Home valuation fintech pioneer HouseCanary, today announced the continued review of data from the HouseCanary platform of 45 states and the District of Columbia with sufficient property listing and transaction volume. This issue of Market Pulse compares data between the week ending June 5, 2020, and the week ending March 13, 2020, detailing 22 listing-derived metrics.
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U.S. Map: Week-over-week Change in Median Price of New Listings for Week Ending June 5, 2020 (Graphic: Business Wire)
Nationwide new listing volume of single-family detached homes was down 14.6% compared to the week ending March 13, when most COVID-19 measures were implemented. Although, the data revealed new listing volume is up 11.9% over last week and up 33.4% from its lowest level during the week ending April 17. Since the beginning of COVID-19, the week ending March 13, through the week ending June 5, there have been 659,330 net new listings placed on the market. For the week ending June 5, there were 55,854 Net New Listings placed on the market.
For the week ending June 5, the weekly volume of listings going into contract for single-family detached homes was up 23% nationwide compared to the week ending March 13, when most COVID-19 measures were implemented. Weekly volume of listings going into contract is up 91.1% from its lowest level during the week ending April 10. This is the fourth consecutive week in which nationwide weekly contract volume was at or above volume for the week ending March 13. A total of 772,633 properties have gone into contract across 46 states since the week ending March 13. For the week ending June 5, there were 78,861 listings that went into contract nationwide.
The weekly volume of listings removed for single-family detached homes was down 0.4% nationwide compared to the week ending March 13. Weekly volume of listing price cuts for single-family homes was up 1.0% nationwide compared to the week ending March 13. In the weeks immediately following March 13, there was an increase in the number of listings removed from the market, and a corresponding decrease in the number of price cuts as would-be home sellers were choosing to remove their listings entirely from the market rather than keep them on the market at a discounted price. Both metrics have stabilized and have settled back into pre-COVID levels, where they have remained since mid-April.
All of this activity has culminated in a tight supply of homes listed for sale. Tight supply has helped stabilize prices in many markets through the weeks following March 13. It has remained relatively constant over the entire period since that week.
Breaking the trend of upward price trajectories seen over the past several weeks, price growth in the majority of states has started to face headwinds. Using a 3-week moving average, we can see that for only 19 out of the 46 states, median housing prices for newly listed properties saw positive changes relative to the week prior. The majority of states, 23 out of 46, experienced a drop in the median price of newly listed properties and four were in a steady-state over the week ending June 5. The most notable week-over-week new list price declines were seen in DC, falling 6.5%, followed by New Jersey sliding 4.8%. Hawaii continues to outpace the other states in its continued spike of 7.7% in the median new list price relative to the week prior.
“In the initial weeks of the COVID-19 state lockdowns, many would-be sellers pulled their homes off the market,” said Jeremy Sicklick, Co-Founder and CEO of HouseCanary. “Right now, HouseCanary data shows that prices have stabilized and market listings are back to pre-COVID levels. It is clear that sellers have rejected the notion that this pandemic will prevent them for selling their home and buyers are finding a way to complete transactions despite social distancing and other measures implemented by state and city officials.”
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. Using this data, HouseCanary continues to track listing volume, new listings, and median list price for 46 states and 48 individual MSAs.
HouseCanary will continue to monitor these and other economic indicators for the U.S. housing market and local markets weekly 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.