Overall showings were relatively flat compared to last year—up just 1.2% across the NorthstarMLS coverage area. However, four out of nine price ranges saw more showings compared to the same week in 2023. Every segment under $300K saw less showing activity (inventory is thin and options limited), but the data could be whispering that another change is afoot. For the first time in a while, the two highest priced segments over $800K saw less showing activity this year compared to last. Once is random, twice is coincidental but three or four times is becoming a pattern. Several more weeks of data could confirm this as an emerging trend or refute it as plain coincidence.
MNR’s official November housing market report will be released tomorrow (Tuesday), but an early look shows a solid gain in pending sales combined with seller activity that was even with last year. Market times rose, but to a lesser degree than in the past. The median home price increased by 4-6%, with sellers securing nearly 97% of their asking price. Inventory expanded by 3-5%, though it remains well below 2019 levels.
30-year fixed mortgage rates are back toward 7%, according to Mortgage News Daily. Rates were over 7% for a large share of November. Recent shifts in the bond market are behind changes to mortgage rates. Some banks and institutions are adjusting their holdings ahead of the Federal Reserve’s rate decision this month and also due to year-end requirements for financial statements among other considerations. All these factors trickle into the mortgage world, believe it or not.