“The possibility of volatility lasting into 2021 could be a reality,” according to a 136-page report by HouseCanary released Wednesday.

The promise of a V-shaped housing market recovery is becoming more unlikely as the coronavirus pandemic continues unabated, according to a HouseCanary market report released Wednesday.

The 136-page report — which breaks down housing data on a state-by-state level — specifically draws attention to the dearth of new listings and potential headwinds of government aide expiring in the coming weeks.

“It appears that sellers in states hit hardest by rising COVID-19 cases are reluctant to list homes and may be avoiding listing altogether until there are some meaningful signs that things are getting better with respect to the pandemic,” the report reads.

“There are also potential headwinds on the horizon if the federal government doesn’t sustain the aid needed to help struggling business owners and out-of-work individuals, many of whom have relied on assistance to remain current on mortgage and rent payments in recent months.”

Weekly new listing volume was down 21.9 percent nationwide compared to March 13, the week when most states began to implement lockdowns. New listings are up 23.1 percent from their lowest level during the pandemic — the week ending April 17 — the report found.

Since the COVID-19 lockdowns began to be implemented on March 13, through the week ending July 17, there have been 1,055,597 new listings placed on the market, a decrease of 20.3 percent.

Despite the dearth of listings, the number of homes that have gone into contract over that same time period is only down 3.8 percent year over year.

Price growth — even with tightening supply and an increase in demand — is also starting to diminish, according to the report. Growth in median home prices decreased week over week for newly listed properties in 31 of 41 states, the real estate data and analytics firm found.

“Given these realities, we continue to believe the chances of a V-shaped housing market recovery in 2020 are growing slimmer as the possibility of volatility lasting into 2021 could be a reality,” the report reads.

Email Patrick Kearns

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×