New Listing and Contract Volume Decreased in January as Low Market Activity Persists, Latest HouseCanary Report Shows
HouseCanary, Inc. ("HouseCanary"), a national brokerage known for its real estate valuation accuracy, today released its January Market Pulse Report, showing that activity in terms of net new listings placed on the market is down 17.2% versus January 2023.
As we enter the new year, the Federal Reserve has indicated its intention to halt interest rate hikes for the time being. The Fed also made clear that it has no immediate intention to lower those rates. As a result, rates will continue to hover around 6.5%-7%, and we expect recently observed trends in the housing market to continue. For the month of January 2024, market activity remained low in terms of net new listings, down sharply compared to January 2023, and contract volume, slightly down compared to January 2023.
Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented:
"In December, we saw a slight increase in year-over-year listings as potential buyers and sellers became slightly more comfortable with slightly lowered interest rates. These trends did not, however, continue into the new year. New listings and contract volume are trending at multi-year seasonal lows, and both down compared to January 2023. While inventory is up compared to January of last year, it still remains very low from a historical perspective. With the Federal Reserve indicating that rates will stay at current levels as inflation remains above their 2% target and dashing hopes of a March rate cut, there remains little incentive for potential buyers and sellers to abandon their current mortgage rates."
Key Takeaways:
- Over the last 52 weeks, 2,481,822 net new listings were placed on the market, and 2,573,715 properties went under contract. This represents a decrease of 17.5% and 12.7%, respectively.
- For the month of January 2024, 131,050 net new listings were placed on the market, and 186,284 properties went under contract. This represents a decrease of 17.2% and 2.0%, respectively, versus January 2023.
- The decrease in net new listings was driven by a 14.2% decrease in new listing volume as well as a 6.3% decrease in removals compared to January 2023.
- Median days on market stands at 53. This is the same as where it was one year prior at 53 days on market.
- The median price of all single-family listings in the US was $428,958 and the median closed price was $396,646. On a year-over-year basis, the median price of all single-family listings is up 3.8% and the median price of closed listings is up 8.1%. Month-over-month, the median price of single-family listings is up 0.6% and the median price of closed listings is up 2.1%.
Methodology
The Market Pulse Report is an ongoing review of proprietary data and insights from HouseCanary's nationwide platform, covering 22 listing-derived metrics and comparing data between January 2023 and January 2024.
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 transactions. These clients trust HouseCanary to fuel acquisition, underwriting, portfolio management, and more. Learn more at www.housecanary.com.
If you are currently working with a real estate agent, this is not meant as a solicitation of your business.
HouseCanary, Inc. is a Licensed Real Estate Brokerage in KS, NM, SC and under the Trade Name ComeHome in AL, AK, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KY, LA, MA, MD, ME, MO, MN, MS, MT, NC, ND, NE, NH, NJ, NV, NY, OH, OK, OR, PA, RI, SD, TN, TX, VA, VT, WA, WI, WV, WY.
Trade Name ComeHome Real Estate in MI and UT.
Trade Name ComeHome by HouseCanary in AR.
HouseCanary, Inc., brokerage information
TREC Info About Brokerage Services
TREC Consumer Protection Notice
California DRE #02113022
AVM Disclosure: An AVM is an estimated sale price for a property. It is not the same as the opinion of value in an appraisal developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice.
News published on and distributed by:
