Lingering Supply-Demand Imbalance Continues to Drive Prices Even Higher, Latest HouseCanary Data Shows

HouseCanary, Inc. ("HouseCanary"), a leading provider of residential real estate data and home valuations, today released its latest Market Pulse report, covering 22 listing-derived metrics and comparing data between May 2020 and May 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: "Current market dynamics continue to be dictated by strong homebuyer demand and a shortage of supply. The inventory deficit that developed in the wake of the COVID-19 pandemic continues to drive single-family home prices higher, leading to record levels of price growth across the United States. As a result of these astronomical home prices and relatively stagnant mortgage rates, the number of people applying for mortgages has slowed recently. While there are positive signs that more sellers have started emerging in the market, we expect current trends to continue into the summer months until the amount of supply coming onto the market outpaces the number of listings going into contract."

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 2020, there have been 3,110,326 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: 19.9%
  • $200k-$400k: 42.5%
  • $400k-$600k: 19.3%
  • $600k-$1mm: 12.1%
  • >$1mm: 6.2%
• 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: (-18.6%)
  • $200k-$400k: +4.7%
  • $400k-$600k: +36.2%
  • $600k-$1mm: +63.4%
  • >$1mm: +87.9%

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

• Monthly new listing volume was down 0.1% compared to May 2020
• In May, there were 352,511 net new listings placed on the market, representing a 4.5% increase year-over-year
• Percent change in net new listing activity year-over-year, broken down by home price:
  • $0-$200k: (-16.7%)
  • $200k-$400k: (-5.2%)
  • $400k-$600k: +23.0%
  • $600k-$1mm: +42.6%
  • >$1mm: +32.7%

Listings Under Contract:

• Over the last 52 weeks, 3,480,207 properties have gone into contract, representing a 12.7% increase relative to the same period in 2019
• Percentage of total contract volume since May 2020, broken down by home price:
  • $0-$200k: 20.1%
  • $200k-$400k: 42.8%
  • $400k-$600k: 19.1%
  • $600k-$1mm: 11.8%
  • >$1mm: 6.2%
• Percent change in contract volume over the last 52 weeks versus the same period in 2019, broken down by home price:
  • $0-$200k: (-17.6%)
  • $200k-$400k: +7.0%
  • $400k-$600k: +37.9%
  • $600k-$1mm: +64.5%
  • >$1mm: +88.6%

Monthly Contract Volume (Single-Family Detached Homes):

• For the month of May, there were 377,962 listings that went under contract nationwide, which is a 2.8% increase year-over-year
• For the month of May, the percent change in contract volume compared to May 2020, broken down by home price:
  • $0-$200k: (-23.9%)
  • $200k-$400k: (-8.8%)
  • $400k-$600k: +26.6%
  • $600k-$1mm: +57.5%
  • >$1mm: +78.1%

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

• For the week ending June 4, 2021, the median price of all single-family listings in the U.S. was $388,884, a 0.5% increase month-over-month
• For the week ending June 4, 2021, the median closed price of single-family listings in the U.S. was $390,118, a 3.2% increase month-over-month
• The median price of all single-family listings in the U.S. is up 15.5% year-over-year and the median price of closed listings has increased by 30.5% year-over-year

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 provides software and services to reshape the real estate marketplace. Financial institutions, investors, lenders, mortgage investors, and consumers turn to HouseCanary for industry-leading valuations, forecasts, and transaction-support tools. These clients trust HouseCanary to fuel acquisition, underwriting, portfolio management, and more. Learn more at www.housecanary.com.