Overall showings rocketed 27.1% higher across the NorthstarMLS coverage area. A full eight out of nine price ranges saw more showings compared to the same week in 2023. Homes priced in the $400-500K range had the strongest gain in activity followed by the $1M+ range, and then the $500K-600K range. While luxury segments have typically seen the largest gains, increases in the move-up price tiers could signify a more widespread improvement in demand.
The October numbers were fairly strong. Both new listings and pending sales increased in the 9-11% range, which was encouraging given an inventory shortage and stubbornly high mortgage rates. The statewide median price rose 5.3% to $348,000. During the month, buyer activity rose more than seller activity in every price range above $300K.
30-year fixed mortgage rates currently stand at about 6.93% according to Mortgage News Daily. That’s the first time rates have averaged under 7.0% since November 8th. Some of the latest economic data could mean slower rate cuts. A University of Michigan consumer sentiment survey showed some mild improvement as retail sales outperformed but building permits came in on the light side.