Presenting the week’s key takeaways for the period ending August 13, 2023:
- Contracts Experience a Decline: A notable trend this week is the downward trajectory in contracts. This week witnessed the initiation of 1,224 new purchase contracts. This decline aligns with the usual pattern during this time of year, extending from late summer into the fall season. However, it’s worth noting that these figures fall significantly below last year’s numbers, marking an 18.1% decrease.
- Listings Display Stability Amidst Limitations: New listings are displaying both stability and constraint. With 1,146 new listings, there’s a marginal decrease of 0.5% compared to the previous week. Furthermore, these listings stand at a 16.2% deficit in comparison to the same time last year. Despite the scarcity of listings and the resulting limited supply, the week-to-week stability in new listings is an anomaly during this period. This could potentially lead to a shift towards levels akin to those observed a year ago over the coming months.
- Consistency in Time to Contract: The median time to contract has observed a slight increase of 1 day, reaching a total of 18 days. Remarkably, the housing market’s pace is not slowing as significantly as is customary towards the end of summer. Over the last five weeks, the time to contract has remained relatively steady, fluctuating between 16 and 18 days. This divergence from the typical trend of increased days on the market during July and August suggests that the competitive atmosphere seen in spring has extended well into this summer.
In summary, the market dynamics for the week ending August 13, 2023, indicate a decline in contracts, a stabilizing yet limited listings landscape, and a housing market pace that is defying the usual summer slowdown.
