New Data from HouseCanary Paints Bleak Picture for Housing Affordability
Homes Under $200K Continue to be in Short Supply as Net New Listing Activity is Down Nearly 30% Year-Over-Year
List-to-Sale Price Ratio Hovers Slightly Above 100, Underscoring a Sustained Seller-Friendly Environment
Gap Between Contract Volume and Net New Listing Volume Continues to Shrink, Signaling a Decrease in the Outsized Demand for New Homes
HouseCanary, Inc., a national brokerage known for its real estate valuation accuracy, released its latest Market Pulse report, covering 22 listing-derived metrics and comparing data between September 2020 and September 2021. 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: “The record growth in home prices over the past year driven by short supply has made homeownership less affordable for many Americans, especially for would-be first-time homebuyers and those searching for homes under $200K. It’s also worth noting that mortgage rates have increased recently, topping 3% for the first time since early July. Higher borrowing rates, in tandem with lofty prices, could potentially limit the demand for new homes and refinances. Now that we are exiting the peak summer market season, median prices – while still near record highs – are beginning to cool off, especially with the holiday season right around the corner. We continue to see prospective buyers making above-list price offers on homes given the ultra-competitive market environment and if the supply shortage holds through the winter, we could expect to see additional rapid price growth in spring 2022, but at a lower rate compared to 2021.”
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