HouseCanary, Inc.has released its latestMarket Pulsereport, a continuous overview of proprietary data from Housing Canary and insights covering 22 metrics that are listed.
In April, new housing inventory remained negative, which made it more difficult for potential buyers to purchase. Although speculation continues about the Federal Reserve’s future plans, experts believe that many housing market participants have already priced into the effects of near-term rate increases after a long period of historically low interest rates.
The 30-year fixed mortgage rate has increased 200 basis points in the past year. This is despite a sharp increase in mortgage rates. Rising rates and inflated prices have made it difficult to buy, which could deter potential sellers from listing properties on the current market.
HouseCanary CEO and Co-Founder Jeremy Sicklick stated that April’s net new housing inventory remained low, making it more difficult for potential buyers to buy. There is still much speculation about the Federal Reserve’s plans for the future, but many housing market participants have already accounted for the potential impact of rate hikes in the near future. This comes after a long period of historically low interest. First, we have seen a sharp uptake in mortgage rates this past year, including the 30-year fixed rate, which has increased 200 basis points since January. The combination of rising rates and already high prices has created a difficult buying environment. They not only increase the cost to own a home but also discourage potential sellers from listing their properties on the current market.
Total Net New Listings
- There have been 3.187,324 new listings on the market since April 2021. This is 1.5% less than the 52 weeks before.
- Percentage total of new listings during the last 52 week, broken down by home prices:
- $0-$200k:16.0%
- $200k-$400k:39.1%
- $400k-$600k:22.8%
- $600k-$1mm:14.9%
- >$1mm:7.2%
- The percentage change in net listing activity in the 52 weeks prior to 2021 is broken down by home prices:
- $0-$200k:(-21.7%)
- $200k-$400k:(-10.8%)
- $400k-$600k:+18.0%
- $600k-$1mm:+26.0%
- >$1mm:+17.6%
Monthly Net New Listing Volume Single-Family Detached Home
- Monthly new listing volume decreased 7.6% compared with April 2021
- April saw 326,455 net listings go on the market. This represents a 12.0% decrease from last year.
- The percent change in net new listings volume from April 2021 to April 2021 is shown below, broken down according to home price.
- $0-$200k:(-25.3%)
- $200k-$400k:(-22.8%)
- $400k-$600k:(-1.1%)
- $600k-$1mm:+7.7%
- >$1mm:+3.1%
Listings under Contract
- In the last 52 weeks, 3,386,036 properties went under contract. This is a significant increase in property values.6.4% lessComparative to 52 weeks before
- Percentage of total contract volume from April 2021, broken down according to home price
- $0-$200k:16.6%
- $200k-$400k:39.5%
- $400k-$600k:22.3%
- $600k-$1mm:14.5%
- >$1mm:7.1%
- The percentage change in contract volume in the 52 weeks to 2021 is broken down by the home price.
- $0-$200k:(-24.2%)
- $200k-$400k:(-14.8%)
- $400k-$600k:+10.8%
- $600k-$1mm:+19.1%
- >$1mm:+14.0%
Monthly Contract Volume (Single Family Detached Homes)
- The national number of listings that went under contract in April was 348,594, which is 6.6% less than the previous year.
- The percentage change in contract volume for April compared to April 2021 was broken down by home prices.
- $0-$200k:(-14.8%)
- $200k-$400k:(-15.4%)
- $400k-$600k:+5.0%
- $600k-$1mm:+8.5%
- >$1mm:(-0.7%)
Median Listing Activity (Single-Family, Detached Homes).
- The median price of all single-family listings in America for the week ended April 29, 2022 was $427,975, a 11.8% increase year-over.
- The median closed price of single family listings in the U.S. was $4282223 for the week ending April 29, 2022. This is a 15.8% increase from the previous year.
- The median price of single-family listings in the U.S. increased by 1.3% per month, while the median price of closed listings rose by 4.7% per month.
Sicklick said that in turn, we expect to see limited new supply on the market for the next couple of months, leading to continued upward pressure on prices. We do believe that the market will eventually moderate if we look ahead to 2022.
The current market dynamics are dominated by the nationwide supply shortage. New inventory remained negative in April 2022. The market saw a decrease of 12% in April 2021 with 326,455 net listings. The net decrease in new listings was due to a 7.6% drop in new listing volume and a 33.5% rise in removals compared with April 2021. There were 348,594 listings that were under contract, which is a 6.6% drop compared to April 2021. Experts predict that the market will see limited supply over the next couple of months, which could result in price pressure.
You can read the entire report, including charts, methodology, and more. Click here.