Nationwide Housing Supply Remained Heavily Negative Driven by a 20.8% Decline in New Listing Volume and a 56.2% Increase in Removals on a Year-Over-Year Basis

Interest Rate Shock is Having Biggest Impact on Net New Listing Volume, Which Has Experienced the Largest Off-Seasonal Decline Since the Start of COVID Lockdowns in 2020

Monthly Contract Volume Continues to Outpace Net New Listing Volume, Indicating Inventory Shortage is Likely to Persist in the Coming Weeks

HouseCanary, Inc. (“HouseCanary”), a national brokerage known for its real estate valuation accuracy, today released its latest Market Pulse report, covering 22 listing-derived metrics and comparing data between October 2021 and October 2022. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform.

Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented:

“Earlier this year, the housing market displayed resiliency and momentum that was used to absorb the initial set of rate increases in Q2. However, that momentum has worn off as mortgage rates have continued to rise rapidly throughout the year, substantially impacting prices and transaction volumes. The Fed’s latest rate 75-basis point rate increase is sure to drive additional decreases in supply and more price drops nationwide. Looking ahead, we expect the Fed will continue raising rates to combat inflation, and these subsequent rate increases will have growing impacts on the housing market, which are already becoming evident.”

Select findings from this month’s Market Pulse are below. Be sure to review the Market Pulse in full for extensive state-level data.

Total Net New Listings:

• Since October 2021, there have been 3,141,427 net new listings placed on the market, which is an 8.6% decrease compared to the 52 weeks prior
• Percentage of total net new listings over the last 52 weeks, broken down by home price:
  • $0-$200k: 14.2%
  • $200k-$400k: 37.8%
  • $400k-$600k: 24.1%
  • $600k-$1mm: 16.0%
  • >$1mm: 7.9%
• Percent change in net new listing activity over the last 52 weeks versus the same period in 2021, broken down by home price:
  • $0-$200k: -26.1%
  • $200k-$400k: -16.1%
  • $400k-$600k: +4.5%
  • $600k-$1mm: +8.4%
  • >$1mm: +7.4%

Monthly Net New Listing Volume (Single-Family Detached Homes):

• Monthly new listing volume was down 20.8% and removals were up 56.2% compared to October 2021
• In October, there were 215,987 net new listings placed on the market, representing a 32.8% decrease year-over-year
• For the month of October, the percent change in net new listing volume compared to October 2021, broken down by home price:
  • $0-$200k: -32.8%
  • $200k-$400k: -34.1%
  • $400k-$600k: -32.6%
  • $600k-$1mm: -30.6%
  • >$1mm: -28.8%

Listings Under Contract:

• Over the last 52 weeks, 3,123,462 properties have gone into contract, representing a 12.9% decrease relative to the same period in 2021
• Percentage of total contract volume since October 2021, broken down by home price:
  • $0-$200k: 15.5%
  • $200k-$400k: 38.4%
  • $400k-$600k: 23.3%
  • $600k-$1mm: 15.3%
  • >$1mm: 7.5%
• Percent change in contract volume over the last 52 weeks versus the same period in 2021, broken down by home price:
  • $0-$200k: -24.0%
  • $200k-$400k: -19.4%
  • $400k-$600k: -1.8%
  • $600k-$1mm: +0.8%
  • >$1mm: -4.6%

Monthly Contract Volume (Single-Family Detached Homes):

• For the month of October, there were 248,827 listings that went under contract nationwide, which is a 29.3% decrease year-over-year
• For the month of October, the percent change in contract volume compared to October 2021, broken down by home price:
  • $0-$200k: -24.1%
  • $200k-$400k: -29.8%
  • $400k-$600k: -29.5%
  • $600k-$1mm: -31.3%
  • >$1mm: -34.5%

Median Listing Price Activity (Single-Family Detached Homes):

• For the week ending October 28, 2022, the median price of all single-family listings in the U.S. was $427,710, an 11.1% increase year-over-year
• For the week ending October 28, 2022, the median closed price of single-family listings in the U.S. was $391,042, a 4.2% 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 down by 0.6% month-over-month

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.

If you are currently working with a real estate agent, this is not meant as a solicitation of your business.

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