Autumnal cooling occurred across the local region’s homes market for the week ending Oct. 15.
That’s according to Bright MLS, which reported that the 1,112 new listings represented a decline of 9.4 percent from a week before and were down 14.4 percent from a year ago.
The weekly snapshot includes market activity in the District of Columbia; Arlington, Fairfax and Loudoun counties and the cities of Alexandria, Fairfax and Falls Church in Virginia; and Montgomery, Prince George’s and Frederick counties in Maryland.
Convincing homeowners to give up their attractive home mortgages obtained before rates spiked has proved to be a challenge in the local area, and that now is combined with typical seasonal cooling as summer has given way to fall.
Contracts signed during the week were down 7.1 percent from a week before to 1,058, which represented a dropoff of 16 percent from a year ago. And showings (18,156) also were down, dipping 1.6 percent from the week before and 14.1 percent from a year ago.
The median listing price for homes that came to market for the week ending Oct. 15 was $570,000, down just 1.5 percent from a week before and up 2.7 percent from a year ago.
Homes that went to contract during the week spent an average 20 days between listing and ratified sales contract. That’s a decline of a day from a week before, but is up six days from a year ago.
Figures represent most, but not all, homes on the market. Most recent figures are preliminary and are subject to revision.
For more data, see the Website at brightmls.com/marketupdate.
