Here are the highlights for the week ending July 9, 2023:
- Showings holding steady. The number of showings across the Bright footprint continues to track below last year’s levels, and weekly showings were also lower from a week ago. With demand still high through the summer, showing activity is at a level similar to 2019, a more typical year.
- Time to contract modestly increasing. The time it takes for homes to go under contract typically rises at the beginning of the summer. Compared to last year, the median time to contract was 6 days longer. Week-to-week, the median time to contract was the same, the sustained demand and low inventory will keep the typical time to contract lower this year than what was seen in 2019.
- Listings are scarce for buyers. New listing activity tends to drop off in the second half of the year. This week, new listings were down notably from last year and remain far below more typical levels seen in 2019. With mortgage rates hovering around 6.5%, many homeowners are only listing out of necessity, while the rest are keeping their lower rates.
