Jeremy Sicklick, co-founder and CEO of HouseCanary, shed light on the challenges.
“In January, we saw net new listings and contract volumes trend at multi-year seasonal lows. Although those metrics are slightly up versus last month, the housing market is still facing significant pressures,” he said.
Sicklick pointed to the Federal Reserve’s aim of maintaining interest rates around 7%, which has kept many potential buyers hesitant and sellers reluctant to list their properties.
The report indicates a persistent trend of low inventory levels, albeit higher than the preceding two years. Both listed and closed prices have seen positive growth compared to February 2023, with overall home prices on an upward trajectory. However, Sicklick anticipates a subdued spring buying season, with the continuation of current trends until rates or home prices stabilize.
Notable findings
Over the past 52 weeks, 2,502,785 net new listings were introduced, with 2,570,447 properties going under contract, marking a 15.3% and 11.7% decrease, respectively, compared to the previous year.
Source: mpamag.com