 basis points since January. Rising rates, together with already bloated prices, have made for a difficult buying environment as they increase the cost of home ownership, but could also dissuade prospective sellers from listing their properties in the current market. In turn, we expect to see continued limited new supply coming onto the market over the next couple months, leading to sustained upward pressure on prices. But looking ahead to the end of 2022, we do see room for the market to ultimately moderate.”
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 April 2021, there have been 3,187,324 net new listings placed on the market, which is a 1.5% decrease versus the 52 weeks prior
● Percentage of total net new listings over the last 52 weeks, broken down by home price:
$0-$200k: 16.0%
$200k-$400k: 39.1%
$400k-$600k: 22.8%
$600k-$1mm: 14.9%
>$1mm: 7.2%
● Percent change in net new listing activity over the last 52 weeks versus the same period in 2021, broken down by home price:
$0-$200k: (-21.7%)
$200k-$400k: (-10.8%)
$400k-$600k: +18.0%
$600k-$1mm: +26.0%
>$1mm: +17.6%
Monthly Net New Listing Volume (Single-Family Detached Homes):
● Monthly new listing volume was down 7.6% compared to April 2021
● In April, there were 326,455 net new listings placed on the market, representing a 12.0% decrease year-over-year
● For the month of April, the percent change in net new listing volume compared to April 2021, broken down by home price:
$0-$200k: (-25.3%)
$200k-$400k: (-22.8%)
$400k-$600k: (-1.1%)
$600k-$1mm: +7.7%
>$1mm: +3.1%
Listings Under Contract:
● Over the last 52 weeks, 3,386,036 properties have gone into contract, representing a 6.4% decrease relative to the 52 weeks prior
● Percentage of total contract volume since April 2021, broken down by home price:
$0-$200k: 16.6%
$200k-$400k: 39.5%
$400k-$600k: 22.3%
$600k-$1mm: 14.5%
>$1mm: 7.1%
● Percent change in contract volume over the last 52 weeks versus the same period in 2021, broken down by home price:
$0-$200k: (-24.2%)
$200k-$400k: (-14.8%)
$400k-$600k: +10.8%
$600k-$1mm: +19.1%
>$1mm: +14.0%
Monthly Contract Volume (Single-Family Detached Homes):
● For the month of April, there were 348,594 listings that went under contract nationwide, which is a 6.6% decrease year-over-year
● For the month of April, the percent change in contract volume compared to April 2021, broken down by home price:
$0-$200k: (-14.8%)
$200k-$400k: (-15.4%)
$400k-$600k: +5.0%
$600k-$1mm: +8.5%
>$1mm: (-0.7%)
Median Listing Price Activity (Single-Family Detached Homes):
● For the week ending April 29, 2022, the median price of all single-family listings in the U.S. was $427,975, an 11.8% increase year-over-year
● For the week ending April 29, 2022, the median closed price of single-family listings in the U.S. was $428,223, a 15.8% increase year-over-year
● The median price of all single-family listings in the U.S. is up 1.3% month-over-month and the median price of closed listings has increased by 4.7% month-over-month
About HouseCanary
Founded in 2013, national real estate brokerage HouseCanary empowers consumers, financial institutions, investors, and mortgage lenders, with industry-leading valuations, forecasts, and transaction support. These clients trust HouseCanary to fuel acquisition, underwriting, portfolio management, and more. Learn more at www.housecanary.com.
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