The first full week of September saw fewer closed residential listings in MRED’s marketplace than any week since January. The 1,840 closings were a 42% week-over-week decrease and a 32% annual dip as fall approaches.
The median sales price in MRED’s marketplace fell 2% week-over-week, continuing a month without any increases in this indicator. The $285,000 median sales mark was a 2% annual increase, but the lowest in 2022 since early March.
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
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*American Community and American Housing survey.