HouseCanary, Inc. released its latest Market Pulse report covering 22 listing-derived metrics, and comparing data between June 2021 and June 2022. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform.
“In June, we continued to see signs of cooling in the housing market as price growth began to slow for the first time since April 2020,” said Jeremy Sicklick, Co-Founder and CEO of HouseCanary. “Buyers continue to experience a competitive environment with supply outweighing demand. However, it is important to highlight that the volume of price drops on active listings increased by triple digits year-over-year, signaling that a normalization of supply-demand fundamentals may be on the horizon. In the near term, we expect price increases to slow, with a potential uptick in housing supply.”
Select findings from this month’s Market Pulse are below.
Total Net New Listings:
- Since June 2021, there have been 3,189,698 net new listings placed on the market, which is a 4.3% decrease versus the 52 weeks prior.
- Percentage of total net new listings over the last 52 weeks, broken down by home price:
- $0-$200k: 15.0%
- $200k-$400k: 37.9%
- $400k-$600k: 23.7%
- $600k-$1mm: 15.7%
- >$1mm: 7.7%
- 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: -24.0%
- $200k-$400k: -13.9%
- $400k-$600k: +13.5%
- $600k-$1mm: +19.1%
- >$1mm: +14.5%
Monthly Net New Listing Volume (Single-Family Detached Homes):
- Monthly new listing volume was down 6.0% compared to June 2021
- In June, there were 343,219 net new listings placed on the market, representing a 13% decrease year-over-year.
- For the month of June, the percent change in net new listing volume compared to June 2021, broken down by home price:
- $0-$200k: -27.3%
- $200k-$400k: -22.1%
- $400k-$600k: -1.0%
- $600k-$1mm: +3.2%
- >$1mm: +3.1%
Listings Under Contract:
- Over the last 52 weeks, 3,291,632 properties have gone into contract, representing an 8.1% decrease relative to the same period in 2021.
- Percentage of total contract volume since June 2021, broken down by home price:
- $0-$200k: 16.0%
- $200k-$400k: 38.7%
- $400k-$600k: 23.0%
- $600k-$1mm: 15.0%
- >$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: -22.5%
- $200k-$400k: -16.1%
- $400k-$600k: +7.0%
- $600k-$1mm: +10.9%
- >$1mm: +4.0%
Monthly Contract Volume (Single-Family Detached Homes):
- For the month of June, there were 320,350 listings that went under contract nationwide, which is a 12.2% 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: -15.2%
- $200k-$400k: -16.7%
- $400k-$600k: -3.8%
- $600k-$1mm: -6.9%
- >$1mm: -15.8%
Median Listing Price Activity (Single-Family Detached Homes):
- For the week ending July 8, 2022, the median price of all single-family listings in the U.S. was $443,895, a 13.8% increase year-over-year.
- For the week ending July 8, 2022, the median closed price of single-family listings in the U.S. was $424,852, a10.3% increase year-over-year.
- The median price of all single-family listings in the U.S. is down by 1.1% month-over-monthand the median price of closed listings has decreased by 0.3% month-over-month.
“As we look to the remainder of 2022, we are monitoring for potential changes in the market that could point to a disruption in the supply-demand status quo we have experienced since the onset of the pandemic, especially as macroeconomic indicators are showing signs of a recession in the broader economy,” said Sicklick.
To read the latest Market Pulse report, including charts and methodology, click here.