Housing Market Continues to Face Significant Pressures as Spring Buying Season Nears, Latest HouseCanary Report Shows
HouseCanary, Inc. ("HouseCanary"), a national brokerage known for its real estate valuation accuracy, today released its February Market Pulse Report, showing that activity in terms of net new listings placed on the market is down 15.3% versus February 2023.
As we move closer to spring, traditionally a period in which housing market activity ticks up, the housing market has shown few signs of movement. Similar to trends observed at the start of the year, market activity across the board remains down compared to previous years. While inventory is up 11.7% from the same period last year, overall levels remain low, further exacerbating pressure on the market. For the month of February 2024, market activity was limited in terms of net new listings and contract volume, which were sharply down compared to February 2023.
Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented:
"In January, we saw net new listings and contract volumes trend at multi-year seasonal lows. Although those metrics are slightly up versus last month, the housing market is still facing significant pressures. The Federal Reserve has all but confirmed that rates will continue to hover around the 7% mark, continuing to keep many potential buyers wary of a purchase and potential sellers unwilling to part with their current rate.
"Inventory also continues to remain low from a historical perspective, though up from the previous two years. Listed and closed prices both achieved positive growth as compared to February 2024, and home prices overall have generally continued to increase. We expect a muted spring buying season and current trends to persist until rates or home prices fall. With recent Fed decisions and low inventory, it might be some time before either of those trends take hold."
Key Takeaways:
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Over the last 52 weeks, 2,502,785 net new listings were placed on the market, and 2,570,447 properties went under contract. This represents a decrease of 15.3% and 11.7%, respectively.
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For the month of February 2024, 189,394 net new listings were placed on the market, and 243,305 properties went under contract. This represents a decrease of 10.6% and 2.2%, respectively, versus February 2023.
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The decrease in net new listings was driven by a 7.6% decrease in new listing volume as well as a 4.4% increase in removals compared to February 2023.
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Median days on market stands at 45. This is up 2.3% from where it was one year prior at 44 days on market.
- The median price of all single-family listings in the US was $430,557 and the median closed price was $405,992. On a year-over-year basis, the median price of all single-family listings is up 3.3% and the median price of closed listings is up 8.3%. Month-over-month, the median price of single-family listings is up 0.2% and the median price of closed listings is up 3.7%.
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 February 2023 and February 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.
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