Latest Data from HouseCanary Shows the Housing Market Remains Weak Amidst Pandemic Relief Package Uncertainty

As Policymakers Struggle to Pass a COVID-19 Relief Package, Market Activity is Slowing – with Housing Inventory Dwindling and Home Sales Volume Dropping

Net New Listings are -16.8% Nationwide Relative to the Same Period in 2019 and Listings Under Contract are -5.1% on a Week-Over-Week Basis

New Inventory Prices are Softening Throughout 29 States Despite Record-Low Mortgage Rates

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 August 7, 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 housing market continues to show reemerging cracks as the pandemic-fueled recession sets in and lawmakers in Washington, D.C. struggle to reach a highly-anticipated relief package. Since the onset of the pandemic, there has been persistent demand growth and dwindling housing inventory across the country. However, we’re now seeing new inventory prices soften in a majority of states on a week-over-week basis. Slowing market activity despite record-low mortgage rates indicates that the housing market is on unstable footing and a full recovery appears out of the question in 2020. But what’s more concerning is what will happen heading into 2021 when policymakers cannot continue to prop up the economy if the health crisis worsens.”

Select findings from this week’s Market Pulse are below. Be sure to review the Market Pulse in full for extensive state-level data.

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

• New listing volume is down 0.5% week-over-week
• New listing volume is down 22.2% 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: (-24.8%)
  • $200k-$400k: (-24.6%)
  • $400k-$600k: (-20.1%)
  • $600k-$1mm: (-17.2%)
  • >$1mm: (-9.1%)

Total Net New Listings:

• Since the week ending March 13, there have been 1,259,934 net new listings placed on the market, representing a 16.8% decrease relative to the same period in 2019
• For the week ending August 7, there were 52,803 net new listings placed on the market, representing a 1.2% decrease compared to the previous week
• This is the lowest weekly level of net new listings observed since early May
• Percentage of total net new listings since March 13, broken down by home price:
  • $0-$200k: 22.5%
  • $200k-$400k: 44.8%
  • $400k-$600k: 17.7%
  • $600k-$1mm: 10.1%
  • >$1mm: 4.9%

Median Listing Price Activity (Single-Family Detached Homes):

• 29 states experienced a week-over-week decline in the median price of newly listed properties
  • The most significant week-over-week new listing price declines include:
    • New York: (-4.2%)
    • Delaware: (-3.3%)
    • Connecticut: (-2.9%)
    • Idaho: (-2.9%)

Weekly Contract Volume (Single-Family Detached Homes):

• Weekly contract volume is down 5.1% week-over-week
• Percent change in contract volume week-over-week, broken down by home price:
  • $0-$200k: (-3.3%)
  • $200k-$400k: (-5.1%)
  • $400k-$600k: (-4.7%)
  • $600k-$1mm: (-7.3%)
  • >$1mm: (-9.6%)
• Weekly contract volume is up 13.7% 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: +0.4%
  • $200k-$400k: +10.7%
  • $400k-$600k: +23.0%
  • $600k-$1mm: +37.1%
  • >$1mm: +47.3%

Total Listings Under Contract:

• Since the week ending March 13, 1,441,923 properties have gone into contract across 41 states, representing a 1.3% decrease relative to the same period in 2019
• For the week ending August 7, there were 72,022 listings that went under contract nationwide
• Percentage of total contract volume since the week ending March 13, broken down by home price:
  • $0-$200k: 24.4%
  • $200k-$400k: 45.2%
  • $400k-$600k: 17.0%
  • $600k-$1mm: 9.2%
  • >$1mm: 4.2%

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.