Latest Data from HouseCanary Indicates Home Listing Prices Have Plateaued Despite Sustained Short Supply
Listing Price Growth Continued to Plateau for the Third Consecutive Month, With Median Price of Single-Family Listings Down 1.9% Month-Over-Month
Sale-to-List Price Ratio Continues to Benefit Sellers, But Has Fallen Slightly From Its Peak in June
Competitive Market Environment Persists Amid Inventory Deficit, With Nationwide Median Days on Market Down 18.4% Year-Over-Year
HouseCanary, Inc. (“HouseCanary”), a national brokerage known for its real estate valuation accuracy, released its latest Market Pulse report, covering 22 listing-derived metrics and comparing data between August 2020 and August 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: “While properties across the U.S. continue to sell at record high prices, our latest data reveals that the breakneck pace of housing price growth has likely seen its peak and we expect it to decline in the coming months. Monthly single-family listing prices have plateaued since May, while closed prices continue to edge marginally higher on a month-over-month basis. Additionally, the sale-to-list price ratio has fallen slightly from its peak in June, bolstering our view that home prices – while still remarkably high – are beginning to show signs of cooling. Further, the Biden administration’s recently announced steps to increase the supply of affordable homes may significantly help U.S. homeowners and renters, who have suffered through a housing affordability crisis over the past year-and-a-half as homebuilding struggled to gain traction and the cost of materials ballooned.”
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 August 2020, there have been 3,181,376 net new listings placed on the market, which is an 11.2% 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: 18.6%
- $200k-$400k: 41.5%
- $400k-$600k: 20.3%
- $600k-$1mm: 13.0%
- >$1mm: 6.6%
- 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: (-16.7%)
- $200k-$400k: +2.7%
- $400k-$600k: +35.8%
- $600k-$1mm: +58.1%
- >$1mm: +64.9%
Monthly Net New Listing Volume (Single-Family Detached Homes):
- Monthly new listing volume was down 8.5% compared to August 2020
- In August, there were 308,286 net new listings placed on the market, representing a 10.7% decrease year-over-year
- Percent change in net new listing activity year-over-year, broken down by home price:
- $0-$200k: (-18.7%)
- $200k-$400k: (-16.2%)
- $400k-$600k: (-9.3%)
- $600k-$1mm: +2.4%
- >$1mm: +4.7%
Listings Under Contract:
- Over the last 52 weeks, 3,418,989 properties have gone into contract, representing a 5.6% increase relative to the same period in 2019
- Percentage of total contract volume since August 2020, broken down by home price:
- $0-$200k: 18.9%
- $200k-$400k: 41.8%
- $400k-$600k: 20.0%
- $600k-$1mm: 12.7%
- >$1mm: 6.6%
- Percent change in contract volume over the last 52 weeks versus the same period in 2019, broken down by home price:
- $0-$200k: (-22.2%)
- $200k-$400k: (-1.7%)
- $400k-$600k: +28.0%
- $600k-$1mm: +50.9%
- >$1mm: +68.4%
Monthly Contract Volume (Single-Family Detached Homes):
- For the month of August, there were 359,817 listings that went under contract nationwide, which is a 5.3% decrease year-over-year
- For the month of August, the percent change in contract volume compared to August 2020, broken down by home price:
- $0-$200k: (-14.0%)
- $200k-$400k: (-10.5%)
- $400k-$600k: +6.4%
- $600k-$1mm: +9.1%
- >$1mm: +2.2%
Median Listing Price Activity (Single-Family Detached Homes):
- For the week ending August 27, 2021, the median price of all single-family listings in the U.S. was $381,728, a 7.7% increase year-over-year
- For the week ending August 27, 2021, the median closed price of single-family listings in the U.S. was $390,768,a 17.0% increase year-over-year
- The median price of all single-family listings in the U.S. is down 1.9% month-over-month and the median price of closed listings has increased by 0.7% 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 empowers consumers, financial institutions, investors, lenders, and mortgage investors, with industry-leading valuations, forecasts, and transaction support. These clients trust HouseCanary to fuel acquisition, underwriting, portfolio management, and more. Learn more at www.housecanary.com
