Despite rates stubbornly sticking around 7.0%, buyers once again showed resilience, scheduling even more showings than the same week last year. Overall showings rose 8.6% across the NorthstarMLS coverage area. Seven out of nine price ranges saw gains in showings compared to the same week in 2023. Homes priced over $1M had the strongest gain in activity followed by the $800K-1M range. Homes priced between $300-400K made up 28.0% of all showings and homes priced over $1M comprised 2.9% of showings, while homes priced under $200K represented 13.4% of all showings.
The recent October numbers are encouraging. Both new listings and pending sales increased in the 9-11% range, which some might call impressive given the constraints around inventory and mortgage rates. The statewide median price stood at $348K, which was up 5.3%. Sellers across the state accepted offers of 97.1% of list price after 42 days on market, on average. New listings and pending sales were up more like 13-14% for the metro.
The latest inflation gauge came in slightly above expectations, while retail sales outperformed the forecast. That could mean slower rate cuts. The most recent number of jobless claims actually fell as the unemployment rate hovers just slightly above its 50-year record low. Wage growth has slowed but remains elevated compared to its average and is above the rate of inflation. No looming signs of recession yet.