New HouseCanary Report Indicates Early Signs of Housing Market Activity Growth Halted Due to Latest Round of Rate Hikes
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 February 2022 and February 2023. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary's nationwide platform.
February was the tenth consecutive month of double-digit declines in net new listings on a year-over-year basis. Consequently, this has continued to drive down prices and lag contract volume, providing little relief to the ongoing inventory shortage. The market is also experiencing significant increases in listing removals year-over-year. On the contrary, the single-family rental market inventory has recovered considerably since the pandemic, experiencing an 88.3% rebound since February 2021.
Although rate hikes from the Federal Reserve picked back up in February, some observations made in the last couple of months have persisted, such as the days on market and sale-to-list-price ratio continuing to imply a balanced market but displaying signs of trending towards a buyer's market. Notably, median days on market have decreased from 53 in January to 43 in February, representing an 18.9% decrease month-over-month.
Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented:
"Although the rate hike slowdown from the Federal Reserve in January helped bolster housing market activity, these early signs of a potential rebound were halted in February. While higher interest rates continue to slow market activity, we elieve that the market environment is still headed towards a buyer's market, and expect that more normalized supply-demand dynamics and pricing could be in play by the end of 2023."
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.
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AVM Disclosure: An AVM is an estimated sale price for a property. It is not the same as the opinion of value in an appraisal developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice.
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