Hello and welcome! Let’s dig into the latest housing market activity. In addition to our regular weekly report, these weekly and monthly charts go beyond some of the higher-level trends. Here’s what the latest data are telling us:
- With mortgage rates dropped to their lowest level since May 2023, it should be no surprise that showing activity was up 9.2% overall compared to the same week last year. There were over 18,000 showings during the week, including all price ranges and property types across the metro region.
- The largest year-over-year gain in showing activity took place in the $1M+ luxury segment where they rose 47.7%. But the gains are fairly widespread compared to recent months where activity was concentrated in the upper end of the market. For example, showings on homes priced between $300-400K rose 23.2%, suggesting even more typical home buyers in the mid-market ranges are becoming more active.
- That dominant $300-400K range still makes up the largest share of showings (28.1%). Listings over $1M represented over 3.3% of all showings. Buyers on the high-end simply aren’t as impacted by fluctuations in interest rates to the same degree as other buyers.