Pre-Pandemic Levels List-to-Sale-Price Ratio Returns

Mortgage News February 15, 2023

Publish its first report of the new year, HouseCanary’s January 2023 Market Pulse Report indicates rising prices have flattened as a result of low market activity, while month-over-month, median home price averages remain unchanged.

By the end of 2022, there was a clear indication that the market was leaning in favor of buyers due to limited inventory and low activity during the first half of the year.

Despite the substantial decrease in market activity since January 2022, listings placed on the market have increased since the end of the holiday season. In addition, a market shift is imminent since the Federal Reserve announced a 25 basis points increase last week, its lowest rate hike since the March 2022 meeting.

Jermey Sicklick, Co-Founder and CEO of HouseCanary said that market activity in 2023 has slowed as predicted in December, with multi-year lows for both net new listings and contract volumes. As a result, we have seen year-over-year declines in net new listings and contract volume for the ninth consecutive month, once again driving prices downward. Despite a slowdown in rate hikes from the Federal Reserve, there is hope that the housing market will shift with the Federal Reserve’s rate hike slowdown.

HouseCanary highlights the following key points in the report:

  • The number of net new listings on the market for January 2023 was 118,901, while the number of properties under contract was 193,417. In comparison with January 2022, these numbers are down 43.9% and 19.3%, respectively.
  • As compared to January 2022, new listings decreased by 26.4% and removals increased by 85.3%, contributing to the decrease in net new listings.
  • A median of 53 days on market was reported, an increase of 39.5% from the 38 days on market recorded in the previous year. Month-over-month, days on market have remained the same.
  • Sales-to-list-price ratio stood at 96.8 in Q1 2019, the lowest since Q1 2019.
  • A year-over-year increase of 187.6%, but a decline of nearly 55% from recent price cuts occurring in September and October 2022.
  • There has been an increase of 77.3% in single-family rental inventory since 2022, and an increase of 89.9% since 2021.

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