Homeownership has become less affordable for many, especially for would-be first-time homebuyers and those seeking homes under $200,000. This is according to the latest Market Pulse report by national brokerage HouseCanary, Inc.
The report covers 22 listing-derived metrics and compares data between September 2020 and September 2021.
“Higher borrowing rates, in tandem with lofty prices, could potentially limit the demand for new homes and refinances,” said Jeremy Sicklick, co-founder and chief executive officer of HouseCanary. “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.”
Sicklick pointed out that his company was still seeing prospective buyers making above-list price offers on homes given the ultra-competitive market environment.
“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,” he said.
Since September 2020, there have been 3,201,229 net new listings placed on the market, which is a 9.9% increase over the same period in 2020. Monthly new listing volume was down 10% compared to September 2020.
Over the last 52 weeks, 3,421,890 properties have gone into contract, representing a 3.6% increase relative to the same period in 2020. For the month of September, there were 352,185 listings that went under contract nationwide, which is a 1.7% decrease year-over-year.
The median price of all single-family listings in the U.S. is down 0.3% month-over-month and the median price of closed listings has increased by 0.2% month-over-month, the company said.