New HouseCanary Report Finds Signs of Housing Supply Shortage Relief in Late 2021

Gap Between Net New Listings and Number of Listings Under Contract is Slowly Narrowing, Signaling the Easing of Supply Constraints

Median Closed Price of Single-Family Listings Rose 24.6% Year-Over-Year as Buyer Demand Remains Strong

Homes Spent 30% Fewer Days on the Market in June Compared to a Year Prior, Further Highlighting Strong Competition Among Buyers

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 June 2020 and June 2021. 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: “After a prolonged period of severe housing shortage, we are beginning to see early signs that inventory levels may finally be stabilizing. In June, we observed a shrinking gap between net new listings and the number of listings under contract and if this trend progresses, we expect to see supply constraints start to loosen in late Q3 or early Q4. In the near-term, however, it is important to recognize that tight supply continues to dominate market dynamics, causing historically high prices across much of the country.”

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 June 2020, there have been 3,142,711 net new listings placed on the market, which is a 12.0% increase versus the same period in 2019
  • Percentage of total net new listings over the last 52 weeks, broken down by home price:
    • $0-$200k: 19.3%
    • $200k-$400k: 42.0%
    • $400k-$600k: 19.7%
    • $600k-$1mm: 12.6%
    • >$1mm: 6.4%
  • 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: (-18.1%)
    • $200k-$400k: +4.3%
    • $400k-$600k: +37.6%
    • $600k-$1mm: +62.5%
    • >$1mm: +82.8%

Monthly Net New Listing Volume (Single-Family Detached Homes):

  • Monthly new listing volume was down 2.0% compared to June 2020
  • In June, there were 336,834 net new listings placed on the market, representing a 3.3% decrease year-over-year
  • Percent change in net new listing activity year-over-year, broken down by home price:
    • $0-$200k: (-18.3%)
    • $200k-$400k: (-11.9%)
    • $400k-$600k: +12.5%
    • $600k-$1mm: +26.8%
    • >$1mm: +13.7%

Listings Under Contract:

  • Over the last 52 weeks, 3,448,816 properties have gone into contract, representing a 9.3% increase relative to the same period in 2019
  • Percentage of total contract volume since June 2020, broken down by home price:
    • $0-$200k: 19.5%
    • $200k-$400k: 42.3%
    • $400k-$600k: 19.5%
    • $600k-$1mm: 12.3%
    • >$1mm: 6.4%
  • Percent change in contract volume over the last 52 weeks versus the same period in 2019, broken down by home price:
    • $0-$200k: (-20.5%)
    • $200k-$400k: +2.7%
    • $400k-$600k: +33.6%
    • $600k-$1mm: +60.2%
    • >$1mm: +82.6%

Monthly Contract Volume (Single-Family Detached Homes):

  • For the month of June, there were 367,268 listings that went under contract nationwide, which is a 7.8% decrease year-over-year
  • For the month of June, the percent change in contract volume compared to June 2020, broken down by home price:
    • $0-$200k: (-23.5%)
    • $200k-$400k: (-14.5%)
    • $400k-$600k: +4.8%
    • $600k-$1mm: +19.1%
    • >$1mm: +18.6%

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

  • For the week ending July 9, 2021, the median price of all single-family listings in the U.S. was $388,939, a 12.9% increase year-over-year
  • For the week ending July 9, 2021, the median closed price of single-family listings in the U.S. was $396,115, a 24.6% increase year-over-year
  • The median price of all single-family listings in the U.S. is down 0.8% month-over-month and the median price of closed listings has increased by 1.9% month-over-month

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

MKA
Ashley Areopagita / Bela Kirpalani
housecanary@mkacomms.com

Contacts

MKA
Ashley Areopagita / Bela Kirpalani
housecanary@mkacomms.com