Not much has changed since last month. The amount of new listings continues to lag. New listings are down 22.6% in the Mid-Atlantic compared to the same time last year. Our area is down 40-50%. The number of showings on listings is still similar to 2019 levels.
Given that inventory is so low, we are continuing to see competitive offer situations. Buyers are ready to go and have adjusted to interest rates, but sellers have not yet.
Pricing Trends
Inventory
There is less than a month of inventory in most jurisdictions. DC is just over 2 months of inventory.
Mortgage Rates
Mortgage applications responded positively to a drop in rates last week, as the Fed signaled a potential pause at the current level for the federal funds rate in anticipation of inflation slowing and tightening financial conditions that will slow economic and job growth. Lower rates from week to week have helped buyers in the market, but limited for-sale inventory remains a challenge for many homebuyers.”
– Joel Kan, MBA Vice President and Deputy Chief Economist
Maryland My Maryland
Sources:
Inventory. TTRSIR internal, data Bright MLS.
Bright MLS. Weekly Market Report: Week Ending May 7, 2023.
Urban Turf. May 10, 2023. “The 6% Effect Makes for a Cooler Spring Market in the DC Area.”
Urban Turf. May 10, 2023. “Mortgage Demand Rises After Fed Signals Pause in Rate Hikes.”
Maryland Realtors. May 15, 2023. “Maryland Realtor Housing Stats for April 2023: Sales Continue Their Fall as Prices Rise Slightly.”
