Market Pulse Report: The Latest Real Estate Trends

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HouseCanary’s December Market Pulse report is out, and it shows that the real estate market is continuing to trend downward. The report covers 22 listing-derived metrics and compares data between December 2021 and December 2022.

The housing market in December of 2022 saw decreased activity compared to the year prior. Net new listings placed on the market dropped by an astonishing 47.3%, while properties that went under contract decreased by 24.1%. The reasons for this downturn are two-fold: a decrease in new listing volume, and a massive 73.0% surge in removals when compared to December 2021. Median days on market extended to 53 days, which is the longest since early 2020; Meanwhile, the sale-to-list price ration hovered around 96.9%, making it one of the lowest points since 2019. Although prices cuts have increased from last year with a 145.9% spikes, they’ve already begun to trend downward again after hitting high peaks in September and October 2022.

HouseCanary Co-Founder and Chief Executive Officer Jeremy Sicklick noted a multi-year low in both net new listings and contract volume during the week between Christmas and New Year’s Day. December saw double-digit decreases in contract volume, leading to the continuation of price drops for yet another month. With the Federal Reserve minutes indicating that interest rates are expected to remain high throughout 2023, it is projected that housing market activity will keep cooling off.

The Market Pulse report is essential reading for anyone looking to stay ahead of the curve in today’s real estate market. Reading the latest Market Pulse report here.

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