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A report from HouseCanary, Inc., a provider of residential real estate data and home valuations, revealed that the growing housing shortage is causing homes to spend 47.7% fewer days on the market, compared to 2020. As a result, the housing market is heavily in favor of sellers at the moment.
The Market Pulse report from HouseCanary found that since April 2020, there have been 3,045,485 net new listings placed on the market, which is an 8.8% increase versus the same period in 2019. Additionally, the monthly new listing volume was up 19.1% compared to April 2020.
Meanwhile, over the last 52 weeks, 3,460,246 properties have gone into contract, representing a 14.1% increase relative to the same period in 2019.
“Last spring, the real estate market was rocked as a result of COVID-19 lockdowns, but what ensued was a housing boom marked by residential home prices hitting all-time highs, record-low mortgage rates, and extremely limited inventory coupled with unwavering demand from buyers,” said Jeremy Sicklick, co-founder and CEO of HouseCanary. “One year later, we are finally starting to see some positive developments on the supply side for the first time since the pandemic began. New listings are up 19.1% year-over-year, however, the number of listings under contract continues to outpace the increase in new listings, which leads us to believe that the supply shortage will hold strong in the short-term.”
Click here to read the full report.