Listings are down more than 15% from last year, another pain point on the market ahead of the typically zippy spring buying season.
HouseCanary’s February Market Pulse Report found that net new listings were 15.3% lower than in February 2023. Overall, inventory is up 11.7% YOY but remains generally constrained, limiting new activity.
This is yet another example of market pressures as spring approaches, usually a busy homebuying season.
“In January, we saw net new listings and contract volumes trend at multi-year seasonal lows. Although those metrics are slightly up versus last month, the housing market is still facing significant pressures. The Federal Reserve has all but confirmed that rates will continue to hover around the 7% mark, continuing to…
Monthly payments are going up as mortgage rates continue to climb but a boost in new listings could signal a fall price cooldown.
Rates have soared to their highest level in more than two decades, sending monthly housing payments to record highs. A buyer with a $3,000 monthly budget has lost almost $40,000 in purchasing power YOY as rates rose from 6.5% to nearly 8% today, according to a new analysis from Redfin.
This is exacerbated by stagnant home inventory, which continues to trend down as stock shortages are keeping home prices high even as competition peters out. The total number of homes for sale is down 14%, Redfin noted.
The typical home sold for $371,000 during the four weeks…
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…
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…
