Large pop of buyer activity as rates dipped last week.
There was a very interesting jump in buyer activity for this week's report. Looking at the heat map the colors for pending and closed activity really heated up and looked more like numbers from June than what I would expect to see in October. In speaking with Nicole Rueth of One Trust Mortgage there was a slight dip in interest rate from above 7% to the mid 6% range in the middle of my Wednesday to Tuesday pull just before the weekend hit that could have stimulated this reaction.
Our average daily active count rose by 1.7% over last week to 7,034 listings for sale heading into last weekend, but pending transactions jumped a whopping 56.4% over the last week to 1,409 units going under contract. This shifted our predictive months supply of inventory down -35.3% to 1.1 months of inventory. I'm not sure if this is just a one-week anomaly or if this is going to be a continued trend of buyer activity. Perhaps buyers are trying to get ahead of the possible future interest rate hikes we anticipate through the end of the year. Stay tuned, we'll be back at it next week to report on the buyer activity.
