Blogs

Across the NorthstarMLS coverage area, showing activity was down 21.6% compared to the same week in 2024. None of the nine price ranges had more showings than last year. Homes between $300-400K made up 28.2% of showings while homes over $1 million accounted for 3.1% of showings. A week or two doesn’t always make a trend, so watch for this to change as interest rates finally broke below 6.8%. Absent other factors, this should lead to stronger showing activity and eventually more signed purchase agreements.  

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, the state remains undersupplied at 2.0 months of supply. The statewide median price rose 4.8% to $330,000. 

There’s finally some positive news on the rate front. Average fixed 30-year mortgage rates dropped to 6.74%, according to Mortgage News Daily. That’s the lowest level since October 2024. Treasury yields (what mortgage rates are based on) fell due to weaker-than-expected consumer spending and concerns around the economy and labor market. The possibility of slower economic growth due to tariffs and other spending and budgetary measures are the primary causes of economic uncertainty—and markets typically dislike uncertainty. 

To view the latest Weekly Showings Report, click here.