Here are the highlights for the week ending June 18, 2023:
– List prices see a summer increase. List prices increased slightly over the previous week. While the median list price is up only +0.2% over last week, the consistent strain on inventory continues to drive prices up for buyers.
– Competition continues heating up. Competition among buyers is still intense as the median time to contract is down 1 day from last week. The median time-to-contract for homes has increased by 7 days compared to 2022; however, the current year is witnessing a reversal of this trend, with competition heating up.
– Sellers reluctant to list. Historically, listing activity tends to begin waning as we head into summer, but there was a sharper-than-normal decrease in new listings this year, down -5.7%, compared to a week ago. With new listings significantly lower than levels seen in 2019, low inventory continues to drive prices higher. A pause in Fed rate hikes and a decline in mortgage rates could entice some sellers into the market later this summer, though supply will remain constrained.
Source: Bright MLS
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