Prices Climb Higher as Listings for Existing Homes Continue to Decline

HouseCanary, Inc., the San Francisco-based technology and data-forward national real estate brokerage firm, has released its latest Market Pulse Report (MPR) 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.

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 the sole growth in net new listing volume in January 2022 compared to 2021. Over the last 52 weeks, (January 2021 – January 2022) 3,444,494 properties have gone into contract, representing a -0.2% decrease relative to the 52 weeks prior.

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 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%.

In remarks prepared for the release of the latest MRP, Jeremy Sicklick, Co-Founder and CFO of HouseCanary said, “As we enter 2022, the housing market’s inventory crisis has only continued to worsen, frustrating many prospective homebuyers. 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.”

“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,” Sicklick added. “In an already expensive housing market, high mortgage rates could end up forcing many buyers out of the competitive race for new homes.”