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Housing Market Activity Remains Low as the Federal Reserve Slows Down Rate Hikes, New HouseCanary Data ShowsHouseCanary, Inc. ("HouseCanary"), a national brokerage known for its real estate valuation accuracy, today released its latest Market Pulse report, covering 22 listing-derived metrics and comparing data between January 2022 and January 2023. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary's nationwide platform. Since H1 2022, tight supply and low market activity have been some of the most prominent trends in the housing market. As 2022 concluded, we observed that the market may have been leaning in buyers' favors. Since then, the median price of single-family rentals has remained unchanged, and metrics such as days-on-market and sale-to-list-price ratio have reinforced the idea that the market is inching closer to once again favoring 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. Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented: "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. 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 arket 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:
About HouseCanary Founded in 2013, national real estate brokerage HouseCanary empowers consumers, financial institutions, investors, and mortgage lenders, with industry-leading services including valuations, forecasts, and transactions. These clients trust HouseCanary to fuel acquisition, underwriting, portfolio management, and more. Learn more at www.housecanary.com. If you are currently working with a real estate agent, this is not meant as a solicitation of your business. HouseCanary, Inc. is a Licensed Real Estate Brokerage in KS, NM, SC and under the Trade Name ComeHome in AL, AK, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KY, LA, MA, MD, ME, MO, MN, MS, MT, NC, ND, NE, NH, NJ, NV, NY, OH, OK, OR, PA, RI, SD, TN, TX, VA, VT, WA, WI, WV, WY. Trade Name ComeHome Real Estate in MI and UT. Trade Name ComeHome by HouseCanary in AR.
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AVM Disclosure: An AVM is an estimated sale price for a property. It is not the same as the opinion of value in an appraisal developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice.
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