Here are the notable occurrences for the week ending on August 27, 2023:
- Narrowing Gap in Listings: Despite experiencing a 9.3% decrease compared to last year and a 4.3% drop from the previous week, the total number of listings in the D.C Metro area reached 1,081. This reduction in the gap between current listings and those from 2022 is notable progress achieved since earlier this year. The consistency in listings during the summer season, when new listings typically decline, is noteworthy. However, the ongoing challenge for buyers persists due to limited inventory.
- Surge in Contract Activity: The D.C Metro area witnessed a remarkable increase in newly signed contracts, totaling 1,250 by August 27th. This represents an atypical rise of approximately 6.6% compared to the same period in the previous week. Despite this positive momentum, there is still room for improvement, as contract signings remain lower by almost one-fifth (19.9%) when compared to the levels seen around this time last year. Factors such as elevated mortgage rates and constrained supplies contribute to this difference.
- Slower Contract Signing Trends: After a consecutive seven-week period during which median times between contract signings ranged from sixteen to eighteen days across diverse housing markets within the DC Metro region, a slight increase to twenty days has now been observed. This uptick indicates that the process of signing contracts might take longer than before. However, it’s important to note that overall speed remains faster than in previous years due to scarce supply, despite some typical seasonal slowdowns often observed during the fall months.
