New listings surge after a slow week. The week ending July 14 had 6,421 new listings come onto the
market, a 36.0% surge from the holiday week. The number of new listings is 11.6% greater than the same
week last year. Supply has generally been increasing since the beginning of the year, though inventory is
still low in many local markets.
New contracts are not increasing with supply. There were 5,892 new purchase contracts in the MidAtlantic this week. New contracts are not increasing as supply improves as prospective homebuyers are
hitting affordability ceilings. Many would-be buyers are pushed out of the market with high prices and
mortgage rates hovering around 7%.
Homes are taking longer to sell. The median time to contract was 21 days for the week ending July 14.
Compared to both a year ago and to last week, homes took two days longer to go under contract. The
median time to contract is now the longest it has been since before 2020.
