A significant decline in new registrations suggests that the supply of apartments in the US will only narrow for a short time, according to real estate analysis company HouseCanary.
Figures from HouseCanary show that 2,906,925 net new listings have been launched since March 2020, a decrease of 0.6% over the same period in 2019.
In addition, the monthly volume of new listings decreased by 11.5% last month compared to March 2020.
Jeremy Sicklick, co-founder and CEO of HouseCanary, said the trend is putting “upward pressure” on property prices – with HouseCanary data showing a 2.2% increase in the average price of all single-family homes in the US to $ 378,408 for $ 378,408 a month earlier the week until April 2nd.
“As the spring home buying season begins, the market is seeing extremely limited supply, complemented by oversized demand that is showing no signs of easing,” Sicklick said. “Bidding wars have broken out across the country, and homes at the higher end of the price spectrum are selling at significantly higher rates than last year. The extreme supply shortage is pushing the prices for single-family homes further up – a more favorable environment for sellers – and we assume that this trend will continue in the coming months. “
“Looking ahead, however, rising mortgage rates could cool future price growth as potential buyers continue to be priced out of the market,” concluded Sicklick.