Latest HouseCanary Data Shows that Homeowners Are Taking a Wait-And-See Approach Ahead of Election

·4-min read

Homeowners Remain Cautious Ahead of Election and Winter Months, with Net New Listings Declining 11.0% Week-Over-Week and New Listing Volume Down 9.0% Week-Over-Week

Lower-Price Tiers Continue to be Impacted by Supply Shortage, with New Listing Volume for Homes Under $200k Down 28.5% Since the Pandemic’s Onset

HouseCanary’s Analysis Suggests Election Cycle Outcomes and Policy Dynamics Could Have a Sizable Impact on the Housing Market’s Near-Term Trajectory

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 October 23, 2020 and the week ending March 13, 2020 versus the same period in 2019. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform.

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HouseCanary Market Pulse (Photo: Business Wire)

Jeremy Sicklick, Co-founder and Chief Executive Officer of HouseCanary, commented: "With a potentially transformative election days away and COVID-19 cases again hitting record highs across the country, many would-be home sellers are standing on the sidelines. We may be entering another very sluggish cycle as new inventory levels continue to decline and the winter months present heightened health and economic uncertainty. The trajectory of the market may well detach from normal-course fundamentals in the near-term as we all monitor for the possible expiration of the mortgage moratorium extension, potential regulatory changes and new stimulus. We will know a lot more about the housing market’s longer-term outlook in the weeks to come."

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

Total Net New Listings:

  • Since the week ending March 13, there have been 1,966,224 net new listings placed on the market, representing an 8.1% decrease relative to the same period in 2019

  • For the week ending October 23, there were 46,349 net new listings placed on the market, representing an 11.0% decrease compared to the previous week

  • Percentage of total net new listings since March 13, broken down by home price:

    • $0-$200k: 22.2%

    • $200k-$400k: 44.4%

    • $400k-$600k: 17.9%

    • $600k-$1mm: 10.4%

    • >$1mm: 5.1%

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

  • New listing volume is down 9.0% week-over-week

  • Percent change in new listing activity since the week ending March 13 versus the same period in 2019, broken down by home price:

    • $0-$200k: (-28.5%)

    • $200k-$400k: (-11.7%)

    • $400k-$600k: (-1.8%)

    • $600k-$1mm: +4.0%

    • >$1mm: +7.6%

Weekly Contract Volume (Single-Family Detached Homes):

  • Weekly contract volume is down 6.7% week-over-week

  • Percent change in contract volume week-over-week, broken down by home price:

    • $0-$200k: (-6.0%)

    • $200k-$400k: (-6.9%)

    • $400k-$600k: (-6.3%)

    • $600k-$1mm: (-6.4%)

    • >$1mm: (-10.3%)

  • The total volume of listings going into contract since the week ending March 13 versus the same period in 2019, broken down by home price:

    • $0-$200k: (-13.2%)

    • $200k-$400k: +4.3%

    • $400k-$600k: +17.1%

    • $600k-$1mm: +23.4%

    • >$1mm: +25.2%

Total Listings Under Contract:

  • Since the week ending March 13, 2,210,350 properties have gone into contract across 41 states, representing a 3.8% increase relative to the same period in 2019

  • For the week ending October 23, there were 64,482 listings that went under contract nationwide

  • Percentage of total contract volume since the week ending March 13, broken down by home price:

    • $0-$200k: 23.3%

    • $200k-$400k: 44.7%

    • $400k-$600k: 17.5%

    • $600k-$1mm: 9.9%

    • >$1mm: 4.6%

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

  • 39 states are experiencing higher median prices of closed listings since the onset of the pandemic, with 14 states continuing to climb week-over-week

    • The states with the most significant closed listing price increases since the pandemic’s onset include:

      • Vermont: +33.7%

      • New York: +32.3%

      • New Jersey: +26.3%

      • Connecticut: +25.7%

    • The most significant week-over-week closed listing price increase was in New York, with prices rising 7.0%

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.

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Contacts

Denise Dunckel
press@housecanary.com