Dax’s Data Weekly Market Update time. For the first time in five weeks, active inventory rose, a welcome sign for prospective buyers. There were 51 new listings this week, an increase from last but still down compared to the same week last year (58). Mortgage rates decreased slightly, sliding back under 7% APR. Homes under contract were 23 this week while homes closed were only 14. As for the 30-day numbers, the Median Price rose above $1.2M for the first time since December. The Average Price is up from last week and at its highest total in 2024 (but still down significantly from the Dec ’23 high of over 1.6M). Days on Market is down compared to last week’s 30-day. Price/List ratio decreased slightly to 97.1%. Price/Sqft is at its highest point since December of last year.
The poor December and January sales continue to filter out of the data set, improving the 30-day price, DOM, and Price/Sqft. Poor weather in early February will likely impact the data set in the coming weeks but we are prepared and won’t overreact if it occurs. The sample size is still very small with only 54 SFH homes closed in the last 30-days. Early indications are that not only is the new listing issue not improving compared to last year’s record lows, but it may be worse. Now, there is evidence that there is a correlation between improving rates and increased listing numbers. That said, the last three years provide some compelling evidence that this correlation won’t hold true this time around. Just think, demand during the COVID boom had never been higher and rates had never been lower, and yet listings numbers were still hovering at record lows. COVID listing data could be an anomaly but I’m betting it isn’t and low new listings are here to stay.