Real-Time Housing Price Feeds, Indices, and Market Intelligence | Trusted by CNBC, the WSJ, Polymarket, and more | Powering @Parcl
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Joined May 2022
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Watchlists now live.
Any housing market in the country - add to your watchlist and track in real time.
Customize your watchlists with price, financing, and for-sale metrics.
Annotate your watchlist live to flag shifts.
Updated daily.
And it's spreading
The number of big metros where at least 1 in 10 homes for sale is listed at an unrealized loss has doubled since February
The newcomers include Phoenix, Tampa, Orlando, and Seattle
See where your market stands: parcllabs.com/research/motiv…
Nearly 1 in 10 homes in today's SFR supply are from accidental landlords
Owners who tried to sell, couldn't, and listed the home for rent instead
Invitation Homes flagged this "shadow supply" on its earnings call yesterday as something that could pressure new lease rents
Accidental landlords have different incentives than professional operators and have historically been much harder to track
Parcl Labs tracks accidental landlords daily, at the market level and down to individual units
Don't get caught by surprise when one pops up on your street and undercuts your rent:
parcllabs.com/research/motiv…
Our Motivated Seller Index measures price-cut contagion: how widely sellers are cutting, how fast, and how deep
Right now no US metro with 2,000+ homes for sale scores higher than Indianapolis
The reality check isn't finished: 4 in 5 of those overpriced listings still ask 15%+ above value
And it doesn't look like forced selling
Under 3% of listings with known equity are from underwater owners, and owners who paid cash are cutting deepest, a median 5.5%
ALT Median price cut among Indianapolis listings that have cut, by how the owner bought: paid all cash 5.5%, conventional mortgage 4.4%, FHA 4.4%, VA 3.9%.
Track price-cut contagion in Indianapolis and every US metro, updated daily: parcllabs.com/research/motiv…
Parcl Labs retweeted
Youngstown, OH is the most motivated seller market in the U.S. Fire selling territory
Inside city limits, investors are the most motivated sellers:
Investors are 29% of new listings vs 16% metro-wide
52% of investor listings cut price vs 43% for owners
Data: @ParclLabs MCP
Parcl Labs retweeted
9 of the top 10 most motivated to sell major housing markets in the United States are officially in fire sale territory.
The motivated seller index is a score between 0 and 10. It reviews every home seller in the market, are they price cutting, how big are they price cutting, and how fast are they price cutting. A 10 is the highest score.
Today, all of the following major markets are above the 7.5 threshold for fire sale:
Kingsport, TN: 7.94
Youngstown, OH: 7.9
Indianapolis, IN: 7.88
Dayton, OH: 7.73
Austin, TX: 7.63
Asheville, NC: 7.59
Denver, CO: 7.58
Flint, MI: 7.51
Eugene, OR: 7.5
New from the Parcl desk:
Who owns America's single-family rental communities + how their landlords discount to compete 👇
parcllabs.com/research/artic…
We've been closely tracking Kingsport, TN since it took the #1 spot on our Motivated Seller Index in August
Today it broke 8 on the 10 point MSI scale. No other metro with 1,000+ homes for sale has gotten there this year
56% of its listings have cut price
Zoom in and the pressure is not spread evenly
Widespread price cutting in Gate City, VA, a small town on the Virginia side of the metro is one hotspot:
Track Kingsport live, down to the listing:
parcllabs.com/research/motiv…
Parcl Labs retweeted
Oregon leads the country as the state with the highest share of home sellers cutting prices at 52.8%.
However, there are many metros within the state well above this.
Klamath Falls: 56.9%
Prineville: 55.8%
Albany: 55.4%
Coos Bay: 55.3%
Bend: 55.3%
Newport: 53.6%
Portland (spills into WA): 53%
What's happening in Oregon?
Parcl Labs retweeted
UPDATE: For the first time all year, every market in the top 5 major housing markets are officially in fire sale territory.
What is the motivated seller index? It's a score looking at every home seller in the market - are cutting prices, how fast, and how deep.
It's a score b/w 0 and 10. 10 is the max.
Nationally, that metric is 5.87. In these 5 markets:
Kingsport, TN: 7.87
Indianapolis, IN: 7.66
Austin, TX: 7.59
Asheville, NC: 7.54
Eugene, OR: 7.51
This usually leads prices by 8 weeks.
Texas remains the accidental landlord capital of the US
14.5% of single-family homes for rent in Texas were listed for sale first: the owners tried to sell, then put them up for rent
That's the highest share of any state
Houston is the epicenter of accidental landlord activity in Texas
18% of its single-family rentals come from failed home sellers turned landlords
Parcl HQ is the only place to get real-time accidental landlord data for every US market:
parcllabs.com/research/motiv…