The final week of August saw the first week-over-week increase in open houses since early July. The 2,856 open houses marked a 6% weekly increase as new listings also rose 1% week-over-week.
Nearly all metrics in the Weekly Market Snapshot saw weekly declines. Listings under contract showed the largest dip with a 7% week-over-week drop. The 3,185 contracts last week was the lowest since early July and second-lowest since February.
The residential median sales price in MRED’s marketplace dropped 4% on a week-over-week basis. That decline to $292,250 marked the lowest single-week price since early March, but it still eclipsed 2021’s total during the same period by 3%.
Millennials are 37% of the market and growing!* Target millennial buyers by providing special finance options on listings they view!
Content from RatePlug
Interest rates are moving mortgage payments up. Young buyers need creative, low down payment options to buy their dream home. RatePlug automatically provides eligibility information based on the property they are viewing.
Agents that focus their efforts on providing resources for millennial buyers will see dividends in their sales efforts in 2022. RatePlug, a tool that is built into connectMLS, promotes special finance options from the Agent’s trusted lending sources directly within MLS-generated property listings. Low down payment options are ideal for millennials who might make good earnings but lack the typical 20% down payments required in more conventional lending products. Opt in to RatePlug today at NO ADDITIONAL COST to start working with more millennial buyers!
- Only displays your own trusted lending sources.
- NO Additional Cost for MRED subscribers to join.
- Interactive, real-time mortgage information. Gets your buyers asking questions now to avoid snags later.
- Includes special financing options for your listings (FHA, VA, USDA, CRA, etc.), market to a bigger pool of buyers.
- Virtual Flyers can be emailed, texted, or posted on social media.
Click here to learn more or to enroll. RatePlug is a FREE feature of your connectMLS subscription!
*American Community and American Housing survey.
After two straight weeks of declines, new listings in MRED’s marketplace saw an 8% week-over-week increase. The 6,432 new listings during the first full week of August still fell 17% short of new listings during the same span in 2021.
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