Housing Market Activity Continues to Slow on the Heels of Economic Uncertainty, According to Latest HouseCanary Report

Contract Volume and Net New Listing Volume Experienced the Largest Off-Seasonal Decrease Since Initial COVID-19 Lockdowns as a Result of Recent Interest Rate Shocks

Year-Over-Year Volume of Price Drops Are Up 110%, As Would-Be Sellers Face Competition Among Smaller Pool of Buyers

Year-Over-Year Change in Net New Inventory Was Positive for All Price Bins Above $200k

HouseCanary, Inc. (“HouseCanary”), a national brokerage known for its real estate valuation accuracy, today released its latest Market Pulse report, covering 22 listing-derived metrics and comparing data between July 2021 and July 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 July, economic uncertainty and another steep interest rate hike from the Fed appeared to have impacted both seller and buyer behavior. On one hand, elevated rates have contributed to a decrease in new net listing volume with would-be sellers sitting on high amounts of equity and locked-in low mortgage rates; on the other hand, demand has decreased also due in part to the sharp increase in interest rates, which had deterred potential buyers. Consequently, these opposing forces have pushed price growth into negative territory, even though prices remain at a record high and the nationwide supply shortage we have experienced since 2020 persists. The current market environment is showing some initial signs of cooling and could potentially signal a normalization of supply and demand in the coming months. Looking forward, we are monitoring for any disruption of balance between low demand and low supply, particularly anything that could lead to a significant increase in supply with no reduction in rates that would set the market up for substantial price decreases.”

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 July 2021, there have been 3,248,898 net new listings placed on the market, which is an 8.6% decrease versus the 52 weeks prior
• Percentage of total net new listings over the last 52 weeks, broken down by home price:
  • $0-$200k: 14.7%
  • $200k-$400k: 37.8%
  • $400k-$600k: 23.8%
  • $600k-$1mm: 15.8%
  • >$1mm: 7.9%
• 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: -25.2%
  • $200k-$400k: -14.7%
  • $400k-$600k: +12.1%
  • $600k-$1mm: +17.3%
  • >$1mm: +13.5%

Monthly Net New Listing Volume (Single-Family Detached Homes):

• Monthly new listing volume was down 9.0% compared to July 2021
• In July, there were 323,484 net new listings placed on the market, representing a 17.8% decrease year-over-year
• For the month of July, the percent change in net new listing volume compared to July 2021, broken down by home price:
  • $0-$200k: -32.3%
  • $200k-$400k: -24.2%
  • $400k-$600k: -7.0%
  • $600k-$1mm: -2.8%
  • >$1mm: -6.4%

Listings Under Contract:

• Over the last 52 weeks, 3,323,064 properties have gone into contract, representing an 8.6% decrease relative to the same period in 2021
• Percentage of total contract volume since July 2021, broken down by home price:
  • $0-$200k: 15.9%
  • $200k-$400k: 38.6%
  • $400k-$600k: 23.0%
  • $600k-$1mm: 15.0%
  • >$1mm: 7.5%
• 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: -16.3%
  • $400k-$600k: +5.8%
  • $600k-$1mm: +9.5%
  • >$1mm: +3.1%

Monthly Contract Volume (Single-Family Detached Homes):

• For the month of July, there were 319,962 listings that went under contract nationwide, which is a 13.7% decrease year-over-year
• For the month of July, the percent change in contract volume compared to July 2021, broken down by home price:
  • $0-$200k: -17.7%
  • $200k-$400k: -17.2%
  • $400k-$600k: -7.4%
  • $600k-$1mm: -6.9%
  • >$1mm: -16.1%

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

• For the week ending July 29, 2022, the median price of all single-family listings in the U.S. was $441,156, a 13.7% increase year-over-year
• For the week ending July 29, 2022, the median closed price of single-family listings in the U.S. was $414,147, an 8.4% increase year-over-year
• The median price of all single-family listings in the U.S. is down by 1.4% month-over-month and the median price of closed listings has decreased by 2.1% 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 services including valuations, forecasts, and transaction support. These clients trust HouseCanary to fuel acquisition, underwriting, portfolio management, and more. Learn more at www.housecanary.com.

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