Summary
Showings are at their lowest level since the last week of November 2021. Showings declined 36.5% compared to last year. Mortgage rates have hit 7%, more than double the rate just six months ago. These rising mortgage rates continue to sideline buyers who may be waiting until after the holidays to return to home shopping, with the hope that rates will be lower.
Homes are sitting on the market longer, which means inventory is rising. The median days on market has been slowly but steadily increasing. Last week, the median days on market for the Bright footprint was 17, which is up 1 day from a week ago and is up 5 days from last year. As contract activity slows, inventory has been increasing, with the average daily inventory up 21.1% compared to the same time last year.
Weekly new listings are at the lowest level since January. Seller activity is cooling with the number of new listings down 22.7% compared to a year ago, hitting the lowest level since the end of January. Weekly new listings have been tracking below 2019 levels since July. Homeowners who refinanced into sub-three percent mortgages are going to be unlikely to list their home in this higher interest rate environment.