The number of homes going to contract in the Washington region for the week ending Oct. 29 receded a bit from a week before and remains below, by a double-digit amount, the total reported during the same week in 2022.
That’s according to Bright MLS, which reported 1,089 contracts for the week, down 4.6 percent from the previous week and off 12.8 percent from a year ago.
The week-over-week decline is in line with typical market cooling, and the year-over-year shortfall is emblematic of a market that has limited availability and the double headwinds of rising prices and interest rates for prospective purchasers to contend with.
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.
New listings, too, were down for the week at 1,021. That’s a drop of 9.2 percent from a week before and 11.2 percent from a year ago. Showings (16,546) followed a similar path, being off 6.5 percent and 12.7 percent, respectively.
Homes that went to closing across the region during the week spent an average 21 days between listing and ratified sales contract, up one day from a week before and three days from a year ago.
As for prices? The median listing price for the week was $575,000, unchanged from a week before and up 6.5 percent 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.