Listings took a hit in July, but both listed and closed prices saw positive YOY growth, according to new data from HouseCanary.
The company’s latest Market Pulse report found that net new listings dwindled in July, down 40.3% YOY. The number of properties that went under contract also fell by 13.4% from the same time last year.
“In June, the housing market initially showed signs of resilience, but these reversed as we continued to face the effects of rate hikes initiated in March 2022,” said Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary. “July has followed suit with stagnant performance as the Federal Reserve implemented another rate increase and potential homebuyers remained cautious amidst market uncertainties.”
New listing volume…
A Redfin report found the number of new listings in September fell 9% year-over-year (YOY). Closed home sales and active listings also dropped — by 5% and 19% YOY — respectively. September marked the fourteenth month of consecutive double-digit price increases, with the median price of homes sold at $376,800, up 14% from the previous year. It was the slowest growth rate since December 2020. “The severe lack of inventory is restricting home sales,” said Redfin Chief Economist Daryl Fairweather. “Even though plenty of people bought homes last year, many homebuyers waited while the pandemic went from bad to worse and remote-work policies were finalized. The homebuyers who are just beginning their search are finding that the well has run…
After cratering in April and May, new listings for high-end homes are making a comeback on the market this summer. Listings for the most expensive homes dropped by about 50 percent at the height of the pandemic – but are now down just 9 percent from year, according to a new report released Wednesday by Zillow. Listings for least expensive homes – which had dropped by about one-third this spring – remain 29 percent below last year’s level. “The way unemployment has hit in this recession – with more layoffs in service, retail, food, entertainment, and other jobs unable to be done remotely – could result in vastly different experiences on either end of the housing price spectrum,” Zillow economist…
Houston homes will no longer have master bedrooms or master bathrooms. Instead, the Houston Association of Realtors will use the phrases “primary bedroom” and “primary bathrooms,” the Houston Chronicle reported. The change comes after some realtors said the word “master” has a stigma associated with it. The Chronicle reported that HAR agreed to change the phrases on its Multiple Listing Service and its website on June 15. “This topic is currently being debated across the real estate industry, and the national standards organization for MLSs will be considering a similar change that could make ‘primary’ the new standard nationally,” HAR said in a statement shared with the Chronicle. Don’t expect the changes to go nationwide just yet. The National Association…
As the nation grapples with issues on racial equity, Google has announced that it will no longer allow realtors to target ads for housing based on ZIP code – in addition to several other changes. The change, announced on Google’s blog, is designed to “improve access to housing, employment and credit opportunities.” “This policy will prohibit impacted employment, housing, and credit advertisers from targeting or excluding ads based on gender, age, parental status, marital status, or ZIP Code, in addition to our longstanding policies prohibiting personalization based on sensitive categories like race, religion, ethnicity, sexual orientation, national origin or disability,” said Scott Spencer, Google’s vice president of product management, ads privacy and safety. Spencer said Google will provide more information…
More listings. Higher prices. Realtor.com’s Weekly Housing Trends Report released Thursday finds that the latest housing data points to a rebound for the housing market as buyers and sellers begin to return to the market after the economic shutdowns in reaction to the coronavirus pandemic. “Weekly data shows we have taken the first step in the process of returning to healthy housing conditions: getting buyers and sellers off the sidelines,” said Javier Vivas, director of economic research for realtor.com. “The improvement in new listings this week is a sign the market is on its way to recovery, but the deficit in total inventory will be a drag on sales. Many buyers are ready and itching to get back on the market,…
The coronavirus pandemic slammed the brakes on a once-roaring housing market. A new report released Monday by Redfin found that sales and listings experienced historic declines from a year ago – with home sales dropping 22.5 percent in April from a year ago, while the number of homes newly listed for sale plunged 42.4 percent. “The supply of homes for sale declined even more dramatically than homebuyer demand in April,” Redfin lead economist Taylor Marr said. “While home sales fell the most in more expensive markets, in more affordable areas prices continued to increase. Even during the depths of the slowdown last month, the market was still faster and more competitive than it was a year earlier.” The report also found:…
As states across the country slowly begin to reopen for business, realtor.com released a survey Monday that may suggest that homebuyers are ready to jumpstart shopping for a new house in the coming weeks and months. The survey found increased activity on realtor.com, with listing visits, saves and shares “all up significantly since the first wave of shelter-in-place orders took effect on March 16.” “Data suggests that home shoppers who had paused their search are now picking it back up, and the spring homebuying season won’t be lost, but merely pushed into the summer months,” said Danielle Hale, Chief Economist, realtor.com®. “Tools such as virtual tours and livestream open houses are enabling consumers to safely continue their home search while maintaining social distancing…
A pair of housing reports released Thursday show mortgage applications and new home listings are down amid the coronavirus pandemic, though sellers are slowly beginning to return to the market. Mortgage applications for new home purchases dropped 12 percent in April from a year ago and 25 percent from March, according to the Mortgage Bankers Association’s Builder Application Survey. A realtor.com survey found that for the week ending May 9 there were 29 percent fewer new listings than a year ago, but that decline is significantly lower than the declines of nearly 40 percent in previous weeks. “New home purchase applications severely weakened in April, which coincided with the peak of the social distancing efforts and restrictions on non-essential activities…
What spring selling season? Newly listed homes dropped 44.1 percent in April, according to realtor.com’s Monthly Housing Trends Report released Tuesday. That amounts to a loss of 189,000 listings compared to April 2019. “The good momentum we saw at the start of the year has helped to somewhat insulate the housing market from the coronavirus’ negative impact on buyer and seller confidence across the U.S. Although we saw sharp drops in new listings, an increase in the time it takes to sell a home and a flattening of prices in April, May is likely to see some of these metrics worsen,” realtor.com® Chief Economist Danielle Hale said. The report also found: The Northeast saw the greatest decline in new listings at 59.4…
