The number of new contracts remains robust as we approach fall, with 6,091 new contracts recorded in the area for the week ending September 29. This represents a 13.4% increase compared to the same week last year, indicating that buyers are gaining confidence in the market as mortgage rates decline and inventory rises.
During the same week, there were 78,849 showings across the Bright MLS service area, reflecting a 3.1% increase from the previous year. While showings are still lower than in more typical years, buyer traffic is on the rise as confidence grows regarding market opportunities.
Additionally, there were 5,629 new listings for the week, marking a 10.3% increase in new listings compared to the same week last year. Over the past three weeks, new listings have significantly spiked compared to 2023. Sellers are responding to lower mortgage rates, as changing family and financial circumstances are prompting more homeowners to enter the market.
