For the week ending October 27, the Mid-Atlantic region saw 5,783 new contracts. With improved affordability this fall, new contracts are up 13.2% compared to the same week in 2023, and are noticeably higher than levels from 2022 as well.
There has been a substantial increase in showings for the second consecutive week, reaching a total of 75,649—an 11.1% rise from last year. Showings have exceeded 2023 figures for six weeks in a row. Despite rising mortgage rates over the past four weeks, they remain more favorable than last fall, and a healthier inventory is contributing to the boost in buyer activity.
As of the week ending October 27, 8.7% of active listings experienced a price reduction. This marks the third week in a row that this percentage has decreased, down 0.5 percentage points from the previous week. Compared to last year, price reductions are down 1.4 percentage points, indicating that increased buyer engagement is leading to fewer sellers needing to lower their prices.
