Tight Supply, High Demand Keep Home Prices Out Of Reach: Report – NMP Skip to main content

Tight Supply, High Demand Keep Home Prices Out Of Reach: Report

Aug 05, 2021
HouseCanary Logo

HouseCanary's Latest Study Shows Single-Family Home Prices Up 21.3% YOY

KEY TAKEAWAYS
  • Report says nationwide supply shortage continues to drive prices higher.
  • The number of affordable homes listed below $200K continues to fall.

The tight supply of single-family homes on the market nationwide continued to drive prices higher, putting homeownership out of reach for some potential buyers, according to a new report.

The latest Market Pulse report by HouseCanary Inc., a national brokerage firm, analyzes listing-derived metrics and compares data between July 2020 and July 2021. The latest report, released today, found that the number of properties listed below $200,000 is low due to strong demand and limited inventory.

“As we’ve observed throughout the pandemic, properties below $200,000 are significantly underperforming as the confluence of strong demand and limited inventory has led to record-high home prices — even in areas that were once considered affordable,” said Jeremy Sicklick, co-founder and CEO of HouseCanary. “Although mortgage rates dipped slightly in July, many prospective homebuyers appeared unable to take advantage due to expensive valuations and limited supply.”

Sicklick added, however, that while the “nationwide inventory shortage continues to dominate the current market, … the narrowing chasm between net new listings and the number of listings under contract is a positive sign that the supply-demand imbalance is slowly diminishing.”

According to the report, as of July 2021 there have been 3.07 million net new listings on the market since July 2020, a 12.3% increase over the same period a year earlier. Just 19% of those listings, however, were priced at $200,000 or below, while 41.7% were listed between $200,000 and $400,000; 20% were listed between $400,000 and $600,000, 12.8% were listed between $600,000 and $1 million, and 6.5% were listed above $1 million.

In addition, the percent change in new listings broken down by home price over the past 52 weeks as compared with the same period in 2019, saw the number of homes listed at $200,000 or less decrease by 17.4%, while the number of homes listed between $600,000 and $1 million increased 64%, and the number of homes listed above $1 million increased nearly 78%.

The report said that in July 2021, there were 319,418 net new listings on the market, representing a 3.8% decrease year-over-year. Over the last 52 weeks, 3.3 million properties have gone into contract, a 7.4% increase vs. the same period in 2019. 

For the week ending July 30, 2021, the median price of all single-family listings in the U.S. was $386,681, a 10.4% increase year-over-year. For the week ending July 30, 2021, the median closed price of single-family listings in the U.S. was $394,541, a 21.3% increase year-over-year.

You can read the Market Pulse here.

About the author
David Krechevsky was an editor at NMP.
Published
Aug 05, 2021
Jobs Report Comes In Weak After Mortgage Rates Surge

Employers added just 29,000 jobs in September, sending Treasury yields lower and offering a potential counterweight to the recent rise in mortgage rates

Oct 02, 2026
Price Cuts Hit Four-Year High As Mortgage Rates Top 7%

More than one in five listings took a price cut in September, but pending sales still posted their sharpest annual decline since March 2025

Oct 01, 2026
Serious Mortgage Delinquencies Rise 19% After Five Months Of Improvement

ICE data shows 574,000 mortgages were at least 90 days past due in August, while early-stage delinquencies remained below year-ago levels

Sep 29, 2026
Smaller Down Payments Give Buyers More Room, But Rates Limit The Savings

The typical down payment fell 9% from a year ago, while shifting market conditions are giving originators different affordability conversations across the country

Sep 25, 2026
Mortgage Rates Break 7% Just As Builders Find A Way To Move Buyers

New-home sales rose 6.4% in August as builders cut prices, offered incentives, and sold more lower-priced homes. Now mortgage rates are moving against buyers again

Sep 25, 2026
Borrowers Want Digital Closings, But Some Originators Remain Hesitant

ServiceLink finds 45% of surveyed LOs cite borrower reluctance as a barrier, even though most recent buyers say digital options would influence their choice of mortgage provider

Sep 23, 2026