Inventory Levels Continue to Climb, Signaling Market Stabilization

HouseCanary's latest Market Pulse Report, our monthly housing market report, indicates that while total inventory remains below historical averages, it is now at its highest level since the COVID-19 pandemic, approaching pre-pandemic figures.

The September report highlights a 0.4% year-over-year increase in net new listings, coupled with a significant 10.2% rise in contract volume compared to September 2023. These trends suggest a potential stabilization in the housing market, with the continued rise in inventory indicating that the market may be transitioning towards more neutral territory.

Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented:

"The latest data underscores the housing market’s gradual return to a more balanced state. While we continue to see the hallmarks of a seller’s market, particularly in higher price tiers, the consistent increase in inventory and contract volumes suggests that the market is beginning to stabilize after years of volatility. If these trends persist, we may see an even more pronounced shift as we move further into the fall season.”

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Key Takeaways:

• Over the last 52 weeks, 2,649,457 net new listings were placed on the market, and 2,591,600 properties went under contract. This represents an increase of 6.3% and a decrease of 1.3%, respectively.
• Total inventory is up 30.5% from the same period in 2023, and up 13.7% from 2022. Inventory remains below historical norms but is at its highest levels since COVID-19.
• Median days on market now stands at 44, reflecting a 12.8% increase from the 39 days recorded a year ago.
• Contract volume in September 2024 is up across all price tiers compared to September 2023, indicating continued strong demand, particularly in higher price tiers.‍
• The median price of single-family rental listings in the US was $2,568. Year-over-year, the median price of rental listings has decreased by 0.4%, with a month-over-month decline of 1.6%.

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More in the full report.

‍Methodology

The Market Pulse Report is an ongoing review of proprietary data and housing market trends from HouseCanary’s nationwide platform, covering 22 listing-derived metrics and comparing real estate data between September 2023 and September 2024.

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