Update time. Maybe put that Canary on hold for a bit longer before we can make a call one way or another.
New listings 23 (19) – back down to where we have been most of the last 2 months and slightly more than a year ago
New Pendings of 25 (41) – back up to where we have been most of the last 2 months and way down from a year ago
Thats -2
Closed sales at 15 –
Total houses for sale 87 (49) with median of $2.1M ($1.925M). The 49 last year was a bit of a low outlier as it was 60ish most of May/June.
The story for the week and month of May as a whole is the same. New supply is staying about the same but it is demand that has fallen off. For the first time in a while you can go look at a home or two for sale in most neighborhoods. Thats nice to see.
Pendings into mid 20’s which was a nice bounce back but still feels a little lighter than we should be. If we get back into mid 30’s that would signal market is firming up.
Seasonal pattern should be a little more inventory growth over next month or two and then dropping after end of summer into year end. Based upon what Ive been seeing, If it hit around 120 I wouldnt be surprised but 150ish and balance is shifting to buyers
