HouseCanary on Wednesday announced the continued review of 41 states with sufficient property listing and transaction volume in the HouseCanary platform between the week ending April 24, 2020. It found a continued decline in weekly new listing volume, weekly volume of listings going into contract for single-family detached homes, median list price of newly listed single-family detached homes, and median list price per-square foot of newly listed single-family detached homes.
The company explained that although there are declines in these areas, there also seems to be a bottom in sight with the weekly rate of decline in new listing activity slowing and the weekly rate of decline in contracts slowing across most states.
For the week ending April 24, weekly new listing volume of single-family detached homes is down compared to the week ending March 13, in all 41 states tracked. Weekly new listing volume is down by more than 50% over this period in Delaware, New York, New Jersey, Michigan and Pennsylvania.
Although the number of weekly new listings remains below expected levels for this time of the year, the weekly rate of decline in new listing activity is slowing and a bottom appears to be in sight across most states. Of the 41 states being tracked, 27 states showed an increase in new listings compared to the week prior.
For the week ending April 24, weekly volume of listings going into contract for single-family detached homes is down compared to the week ending March 13 in 35 of 41 states tracked. Weekly contract volume is down by more than 50% over this period in New York, New Jersey, Wisconsin, Michigan and Pennsylvania.
Although the number of listings going into contract remains below expected levels for this time of the year, the weekly rate of decline in contracts is slowing and a bottom appears to be in sight across most states. Of the 41states tracked, 33 states showed an increase in the number of properties going into contract compared to the week prior.
For the week ending April 24, median list price of newly listed single-family detached homes is down compared to the week ending March 13 in 37 of 41 states tracked. Median list price of newly listed single-family detached homes is down by more than 15% over this period in Arkansas, New York and New Jersey.
For the week ending April 24, median list price per-square foot of newly listed single-family detached homes is down compared to the week ending March 13 in 28 of 41 states tracked. Median list price per-square foot of newly listed single-family homes is down by more than 15% over this period in New York and New Jersey.
“HouseCanary data this week showed the greatest impact to states in the mid-Atlantic and Northeast,” said Jeremy Sicklick, co-founder and CEO of HouseCanary. “New York continues to dominate the news with daily reports of more coronavirus cases. Other states in our study have begun showing stability and the bottom may be in sight.”
