New Listing and Contract Volume Decreased in January as Low Market Activity Persists
Interest Rate Shock Continues to Keep Inventory at Historically Low Levels
Executive Summary - Week Ending January 26, 2024
- For the month of January 2024, market activity in terms of both net new listing and contract volumes are slightly down compared to January 2023, and remain sharply down over the last 52 weeks.
- Net new listing volume continues lagging contract volume, putting further downward pressure on inventory.
- Listed and closed prices both achieved positive growth on a year-over-year basis in January 2024. List prices and closed prices appear to have peaked in June and August 2023, respectively.
Contract Volume and Net New Listing Volume:
- Over the last 52 weeks, 2,481,822 net new listings were placed on the market, and 2,573,715 properties went under contract. This represents a decrease of 17.5% and 12.7%, respectively.
- For the month of January 2024, 131,050 net new listings were placed on the market, and 186,284 properties went under contract. This represents a decrease of 17.2% and 2.0%, respectively, versus January 2023.
- The decrease in net new listings was driven by a 14.2% decrease in new listing volume as well as a 6.3% decrease in removals compared to January 20
- The interest rate shock is having the biggest impact on net new listing volume which remains sharply down year-over-year. Contract volume is also down year-over-year, but not as much.
- Net new listing and contract volume are trending at multi-year seasonal lows.
- Total inventory is up 7.9% from the same period in 2023, and up 24.8% from 2022. Inventory remains very low from a historical perspective
Contract Volume and Net New Listing Volume by Price Tier:
- Contract volume in January 2024 is down for lower price tiers and up for higher price tiers compared to January 2023.
- Net new listing volume in January 2024 is down for all price tiers except the $1m+ price bin compared to January 2023.
- The total volume of listings going into contract over the last 52 weeks are down across all price bins compared to the year prior.
- The total volume of net new listings over the last 52 weeks are down across all price bins compared to the year prior.
Single Family Price Activity:
- The median price of all single-family listings in the US was $428,958 and the median closed price was $396,646. On a year-over-year basis, the median price of all single-family listings is up 3.8% and the median price of closed listings is up 8.1%. Month-over-month, the median price of single-family listings is up 0.6% and the median price of closed listings is up 2.1%.
- The median price-per-sqft of all listed single-family homes in the US sits at $225.5 and the median closed price-per-sqft was $223.0. On a year-over-year basis, the median price-per-sqft of all listed single-family homes is up 3.7% and the median price-per-sqft of closed listings is up 8.0%. Month-over-month, the median price-per-sqft of all listed single-family homes is up 1.0% and the median price-per-sqft of closed listings is up 2.4%.
- The sale-to-list-price ratio stands at 97.5% which is well above the lowest value observed in January 2023.
- Price cuts are down 9.1% compared to the same time last year.
US Single-Family Rental Summary:
- The median price of all single-family rental listings in the US was $2,538. On a year-over-year basis, the median price of all single-family rental listings is up 3.5%. Month-over-month, the median price of single-family rental listings is up 0.2%.
- Total single family rental inventory is up 26.5% from the same period in 2023, and up 120.3% from 2022.
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