Latest HouseCanary Data Indicates Potential Housing Market Cooldown Heading into Summer
Latest Report Highlights that Net Inventory Remained Negative in May, with Monthly Net New Listings Decreasing 16.6% Year-Over-Year
Median Listed and Closed Prices Increased at a Slower Pace in May Compared to February through April of 2022
Listings Under Contract Nationwide Experienced a 10.9% Decrease Year-Over-Year, Underscoring Slowing Market Activity
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 May 2021 and May 2022. 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:
“In May, we saw the first sign of a potential softening in the housing market as mortgage rates are climbing higher than pre-pandemic levels. It continues to be a challenging environment for buyers, as increased rates, already bloated prices, and short supply leading to competitive bidding has made homeownership more expensive. At the same time, price growth has slowed compared to February through April of this year and listings under contract experienced a double-digit decrease year-over-year, indicating slowing market activity may be cooling as we head into the summer months. Even so, pent up demand still exists in the market currently. Over the next few months, we expect to continue to experience short supply and low single digit price growth.”
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 May 2021, there have been 3,150,503 net new listings placed on the market, which is a 4.2% decrease versus the 52 weeks prior
- Percentage of total net new listings over the last 52 weeks, broken down by home price:
- $0-$200k: 15.7%
- $200k-$400k: 38.5%
- $400k-$600k: 23.0%
- $600k-$1mm: 15.3%
- >$1mm: 7.5%
- Percent change in net new listing activity over the last 52 weeks versus the same period in 2021, broken down by home price:
- $0-$200k: (-23.4%)
- $200k-$400k: (-13.4%)
- $400k-$600k: +13.9%
- $600k-$1mm: +20.9%
- >$1mm: +14.6%
Monthly Net New Listing Volume (Single-Family Detached Homes):
- Monthly new listing volume was down 11.6% compared to May 2021
- In May, there were 332,965 net new listings placed on the market, representing a 16.6% decrease year-over-year
- For the month of May, the percent change in net new listing volume compared to May 2021, broken down by home price:
- $0-$200k: (-27.4%)
- $200k-$400k: (-26.9%)
- $400k-$600k: (-8.7%)
- $600k-$1mm: (-0.4%)
- >$1mm: +5.4%
Listings Under Contract:
- Over the last 52 weeks, 3,336,319 properties have gone into contract, representing an 8.3% decrease relative to the same period in 2021
- Percentage of total contract volume since May 2021, broken down by home price:
- $0-$200k: 16.4%
- $200k-$400k: 39.1%
- $400k-$600k: 22.5%
- $600k-$1mm: 14.7%
- >$1mm: 7.3%
- Percent change in contract volume over the last 52 weeks versus the same period in 2021, broken down by home price:
- $0-$200k: (-24.0%)
- $200k-$400k: (-16.4%)
- $400k-$600k: +7.3%
- $600k-$1mm: +13.8%
- >$1mm: +7.5%
Monthly Contract Volume (Single-Family Detached Homes):
- For the month of May, there were 346,276 listings that went under contract nationwide, which is a 10.9% decrease year-over-year
- For the month of May, the percent change in contract volume compared to May 2021, broken down by home price:
- $0-$200k: (-15.7%)
- $200k-$400k: (-18.8%)
- $400k-$600k: (-2.1%)
- $600k-$1mm: +1.4%
- >$1mm: (-7.6%)
Median Listing Price Activity (Single-Family Detached Homes):
- For the week ending May 27, 2022, the median price of all single-family listings in the U.S. was $438,263, a 12.7% increase year-over-year
- For the week ending May 27, 2022, the median closed price of single-family listings in the U.S. was $430,934,a 14.4% increase year-over-year
- The median price of all single-family listings in the U.S. is up by 1.1% month-over-month and the median price of closed listings has increased by 1.8% 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, national real estate brokerage HouseCanary empowers consumers, financial institutions, investors, and mortgage lenders, 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.
