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…
Net new listings and contract volume have officially declined for twelve straight months, according to new data from HouseCanary.
HouseCanary’s latest Market Pulse report, which covers 22 listing-derived metrics and compares data between April 2022 and April 2023, shows market activity was significantly hindered in the first month of Q2.
“As we enter May 2023, the real estate market continues to experience uncertainty, with the purchasing market slowdown being one of the key trends observed for over a year now,” Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, said.
Contract and net new listing volume both fell annually, down 17.8% and 39.8%, respectively.
Listings were hit particularly hard by a nearly 45% YOY increase in removals.
Home sellers who…
New listings continue to trend down as rate lock-in and affordability concerns keep homeowners stuck in their current living situation.
HouseCanary’s latest Market Pulse report found that net new listings fell by double digits for the tenth straight month in February.
The report, which analyzed twenty-two metrics pulled from listing information between February 2022 and February 2023, found that 157,967 net new listings went up last month, down 43.6% YOY.
Properties that went under contract also fell, totaling only 247,294, a 17% decrease YOY.
New listings drove net volume down, falling 31.7%, combined with a 72.6% rise in removals.
Median days on the market were up 48.3% YOY to 43 days. However, days on the market fell month-over-month by nearly…
Home price drops are up more than 95% from last year as the market cooldown continues into fall, according to HouseCanary’s latest Market Pulse report. The report compares data between August 2021 and August 2022 and is an ongoing review of insights from HouseCanary’s platform. The data shows that the monthly nationwide supply continues shrinking as interest rates increase. Combined with seasonal slowdown after the spring and summer buying seasons, net new listing volume and contract volume fell YOY across all price points. “The nationwide supply shortage accelerated by the Fed’s rate hikes and economic concerns persisted through the end of the summer despite a slight increase in inventory back in June,” said Jeremy Sicklick, Co-Founder and Chief Executive Officer…
California and Florida metros collectively account for 80% of the top 10 highest average rents across the country, forcing Americans to look to the middle of the country for affordable rentals. That’s according to HouseCanary’s first National Rental Report, which compares listings volumes, new listings, and median listing price information on single-family detached listings from H1 2021 and H1 2022. National rent prices saw a double-digit increase, up 13.4% YOY in the first half of 2022. At the end of H1 2022, the average rent was $2,495. Property demand remained strong, with the number of days on the market staying basically the same from last year. At the end of H1, rentals were on the market for an average of…
Annual single-family home prices rose by 19.4% in Q2 2022. This is down from Q1’s upwardly revised 20.5% but still close to a record high, according to Fannie Mae’s latest Home Price Index. On a quarterly basis, home prices increased by 4.3% between Q1 and Q2. “Home prices maintained a near-historic pace of appreciation in the second quarter, as low levels of housing inventory continued to support price growth,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “At the end of 2021 and extending into 2022, we believe many homebuyers pulled forward their purchase plans to avoid expected increases in mortgage rates, contributing to demand for homes and strong price appreciation. Given the sharp rise in mortgage…
Despite challenging conditions for first-time homebuyers, Millennials are actively engaging in the housing market, especially in the nation’s largest metros, according to a new analysis from LendingTree. The analysis found that Millennials– people aged 25 to 40 in 2021– make up a majority of homebuyers in most of the US’s largest metros, especially Denver, Seattle, and Boston. Of mortgages offered in Denver, 63.3% were offered to Millennials. In Seattle, 61.35% were offered to Millennials, and in Boston, 61.08%. Miami, Jacksonville, and Tampa have the smallest share of buyers in this age group, at 46.54% across all three markets. San Francisco, New York, and San Jose have the greatest portion of older Millennials, with an average age of 33.51%, while Indianapolis,…
By KIMBERLEY HAAS A report released this month suggests that despite rising home prices it is more affordable to own a median-priced house than to rent a three-bedroom property in a majority of the United States. ATTOM’s 2022 Rental Affordability Report used fair-market rent data from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics, and sales deed data in 1,154 counties to find that home ownership will be more affordable in a majority of the country again in 2022. Todd Teta, Chief Product Officer at ATTOM, said home ownership still remains the more affordable option for average workers because it takes up a smaller portion of their pay when the math is…
By KIMBERLEY HAAS As the number of homes purchased by people with different last names increases, it is being reported that Millennials are choosing to buy single-family houses with their friends. In an article written by Zinhle Essamuah for NBC News, three women talked about their decision to buy a house together. Amanda Scheider, 30, told Essamuah that it’s like having a permanent sleepover. Scheider lives with Kathy Keel, 30, and Stephanie Vandergrift, 28, in Gallatin, Tennessee. They signed for a 30-year, $315,000 mortgage in May of 2020 after renting a house together. Essamuah used analytics from Attom Data Solutions which shows the number of homes purchased by people with different last names increased by nearly 772% between 2010 and…
By KIMBERLEY HAAS Millennials keeping the market hot, racial bias affecting home appraisals, and automated valuation technology were discussed on Tuesday during a webinar designed to address what mortgage professionals should expect in 2022 and beyond. Jeremy Sicklick, CEO and Co-Founder of HouseCanary, Inc., predicted millennials would generate demand in the housing market over the next ten years. “Effectively, demand will continue to exceed supply,” Sicklick said. “As we look forward, really over the decade, I mean, we are very bullish on housing, and that comes back to just the sheer number of Millennials and household formation that’s going to occur. There’s just a massive amount of demand out there.” Founded in 2013, HouseCanary in San Francisco, Calif., is a…
