Overall showings dipped 13.5% across the NorthstarMLS coverage area. This dip can mostly be attributed to the timing difference of when Thanksgiving fell on the calendar last year versus this year. The holiday was later this year, meaning activity had recovered last year at this time. Just three out of nine price ranges saw more showings compared to the same week in 2023—$500-600K, $800K-1M, and $1M+. The biggest gainer was the $1M+ range while the biggest loser was the <$200K range. While luxury buyers are less sensitive to interest rates, gains in the move-up price ranges could mean a more widespread and durable improvement in demand.
The October numbers also confirmed most of the gains in new listings were above $500K and the gains in pending sales accelerated as you move up the price ladder. We also have some preliminary November numbers in––early indicators show new listings down slightly in November but a 10% gain in pending sales. That figure will shift as sales status change data trickles in. Inventory was also flat after 10 consecutive months of double-digit gains.
30-year fixed mortgage rates currently stand at about 6.88%, according to Mortgage News Daily. Rates were over 7.0% for a large share of November. We were also grateful for the flurry of encouraging economic data this Thanksgiving week around initial jobless claims, updated GDP estimates, personal income, personal spending, and pending home sales.
To view the latest Weekly Showings Report, click here.