Cooling in the market, will rate decreases spawn more demand in the comming weeks?
Lots of headline news regarding bank failures resulting in a 0.5% rate decrease, has it trickled down to consumers yet? This last week saw an increase in active listings to 3,695 available for sale, but new listings were down with 1,089 new homes entering the market. From last week to this week we saw that pending transactions went up 4.0% with 1,093 listings going under contract. The odds of selling fell by -1.3% to 65% which is overall a very healthy number for this time of year and is similar to what we experienced from 2013-2019. To offset demand in our market right now, we would need to have over 28,500 homes listed for sale so we only have 13.0% of a balanced market. Listings were seeing on average 4 shows per week, 14 showings to go under contract and 8 median days on market. Of the units that went under contract last week 28.6% reduced their price with an average price reduction of -5.3%.