HouseCanary’s Market Pulse Report Reveals COVID-19’s Resurgence is Undermining the Chances of a V-Shaped Housing Market Recovery

Latest Report Shows a 15.3% Week-Over-Week Decline in the Number of Listings Going into Contract

New Data Indicates Supply Constraints Persist Due to Tepid New Listing Growth and Sluggish Market Activity in States Heavily Impacted by the Pandemic

While Weekly Contract Volume Remains Slightly Above Pre-Pandemic Levels, This Week’s Number of Home Sale Agreements Dropped to Levels Not Seen Since Mid-May

SAN FRANCISCO--()--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 10, 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: “What started out as a V-shaped recovery for the housing market in 2020 is shaping up to look like a W-shaped recovery that may remain volatile into next year. The recent announcement of a second shutdown in California suggests we have not seen the last of COVID-19 shutdowns, especially as there continues to be increased rates of infection in various states across the country. This reemerging overhang seems to be impeding the significant recovery that the housing market had been experiencing since mid-April. Despite the fact that transaction activity is down sharply on a week-over-week basis, supply remains tight in roughly 40 states as sellers are not expressing a high degree of near-term confidence. The strong demand we were seeing in the late spring and early summer could very well have been a result of pent-up demand we would have otherwise seen during the spring home buying season.”

Select findings from this week’s Market Pulse are below. Be sure to review the Market Pulse in full for extensive state-level data, including on states such as California, Florida and Texas – each of which is being impacted by the pandemic’s resurgence.

Weekly Contract Volume (Single-Family Detached Homes):

  • Weekly contract volume is down 15.3% week-over-week
  • Decline in contract volume week-over-week, broken down by home price:
    • $0-$200k: (-11.9%)
    • $200k-$400k: (-15.5%)
    • $400k-$600k: (-18.1%)
    • $600k-$1mm: (-16.8%)
    • >$1mm: (-16.6%)
  • Weekly contract volume is up 3.9% nationwide compared to the week ending March 13, when most COVID-19 measures were implemented
  • Percent change in weekly contract volume since the week ending March 13, broken down by home price:
    • $0-$200k: (-5.5%)
    • $200k-$400k: +1.3%
    • $400k-$600k: +9.8%
    • $600k-$1mm: +22.0%
    • >$1mm: +30.4%

Weekly New Listing Volume (Single-Family Detached Homes):

  • New listing volume is up 2.1% week-over-week
  • New listing volume is down 23.0% nationwide compared to the week ending March 13, when most COVID-19 measures were implemented
  • Decline in new listing activity since the week ending March 13, broken down by home price:
    • $0-$200k: (-28.2%)
    • $200k-$400k: (-26.3%)
    • $400k-$600k: (-19.4%)
    • $600k-$1mm: (-12.9%)
    • >$1mm: (-7.1%)

Total Net New Listings:

  • Since the week ending March 13, there have been 1,000,417 net new listings placed on the market
  • For the week ending July 10, there were 53,769 net new listings placed on the market, representing an 8.7% increase compared to the previous week
  • Percentage of total net new listings since March 13, broken down by home price:
    • $0-$200k: 22.6%
    • $200k-$400k: 45.1%
    • $400k-$600k: 17.6%
    • $600k-$1mm: 9.9%
    • >$1mm: 4.8%

Total Listings Under Contract:

  • Since the week ending March 13, 1,141,490 properties have gone into contract across 41 states
  • For the week ending July 10, there were 65,818 listings that went under contract nationwide
  • Percentage of total contract volume since the week ending March 13, broken down by home price:
    • $0-$200k: 25.1%
    • $200k-$400k: 45.5%
    • $400k-$600k: 16.7%
    • $600k-$1mm: 8.8%
    • >$1mm: 3.9%

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.

Contacts

Denise Dunckel
press@housecanary.com

Contacts

Denise Dunckel
press@housecanary.com