Overall showings rose 3.2% across the NorthstarMLS coverage area. The data from the last couple weeks has been affected by the timing of Thanksgiving this year versus last. Six out of nine price ranges saw more showings compared to the same week in 2023. The segments with less showing activity were all under $300K. The biggest gainer was the $500-600K range, followed by $400-500K, and then $1M+. The biggest loser was the <$200K range, where inventory is thin and options are limited. For several weeks now, we’ve seen some of the mid-tier and move-up ranges (~$400-800K) grow more than the luxury segments,
The October numbers 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 barely etched a gain but pending sales are showing a 10%+ gain. That figure could shift as listing status changes trickle in. Inventory is up slightly after 10 consecutive months of double-digit gains.
30-year fixed mortgage rates slid to about 6.68%, according to Mortgage News Daily. Rates were over 7.0% for a large share of November. Recent data around initial jobless claims, updated GDP estimates, personal income, personal spending, and pending home sales have been relatively strong.
To view the latest Weekly Showings Report, click here.