Across the NorthstarMLS coverage area, showing activity was down 7.2% compared to the same week in 2024. Only four out of nine price ranges had more showings compared to last year. Most of the gains were in segments over $600K. The $200-249K price range saw the largest decline of 29.2%. Homes between $300-400K made up 28.1% of showings, while homes over $1 million accounted for 3.3% of showings.
In MNR’s January Housing Market Report, sellers showed more eagerness as new listings rose 8.4% (but the latest data shows more like an 8.9% gain). Buyers still felt the pressure as pending sales fell 4.9% last month (but here again the latest numbers show closer to a 3.6% decline). After homes spent about 56 days on market, sellers accepted around 96.0% of their original list price on average. Even with inventory up 1.5% year over year, 2.0 months of supply confirm that the state is undersupplied. The median price rose 4.8% to $330,000.
Average fixed mortgage rates are still elevated but have recently dropped to their lowest point in about two months, standing at 6.9%, according to Mortgage News Daily. The latest national data shows both building permits and housing starts outperformed in January. But NAR’s latest existing home sales figures underperformed.