According to HouseCanary, the San Francisco based, valuation-focused real estate brokerage which provides software and service to the real estate marketplace, latest data indicates that the housing shortage could linger for a while. However, there might be hope on the horizon. The report from HouseCanary showed that, since April 2020, there have been 3,045,485 net new listings placed on the market, which is an 8.8% increase versus the same period in 2019. In a prepared statement, Jeremy Sicklick, co-founder and CEO of HouseCanary said, “Last spring, the real estate market was rocked as a result of COVID-19 lockdowns, but what ensued was a housing boom marked by residential home prices hitting all-time highs, record-low mortgage rates, and extremely limited inventory coupled with unwavering demand from buyers. One year later, we are finally starting to see some positive developments on the supply side for the first time since the pandemic began. New listings are up 19.1% year-over-year, however, the number of listings under contract continues to outpace the increase in new listings, which leads us to believe that the supply shortage will hold strong in the short-term.” HouseCanary found that due to the intensifying inventory lack, listed properties in the past year spent about half the time on the market as they did the year of the previous study for April 2019-2020.
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New Listings Increase, But Housing Shortage Remains