—U.S. Home Listings Continue to see Declines During Stay-at-Home Orders Although a Bottom May be in Sight—
SAN FRANCISCO–(BUSINESS WIRE)–Home valuation fintech pioneer HouseCanary, today announced the continued review of 41 states with sufficient property listing and transaction volume in the HouseCanary platform. This issue of Market Pulse compares data between the week ending April 24, 2020, and the week ending March 13, 2020, as well as the change in listing counts over the most recent weeks.
Data for the week ending April 24 shows a continued decline in weekly new listing volume, weekly volume of listings going into contract for single-family detached homes, median list price of newly listed single-family detached homes, and median list price per-square foot of newly listed single-family detached homes. Although there are declines in these areas there also seems to be a bottom in sight with the weekly rate of decline in new listing activity slowing and the weekly rate of decline in contracts slowing across most states.
For the week ending April 24, weekly new listing volume of single-family detached homes is down compared to the week ending March 13, in all 41 states tracked. Weekly new listing volume is down by more than 50% over this period in Delaware, New York, New Jersey, Michigan and Pennsylvania.
Although the number of weekly new listings remains below expected levels for this time of the year, the weekly rate of decline in new listing activity is slowing and a bottom appears to be in sight across most states. Of the 41 states being tracked, 27 states showed an increase in new listings compared to the week prior.
For the week ending April 24, weekly volume of listings going into contract for single-family detached homes is down compared to the week ending March 13 in 35 of 41 states tracked. Weekly contract volume is down by more than 50% over this period in New York, New Jersey, Wisconsin, Michigan and Pennsylvania.
Although the number of listings going into contract remains below expected levels for this time of the year, the weekly rate of decline in contracts is slowing and a bottom appears to be in sight across most states. Of the 41 states tracked, 33 states showed an increase in the number of properties going into contract compared to the week prior.
For the week ending April 24, median list price of newly listed single-family detached homes is down compared to the week ending March 13 in 37 of 41 states tracked. Median list price of newly listed single-family detached homes is down by more than 15% over this period in Arkansas, New York and New Jersey.
For the week ending April 24, median list price per-square foot of newly listed single-family detached homes is down compared to the week ending March 13 in 28 of 41 states tracked. Median list price per-square foot of newly listed single-family homes is down by more than 15% over this period in New York and New Jersey.
“HouseCanary data this week showed the greatest impact to states in the mid-Atlantic and Northeast,” said Jeremy Sicklick, Co-Founder and CEO of HouseCanary. “New York continues to dominate the news with daily reports of more coronavirus cases. Other states in our study have begun showing stability and the bottom may be in sight.”
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.
HouseCanary will continue to monitor these and other economic indicators for the U.S. housing market and local markets on a weekly basis and report results to the news media. HouseCanary is committed to sharing trusted, real-time information given how quickly the housing markets are evolving. For more information about the data that HouseCanary is following, please visit www.housecanary.com.
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
