Home valuation fintech pioneer HouseCanary, today announced it has reviewed 41 states with the highest listing and transaction volume in the weeks since the novel coronavirus gripped the United States economy.
As COVID-19 spread across the U.S. and cities and states enacted stay-at-home or shelter-in-place orders the coronavirus began to disrupt the housing market. Would-be homebuyers were faced with challenges when viewing or closing on properties and tracking sales became difficult as county recording offices closed.
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. We were able to track listing volume, new listings, and median list price for 41 states.
In a review of weekly single-family detached homes, new-listing volume was down month over month in all 41 states being tracked. Weekly new-listing volume is down by more than 50% compared to the same period one month ago in Louisiana, Florida, Connecticut, Delaware, Colorado, Michigan, New York, New Jersey and Pennsylvania.
When considering the weekly volume of listings going into contract for the single-family detached market, those figures were down month over month in 38 of the 41 states tracked. Additionally, weekly contract volume for the single-family market is down by more than 50% compared to the same period last month in California, Nevada, Delaware, New Jersey, Wisconsin, New York, Michigan and Pennsylvania.
In a review of the median list price of newly listed single-family detached homes that number was down month over month in 37 of the 41 states tracked. The median list price of newly listed single-family detached homes also trended down by more than 10% compared to the same period last month in Connecticut, Arkansas, New Jersey and New York.
The median list price per square foot for newly listed single-family detached homes was down month over month in 28 of the 41 states tracked. The median list price per square foot for newly listed single-family homes in Illinois, New Jersey, Arkansas and New York was down by more than 5% compared to the same period last month.
“HouseCanary has modeled prices in the single-family residential market since the industry began to recover from the Great Recession,” said Jeremy Sicklick, Co-Founder and CEO of HouseCanary. “This data shows in real-time the impact that COVID-19 is having on the housing industry as we come into the Spring buying season that is historically the strongest buying season for real estate.”
HouseCanary will continue to monitor these and other economic indicators for the U.S. housing market and local markets on a weekly basis and report results to the news media. HouseCanary is committed to sharing trusted, real-time information given how quickly the housing markets are evolving. For more information about the data that HouseCanary is following, please visit www.housecanary.com.
Founded in 2013, valuation-focused real estate brokerage HouseCanary provides software and services to reshape the real estate marketplace. Financial institutions, investors, lenders, mortgage investors, and consumers turn to HouseCanary for industry-leading valuations, forecasts, and transaction-support tools. These clients trust HouseCanary to fuel acquisition, underwriting, portfolio management, and more. Learn more at www.housecanary.com.