Housing activity is showing a sharp decline as 2023 approaches, according to the latest Market Pulse report released Friday by HouseCanary Inc.
The report covers 22 listing-derived metrics and compares data between November 2021 and November 2022.
HouseCanary said monthly new listing volume in November was down 25.1%, while removals were up 64.3% compared to November 2021. Last month, there were 141,376 net new listings placed on the market, representing a 42.6% decrease year-over-year. Over the past 52 weeks there have been 3,068,088 net new listings placed on the market a 10.9% decrease from the 3,444,598 net new listings for the same period last year.
Additionally, HouseCanary recorded the total volume of net new listings over the last year by home prices. For example, homes with prices ranging $0-$200k and $200k-$400k are down 26.3% and 17.6%, respectively, compared to the year prior.
“Following the Fed’s fourth straight 75-basis-point interest rate hike in November, housing market activity has continued its downward trend as we approach the holiday season," said Jeremy Sicklick, HouseCanary co-founder and CEO. "Housing market seasonality coupled with rate hikes indicate that we are likely headed towards even sharper decreases in market activity."
Sicklick continued, "In November, net new listing volume and contract volume experienced double-digit declines compared to the year prior. This underscores that forces beyond seasonality — such as uncertainty related to interest rate hikes and an economic downturn — are leaving both homeowners and would-be buyers on the sidelines. While the Fed has signaled smaller rate hikes in the near future, housing market fundamentals in early 2023 are likely to be characterized by continued tight supply and shrinking demand.”
For November there were 213,509 listings that went under contract nationwide, a 29.8% decrease from November 2021. Over the past 52 weeks, 3,028,993 properties went into contract, representing a 15.6% decrease versus the 3,589,619 properties that went into contract over the prior year. Overall, listings under contract experienced its seventh straight month of double-digit, year-over-year declines during November.
HouseCanary also looked at listing price activity. For the week ending Dec. 2, the median price of all single-family listings in the U.S. was $420,323, a 10.7% increase year-over-year. For the same week, the median closed price of single-family listings in the U.S. was $386,500, a 2.1% increase year-over-year.
The median price of all single-family listings in the U.S. is down by 1.7% month-over-month and the median price of closed listings is up by 0.4% month-over-month.
HouseCanary’s Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform. The full report and methodology can be found here.
