TMCnet News
Higher-for-Longer Interest Rates Add Pressure to Strained Housing Market, Latest HouseCanary Report ShowsHouseCanary, Inc. ("HouseCanary"), a national brokerage known for its real estate valuation accuracy, today released its April Market Pulse Report, showing that activity in terms of net new listings placed on the market increased 4.0% versus April 2023. Throughout April, the housing market welcomed an influx of new inventory. Last month, inventory supply surpassed the levels seen in 2023, offering a glimmer of hope in this year's quiet spring buying season. While inventory remains low from a historical perspective, total housing supply has begun to grow and is rapidly approaching high points seen in 2022. Although this flow of net new listings has lifted some pressure from the market, competition remains stiff among buyers. With contract volumes up 3.7% and days on market down 2.9% in comparison to April 2023, buyers may find themselves vying for available homes. Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented: "While the market has experienced some relief in terms of available inventory, buyers are still contending with interest rate shock. The Federal Reserve has continued to postpone rate cuts, holding interest rates around 5%. This higher-for-longer rate policy has contributed to hesitation for would-be homebuyers. With mortgage rates creeping over 7%, many buyers and sellers alike seem to be holding out for rate cuts in the months ahead before jumping into the housing market." Over the past four weeks, we saw home price increses across the country, adding yet another barrier to potential buyers. On a year-over-year basis, the median price of all single-family listings and closed listings rose 3.2% and 8.0%, respectively. With high mortgage rates and surging home prices tamping down market activity, we expect to see a subdued spring buying season continue throughout May, despite inventory increases." Key Takeaways:
Methodology The Market Pulse Report is an ongoing review of proprietary data and insights from HouseCanary's nationwide platform, covering 22 listing-derived metrics and comparing data between April 2023 and April 2024. 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. HouseCanary, Inc. is a Licensed Real Estate Brokerage in KS, NM, SC and under the Trade Name ComeHome in AL, AK, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KY, LA, MA, MD, ME, MO, MN, MS, MT, NC, ND, NE, NH, NJ, NV, NY, OH, OK, OR, PA, RI, SD, TN, TX, VA, VT, WA, WI, WV, WY. Trade Name ComeHome Real Estate in MI and UT. Trade Name ComeHome by HouseCanary in AR.
HouseCanary, Inc., brokerage information
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502481031/en/ |