Week ending: September 15, 2024

New Contract above 2023 for three weeks in a row

There were 5,978 new purchase contracts this week in the Mid-Atlantic, a 4.6% increase from the same week last year. This is the third week in a row that contracts have exceeded 2023, showing market activity is busier this fall than the last. Mortgage rates are about 1.5 percentage points better than last year, providing a bit of affordability relief for buyers.

New Listings spike over last year

Supply has been recovering for the majority of 2024, and further improvement is expected as 6,038 new listings were added this week in the Bright MLS service area. Compared to the same week last year, new listings are up 11.0%, showing that seller confidence remains higher than the previous year.

Showings nearly match last year

In the week ending September 15, there were 81,807 showings in the Bright MLS service area. Showings are now almost on par with 2023, down just 0.2% from the same week last year. For most of the year there has been a significant disparity between showings in 2024 and 2023 despite the increase in supply. With mortgage rates declining and more homes available, potential buyers may be feeling more confident about entering the market this fall.

Source : BrightmMLS