SAN FRANCISCO--(BUSINESS WIRE)--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 July 3, 2020 and the week ending March 13, 2020. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform.
Jeremy Sicklick, Co-founder and Chief Executive Officer of HouseCanary, commented: “The rise in COVID-19 cases across California, Florida, Texas and other parts of the country appears to be tempering what has been an otherwise strong housing market rebound since mid-April. Last week’s decline in homes listed and spike in listings removed suggests that sellers are taking a wait-and-see approach as pandemic-driven uncertainty remerges. In the near-term, we should still continue to see a supply-constrained housing market, which will help keep prices stable and demand on strong footing. The longer-term outlook is murkier, however, as the nation confronts the prospect of our current recession’s impact finally setting in and an election year unfolding.”
Findings from this week’s Market Pulse report include:
Total Listings Under Contract Since Pandemic’s Full Onset:
- Since the week ending March 13, 1,073,965 properties have gone into contract across 44 states
- Listings under contract are currently down 6.1% on a year-over-year basis compared to the same time period in 2019
- For the week ending July 3, there were 71,947 listings that went under contract nationwide
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Percentage of total contract volume since the week ending March 13, broken down by home price:
- $0-$200k: 25.5%
- $200k-$400k: 45.7%
- $400k-$600k: 16.5%
- $600k-$1mm: 8.6%
- >$1mm: 3.7%
Weekly Contract Volume (Single-Family Detached Homes):
- Weekly contract volume is up 12.2% nationwide compared to the week ending March 13, when most COVID-19 measures were implemented
- This is the ninth consecutive week in which nationwide weekly contract volume was at or above volume for the week ending 3/13/20.
- Weekly contract volume is up 73.7% from the lowest level during the week ending April 10
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Percent growth in weekly contract volume since the week ending March 13, broken down by home price:
- $0-$200k: +0.2%
- $200k-$400k: +8.8%
- $400k-$600k: +22.2%
- $600k-$1mm: +33.9%
- >$1mm: +42.2%
Weekly New Listing Volume (Single-Family Detached Homes):
- New listing volume is down 28.1% nationwide compared to the week ending March 13, when most COVID-19 measures were implemented
- New listing volume is down 8.1% on a week-over-week basis
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Decline in new listing activity since the week ending March 13, broken down by home price:
- $0-$200k: (-29.3%)
- $200k-$400k: (-29.6%)
- $400k-$600k: (-28.0%)
- $600k-$1mm: (-24.4%)
- >$1mm: (-19.7%)
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Decline in new listing activity on a week-over-week basis, broken down by home price:
- $0-$200k: (-5.6%)
- $200k-$400k: (-5.8%)
- $400k-$600k: (-9.9%)
- $600k-$1mm: (-14.4%)
- >$1mm: (-14.8%)
Total Net New Listings:
- Since the week ending March 13, there have been 918,703 net new listings placed on the market
- For the week ending July 3, there were 46,707 net new listings placed on the market
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Percentage of total net new listings since March 13, broken down by home price:
- $0-$200k: 23.1%
- $200k-$400k: 45.2%
- $400k-$600k: 17.4%
- $600k-$1mm: 9.7%
- >$1mm: 4.6%
Week-Over-Week Volume of Listings Removed (Single-Family Detached Homes):
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There was a sharp rise in listing removals on a week-over-week basis, broken down by home price as follows:
- $0-$200k: 24.2%
- $200k-$400k: 29.8%
- $400k-$600k: 43.1%
- $600k-$1mm: 38.0%
- >$1mm: 48.8%
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 44 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.
