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New Home Listings Continue to Decline

HouseCanary, Inc., released its latest Market Pulse report, covering 22 listing-targeted measures and comparing data between January 2021 and January 2022. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform. 

"As we enter 2022, the housing market's inventory crisis has only continued to worsen, frustrating many prospective homebuyers,” said Jeremy Sicklick, Co-Founder and CFO of HouseCanary. “In January, we saw the number of net new listings shrink nearly 18% from the previous year while the market also appeared to shrug off any signs of a winter cooldown, with prices vaulting higher above last year's record levels.”

Since January 2021, there have been approximately 3,226,400 new listings placed on the market, which is a 4.6% increase compared to the 52 weeks prior. Homes above $1M are experiencing sole growth in net new listing volume in January 2022 compared to 2021.

Percentage of total net new listings over the last 52 weeks, broken down by home price are: 

  • $0-$200k: 17.0%
  • $200k-$400k: 40.5%
  • $400k-$600k: 21.8%
  • $600k-$1mm: 13.9%
  • >$1mm: 6.8%

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: (-19.2%)
  • $200k-$400k: (-4.9%)
  • $400k-$600k: +27.3%
  • $600k-$1mm: +40.6%
  • >$1mm: +37.8%

Monthly new listing volume (single-family detached homes) were down 16.1% compared to January 2021. In January 2022, there were 177,707 net new listings placed on the market, representing a 17.5% decrease year-over-year. 

For the month of January, the percent change in net new listing volume compared to January 2021, broken down by home price: 

  • $0-$200k: (-29.8%)
  • $200k-$400k: (-24.7%)
  • $400k-$600k: (-2.2%)
  • $600k-$1mm: (-5.2%)
  • >$1mm: +0.9%

Over the last 52 weeks, 3,444,494 properties have gone into contract, representing a 0.2% decrease relative to the 52 weeks prior. 

Percentage of total contract volume since January 2021, broken down by home price are as follows: 

  • $0-$200k: 17.5%
  • $200k-$400k: 40.6%
  • $400k-$600k: 21.4%
  • $600k-$1mm: 13.7%
  • >$1mm: 6.8%

Percent change in contract volume over the last 52 weeks versus the same period in 2021, broken down by home price were: 

  • $0-$200k: (-23.2%)
  • $200k-$400k: (-9.1%)
  • $400k-$600k: +20.7%
  • $600k-$1mm: +35.4%
  • >$1mm: +38.4%

For the month of January, there were 244,199 listings that went under contract nationwide, which is a 7.2% decrease year-over-year. Within the same month, the percentage change in contract volume compared to 2021, broken down by home price were: 

  • $0-$200k: (-17.2%)
  • $200k-$400k: (-14.2%)
  • $400k-$600k: +10.7%
  • $600k-$1mm: +8.0%
  • >$1mm: (-5.6%)

For the week ending January 28, 2022, the median price of all single-family listings in the U.S. was $380,014, an 8.0% increase year-over-year. For the same week, the median closed price of single-family listings in the U.S. was $378,737, an increase of 15.2% year-over-year. The median price of all single-family listings in the U.S. is up 0.9% overall month-over-month, whereas the median price of closed listings has increased by only 0.4%. 

“Affordability remains a particular area of concern ahead of the busy spring season, as we anticipate that homes below $600K will remain scarce given the general lack of available properties and inflated valuations as a result of unwavering demand,” said Sicklick. “In an already expensive housing market, high mortgage rates could end up forcing many buyers out of the competitive race for new homes.”

About Author: Demetria Lester

Demetria C. Lester is a reporter for DS News and MReport, with more than six years of writing experience. She has served as Editor-in-Chief at Northlake College and staff writer at her alma mater, the University of Texas at Arlington. She has covered events such as the Byron Nelson, Pac-12 Conferences, the Women in Dallas Film Festival, to freelance work with the Dallas Wings and D Magazine. Currently located in Dallas, Texas, she is an avid jazz lover and reader. She can be reached at demetria.lester@thefivestar.com.
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