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 March 2020 and March 2021. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform.
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HouseCanary Market Pulse (Graphic: Business Wire)
Jeremy Sicklick, Co-founder and Chief Executive Officer of HouseCanary, commented: “As we enter the spring home buying season, the market is experiencing extremely limited supply compounded by an outsized level of demand that shows no signs of easing. Bidding wars have broken out across the country, and homes on the upper end of the price spectrum are selling at significantly higher rates compared to a year ago. The extreme supply shortage continues to put upward pressure on single-family home prices – a more favorable environment for sellers – and we expect this trend to continue over the coming months. Looking further ahead, however, rising mortgage rates could cool future price growth as potential buyers continue to get priced out of the market.”
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:
- Since March 2020, there have been 2,906,925 net new listings placed on the market, which is a 0.6% decrease versus the same period in 2019
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Percentage of total net new listings over the last 52 weeks, broken down by home price:
- $0-$200k: 21.2%
- $200k-$400k: 43.6%
- $400k-$600k: 18.4%
- $600k-$1mm: 11.0%
- >$1mm: 5.8%
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Percent change in net new listing activity over the last 52 weeks versus the same period in 2019, broken down by home price:
- $0-$200k: (-23.1%)
- $200k-$400k: (-3.2%)
- $400k-$600k: +16.6%
- $600k-$1mm: +32.2%
- >$1mm: +49.2%
Monthly Net New Listing Volume (Single-Family Detached Homes):
- Monthly new listing volume was down 11.5% compared to March 2020
- In March, there were 284,298 net new listings placed on the market, representing a 0.9% decrease year-over-year
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Percent change in net new listing activity year-over-year, broken down by home price:
- $0-$200k: (-24.3%)
- $200k-$400k: (-13.2%)
- $400k-$600k: +15.1%)
- $600k-$1mm: +47.0%
- >$1mm: 124.8%
Listings Under Contract:
- Over the last 52 weeks, 3,350,038 properties have gone into contract, representing a 7.9% increase relative to the same period in 2019
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Percentage of total contract volume since March 2020, broken down by home price:
- $0-$200k: 21.7%
- $200k-$400k: 43.8%
- $400k-$600k: 18.2%
- $600k-$1mm: 10.8%
- >$1mm: 5.5%
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Percent change in contract volume over the last 52 weeks versus the same period in 2019, broken down by home price:
- $0-$200k: (-15.0%)
- $200k-$400k: +5.7%
- $400k-$600k: +25.7%
- $600k-$1mm: +40.7%
- >$1mm: +53.9%
Monthly Contract Volume (Single-Family Detached Homes):
- For the month of March, there were 348,422 listings that went under contract nationwide, which is a 22.7% increase year-over-year
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For the month of March, the percent change in contract volume compared to March 2020, broken down by home price:
- $0-$200k: (-9.3%)
- $200k-$400k: +10.2%
- $400k-$600k: +50.6%
- $600k-$1mm: +91.5%
- >$1mm: +153.8%
Median Listing Price Activity (Single-Family Detached Homes):
- For the week ending April 2, 2021, the median price of all single-family listings in the US was $378,408, a 2.2% increase month-over-month
- For the week ending April 2, 2021, the median closed price of single-family listings in the US was $367,242, up 5.4% month-over-month
- The median price of all single-family listings in the U.S. is up 16.5% year-over-year and the median price of closed listings has increased by 22.4% year-over-year
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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