Rising Home Prices Have Flatlined YoY

Releasing its first of the new year reports, HouseCanary published its January 2023 Market Pulse Report finding that rising prices have flatlined due to low market activity, while median home price averages remained unchanged month-over-month. 

Since the first half of 2022, limited inventory and low activity have been some of the most prominent trends in the market, but by the end of the year, it appeared that the market was leaning in favor of buyers. 

Although market activity is significantly lower than in January 2022, the end of the holiday period has brought an increase in listings placed on the market. Additionally, a market shift is imminent as the most recent statement from the Federal Reserve indicated an increase of 25 basis points, the lowest rate hike since the meeting in March 2022. 

“As we predicted in December, the beginning of 2023 is proving to show slow market activity, as both net new listings and contract volumes are sitting at multi-year lows,” said Jermey Sicklick, Co-Founder and CEO of HouseCanary. “For the ninth consecutive month, we have experienced year-over-year net new listing and contract volume declines in the double digits, consequently driving prices downwards yet again. Although the housing market has seen better days, there is hope that a shift will occur with the rate hike slowdown from the Federal Reserve, which bodes well for buyers.” 

Key takeaways from the report as highlighted by HouseCanary include: 

  • For the month of January 2023, 118,901 net new listings were placed on the market, and 193,417 properties went under contract. This represents a decrease of 43.9% and 19.3%, respectively, versus January 2022. 
  • The decrease in net new listings was driven by a 26.4% decrease in new listing volume as well as an 85.3% increase in removals compared to January 2022. 
  • Median days on market stood at 53, up 39.5% from the prior year at 38 days on market. Days on the market has remained unchanged month-over-month. 
  • The sale-to-list-price ratio stands at 96.8, the lowest seen since Q1 2019 and expected to continue downwards. 
  • Price cuts are up 187.6% year-over-year but are down nearly 55% from their recent peaks occurring in September and October 2022. 
  • Total single-family rental inventory is up 77.3% from the same period in 2022, and up 89.9% from 2021. 
  • For the week ending Jan. 27, 2023, the median price of all single-family rental listings in the US was $2,487. On a year-over-year basis, the median price of all single-family rental listings is up 7.5%. Month-over-month, the median price of single-family rental listings remains unchanged. 

Share this post :



Biographical Info
Latest News

Unleash the Power of Knowledge

Stay in the know with our suite of email blasts
Receive the latest news

Gain Access to Exclusive Mortgage Knowledge!

Stay at the forefront of industry developments! By subscribing to MortgagePoint, you’re aligning yourself with the latest insights, updates and exclusive promotions in the mortgage industry. As an industry professional, it’s critical to stay informed and up-to-date. Don’t miss out – subscribe now!