HouseCanary, Inc. (“HouseCanary”), a leading provider of residential real estate data and home valuations, today released its latest Market Pulse report, covering 22 listing-derived metrics and comparing data between the week ending March 13, 2020 through the end of October versus the same period in 2019. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform.
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HouseCanary Market Pulse (Photo: Business Wire)
Jeremy Sicklick, Co-founder and Chief Executive Officer of HouseCanary, commented: “Despite the ongoing tight supply since the onset of the pandemic in the spring, net new listings are outperforming 2019 levels thanks to a sharp decline in listing removals in October. However, demand remained strong, causing sustained inventory pressure leading up to this week’s election. Despite the turbulent days of ballot counting that have followed Election Day, it appears there will likely be a new President in the White House, which could mean a new set of policies that impact the housing market. We expect that the housing market will hold relatively steady in the near-term but are bracing for a shift in the status quo in early 2021 as uncertainty over new stimulus and policy changes take hold.”
Select findings from this month’s Market Pulse are below. Be sure to review the Market Pulse in full for extensive state-level data.
Total Net New Listings:
- In the month of October, there were 274,063 net new listings placed on the market, representing an 10.0% increase compared to October 2019
- The decline in new listing volume was more than offset by a 46.1% decrease in removals over the same period
- Since the week ending March 13 through the end of October, there have been 2,042,734 net new listings placed on the market, which is a 6.5% decrease versus the same period in 2019
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Percentage of total net new listings since March 13, broken down by home price:
- $0-$200k: 22.1%
- $200k-$400k: 44.4%
- $400k-$600k: 17.9%
- $600k-$1mm: 10.4%
- >$1mm: 5.2%
Monthly New Listing Volume (Single-Family Detached Homes):
- For the month of October, new listing volume is down 6.6% year-over-year
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Percent change in new listing activity since the week ending March 13 through the end of October versus the same period in 2019, broken down by home price:
- $0-$200k: (-28.2%)
- $200k-$400k: (-10.8%)
- $400k-$600k: (-0.5%)
- $600k-$1mm: +5.4%
- >$1mm: +8.8%
Listings Under Contract:
- For the month of October, there were 348,432 listings that went under contract nationwide, which is a 21.4% increase year-over-year
- Since the week ending March 13, 2,286,218 properties have gone into contract across 41 states, representing a 4.4% increase relative to the same period in 2019
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Percentage of total contract volume since the week ending March 13, broken down by home price:
- $0-$200k: 23.2%
- $200k-$400k: 44.7%
- $400k-$600k: 17.5%
- $600k-$1mm: 9.9%
- >$1mm: 4.7%
Monthly Contract Volume (Single-Family Detached Homes):
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Percent change in contract volume year-over-year, broken down by home price:
- $0-$200k: (-7.6%)
- $200k-$400k: +20.9%
- $400k-$600k: +43.5%
- $600k-$1mm: +62.4%
- >$1mm: +72.7%
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The total volume of listings going into contract since the week ending March 13 through the end of October versus the same period in 2019, broken down by home price:
- $0-$200k: (-13.2%)
- $200k-$400k: +4.9%
- $400k-$600k: +18.1%
- $600k-$1mm: +24.9%
- >$1mm: +26.7%
Median Listing Price Activity (Single-Family Detached Homes):
- In October, the median price of new listings has declined in 33 states since the end of September.
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The most notable month-over-month pull-backs in price include:
- Delaware: (-7.2%)
- Oklahoma: (-6.9%)
- Missouri: (-6.5%)
- Kansas: (-6.5%)
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 41 states and 50 individual Metropolitan Statistical Areas (“MSAs”).
About HouseCanary:
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.
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