Slow Start to Spring Buying Season in March as Inventory Pressures Persist, Latest HouseCanary Report Shows

As we step into spring buying season, a time which many consider to be the most active homebuying period of the year, inventory pressures continue to pervade the housing market.

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Tuesday, April 2, 2024
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Summary
Key Points: 
  • As we step into spring buying season, a time which many consider to be the most active homebuying period of the year, inventory pressures continue to pervade the housing market.
  • While inventory is up 12.6% versus the same period in 2023, total housing stock continues to remain historically low.
  • Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented:
    “Over the past month, net new listings and contract volumes have continued to trend at multi-year seasonal lows.
  • The interest rate shock is the biggest factor responsible for sustaining inventory scarcity.


HouseCanary, Inc. (“HouseCanary”), a national brokerage known for its real estate valuation accuracy, today released its March Market Pulse Report, showing that activity in terms of net new listings placed on the market is down 4.4% versus March 2023.

As we step into spring buying season, a time which many consider to be the most active homebuying period of the year, inventory pressures continue to pervade the housing market. While inventory is up 12.6% versus the same period in 2023, total housing stock continues to remain historically low.

Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented:

“Over the past month, net new listings and contract volumes have continued to trend at multi-year seasonal lows. The interest rate shock is the biggest factor responsible for sustaining inventory scarcity. The continued expectation that the Federal Reserve will introduce interest rate cuts in the months ahead offers potential homeowners a sense of hope, however for now, buyers are facing a seller’s market.”

As with previous months, many market trends remain consistent including a strong sense of demand. Robust demand has continued to drive home price increases for both listed and closed homes on a year-over-year basis. With rates and home prices continuing to rise, we expect a quieter spring buying season to continue throughout the months ahead.”

Key Takeaways:

  • Over the last 52 weeks, 2,534,339 net new listings were placed on the market, and 2,583,740 properties went under contract. This represents a decrease of 12.4% and 9.8%, respectively.
  • For the month of March 2024, 234,838 net new listings were placed on the market, and 275,260 properties went under contract. This represents a decrease of 4.4% and an increase of 3.2%, respectively, versus March 2023.
  • The decrease in net new listings was driven by a 2.5% decrease in new listing volume as well as a 7.0% increase in removals compared to March 2023.
  • Median days on market stands at 37. This is down 2.6% from where it was one year prior at 38 days on market.
  • The median price of all single-family listings in the US was $441,608 and the median closed price was $413,998. On a year-over-year basis, the median price of all single-family listings is up 3.2% and the median price of closed listings is up 6.8%. Month-over-month, the median price of single-family listings is up 2.5% and the median price of closed listings is up 3.4%.

Methodology

The Market Pulse Report is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform, covering 22 listing-derived metrics and comparing data between March 2023 and March 2024.

About HouseCanary

Founded in 2013, national real estate brokerage HouseCanary empowers consumers, financial institutions, investors, and mortgage lenders, with industry-leading services including valuations, forecasts, and transactions. These clients trust HouseCanary to fuel acquisition, underwriting, portfolio management, and more. Learn more at www.housecanary.com.

If you are currently working with a real estate agent, this is not meant as a solicitation of your business.

HouseCanary, Inc. is a Licensed Real Estate Brokerage in KS, NM, SC and under the Trade Name ComeHome in AL, AK, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KY, LA, MA, MD, ME, MO, MN, MS, MT, NC, ND, NE, NH, NJ, NV, NY, OH, OK, OR, PA, RI, SD, TN, TX, VA, VT, WA, WI, WV, WY.

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