New data from HouseCanary reveals COVID-19’s resurgence is creating an attractive ‘seller’s market’ for homeowners
Despite Resurgent Homebuyer Demand, New Listing Volume Dropped 12% on a Week-Over-Week Basis and Net New Listings are Down 17.5% Compared to the Same Point in 2019
Sustained Supply Constraints Throughout the Spring and Summer Have Kept Listing Prices Above Pre-Pandemic Levels Across 29 States
Outlook for a V-Shaped Housing Market Recovery in 2020 Remains Dim as a Result of Recessionary Concerns, Election Cycle Uncertainty and the Current Year-Over-Year Drop in New Listings
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 July 24, 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 resurgence of COVID-19 has solidified a bona fide seller’s market across more than half of the country. While pandemic uncertainty appears to be sidelining a growing number of prospective home sellers, pent-up demand on the buy-side remains quite strong due to attractive borrowing terms and a surge in first-time homebuyers. Several large states, ranging from California to Florida, have seen their median home price listings rise rather significantly since mid-March. The question that remains is whether this market environment will be able to persist beyond. Our data continues to suggest the probability of a V-shaped housing market recovery remains dim given recessionary concerns, election year uncertainty and the overall decline in listing activity.”
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 12.2% week-over-week
- New listing volume is down 21.1% 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: (-24.9%)
- $200k-$400k: (-23.4%)
- $400k-$600k: (-19.3%)
- $600k-$1mm: (-14.1%)
- >$1mm: (-7.6%)
- New listing volume is up 24.1% from its lowest point in mid-April
Total Net New Listings:
- Since the week ending March 13, there have been 1,146,138 net new listings placed on the market, representing a 17.5% decrease relative to the same period in 2019
- For the week ending July 24, there were 55,192 net new listings placed on the market, representing a 14.0% decrease compared to the previous week
- Percentage of total net new listings since March 13, broken down by home price:
- $0-$200k: 22.5%
- $200k-$400k: 45.0%
- $400k-$600k: 17.7%
- $600k-$1mm: 10.0%
- >$1mm: 4.8%
Median Listing Price Activity (Single-Family Detached Homes):
- The median price for new listings has risen in 29 states since the start of COVID-19 in March
- Several states heavily impacted by the pandemic have seen material listing price growth since the onset of the pandemic:
- California: +14.7%
- Kentucky: +12.7%
- Florida: +7.2%
- New Jersey: +6.1%
- Texas: +3.0%
Weekly Contract Volume (Single-Family Detached Homes):
- Weekly contract volume is down 6.4% week-over-week
- Percent change in contract volume week-over-week, broken down by home price:
- $0-$200k: (-4.6%)
- $200k-$400k: (-6.7%)
- $400k-$600k: (-8.0%)
- $600k-$1mm: (-4.9%)
- >$1mm: (-8.6%)
- Weekly contract volume is up 19.2% 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: +5.3%
- $200k-$400k: +16.0%
- $400k-$600k: +29.3%
- $600k-$1mm: +44.8%
- >$1mm: +51.4%
- Weekly contract volume is up 85.8% from its lowest level in mid-April
Total Listings Under Contract:
- Since the week ending March 13, 1,299,238 properties have gone into contract across 41 states, representing a 2.2% decrease relative to the same period in 2019
- For the week ending July 24, there were 75,662 listings that went under contract nationwide
- Percentage of total contract volume since the week ending March 13, broken down by home price:
- $0-$200k: 24.8%
- $200k-$400k: 45.3%
- $400k-$600k: 16.9%
- $600k-$1mm: 9.0%
- >$1mm: 4.0%
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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Denise Dunckel
