Here are the highlights for the week ending July 2, 2023:
- Weekly new listings down in advance of the 4th of July holiday. Listing activity is down seasonally and remains well below where it was a year ago. Potential sellers are sitting tight as the number of weekly new listings is down 19.3% compared to the same time a year ago. New listing activity will remain low as elevated mortgage rates are keeping many sellers locked into their current
- The market remains competitive. With just a day change from last week’s median time to contract of 16 days, the few homes that are available continue to sell quickly. Homes typically take a little longer to sell in the summer compared to the spring, but this year the median days to contract has been holding relatively steady.
- Buyers are active this summer. The number of new contracts was up 7.8% increase compared to last week but was 14.2% lower than a year ago. A lack of inventory is the primary constraint on sales activity. List prices decrease, as buyers hold the advantage in most markets. The median list price this week was down 7.3%. The week-to-week dip in list prices reflects a typical seasonal pattern.
