For the week ending October 6, the median list price in the Bright MLS service area was $410,450, marking a 1.1% decline and continuing a trend of decreases for the fourth consecutive week. This drop is typical as we transition further into fall. However, despite this seasonal trend, the current median list price remains 2.9% higher than it was during the same week last year.
In the same week, there were 77,566 showings across the Bright MLS service area, which is noteworthy as it represents the third week in a row that showings have exceeded 2023 levels. Although showings are beginning to slow down with the onset of fall, they are still up by 3.4% compared to the same week last year. This increase in showings suggests that buyers are feeling more confident in the housing market, aided by a rise in inventory and a decrease in interest rates.
Additionally, there were 5,860 new contracts last week, reflecting an 8.2% increase over the same week in 2023. This marks the fifth consecutive week that new contracts have outpaced last year’s figures. The Philadelphia metro area, however, was the only region where contracts did not see an increase this week.
