HouseCanary Inc., provider of real estate data and home valuations, released its Market Pulse report, which reveals that there were 3,142,711 net new listings since June 2020, a 12% increase versus the same period in 2019.
Overall, listings for more expensive homes grew over the past year. Many of the homes that were sold (42%) were valued between $200K and $400K. However, there has only been a slight increase (4.3%) in new listings for homes of this price range. For homes in the $400k-$600k price range, new listings increased 37.6%. For homes in the $600k-$1mm price range, new listings increased 62.5%.
“After a prolonged period of severe housing shortage, we are beginning to see early signs that inventory levels may finally be stabilizing,” said Jeremy Sicklick, co-Founder and CEO of HouseCanary. “In June, we observed a shrinking gap between net new listings and the number of listings under contract and if this trend progresses, we expect to see supply constraints start to loosen in late Q3 or early Q4. In the near-term, however, it is important to recognize that tight supply continues to dominate market dynamics, causing historically high prices across much of the country.”
Monthly new listing volume is down 2% compared to June 2020. In June, there were 336,834 net new listings placed on the market, representing a 3.3% decrease year-over-year.
Home valued between $200k-$400k had new listings fall 11.9% year-over-year, reflecting the fact that these more affordable homes are higher in demand. However, current inflation won’t keep these homes in the affordable price range much longer. This is why homes valued between $400k-$600k had new listings grow 12.5%, and homes valued between $600k-$1mm grew 26.8%.
Properties that have gone under contract increased 9.3% relative to the same period in 2019. Total contract volume for homes listed between $200k-$400k grew 42.3% since June 2020, although homes in other price ranges did not increase as much. The gap between new net listings and the number of listings under contract is narrowing, which signals the easing of supply constraints.
In July, the median price of all single-family listings in the U.S. was $388,939, a 12.9% increase from last year. However, the median closed price of single-family listings in the U.S. was $396,115, a 24.6% increase from July 2020. The median price of all single-family listings in the U.S is down 0.8% month-over-month, while the median price of closed listings increased 1.9% month-over-month.
Click here to read the full Market Pulse report with extensive state-level data.
