Despite the fact that the nation’s real estate inventory is still low, new data released by HouseCanary suggests that home listing prices have plateaued.
The data comes from the company’s latest Market Pulse report, covering 22 listing-derived metrics and comparing data between August 2020 and August 2021.
“While properties across the U.S. continue to sell at record high prices, our latest data reveals that the breakneck pace of housing price growth has likely seen its peak and we expect it to decline in the coming months,” said Jeremy Sicklick, co-founder and chief executive officer of HouseCanary. “Monthly single-family listing prices have plateaued since May, while closed prices continue to edge marginally higher on a month-over-month basis.”
Sicklick added that the sale-to-list price ratio has fallen slightly from its peak in June, bolstering the company’s view that home prices – while still remarkably high – are beginning to show signs of cooling.
Further, the Biden administration’s recently announced steps to increase the supply of affordable homes may significantly help U.S. homeowners and renters, who have suffered through a housing affordability crisis over the past year-and-a-half as homebuilding struggled to gain traction and the cost of materials ballooned, he added.
In August, there were 308,286 net new listings placed on the market, representing a 10.7% decrease year-over-year. For the week ending August 27, 2021, the median price of all single-family listings in the U.S. was $381,728, a 7.7% increase year-over-year.
The median price of all single-family listings in the U.S. is down 1.9% month-over-month and the median price of closed listings has increased by 0.7% month-over-month