Below are the key points for the week ending July 30, 2023:
- Time to Contract: During the fourth week of this month, time to contract extended to an average of 18 days. It is typical for the time to contract to slow down later in the summer as the fall season approaches.
- Showings Decline: Showings have decreased significantly, following the seasonal pattern of previous years. For the week ending July 30, showings declined by 5.6% compared to the previous week. This decline is partly due to the natural decrease in showings during the second half of the year and is further impacted by a lower number of available listings in the market.
- New Listings: New listings have seen a slight decrease, down by 4.2% from the previous week and down by 18.6% from the same period last year. Sellers seem hesitant to list their properties, possibly influenced by the prevailing interest rates of 6.5-7% over the past couple of months. It is anticipated that new listings will continue to decline in the coming months as families prepare for the start of the school year and upcoming holiday celebrations.
