There is still a scarcity of supply in the Mid-Atlantic region. but the gap from 2022 levels has narrowed with new listings down just 7.8% from this time last year. In typical years, there is a significant decrease in listings throughout August, but this year, listings have stayed far steadier. Labor Day weekend did not slow down listing activity with the number of new listings up 2.6% from a week earlier. The median list price reported by Bright MLS made a jump for the week ending September 3rd, it was $395,000, a 2.6% increase. The list price is also up 5.3% from last year. Contracts were down only slightly. While new contracts were down 16.5% from last year, the week-over-week decrease into the holiday weekend, down 3.2%, is far less than in recent years at this time. With mortgage rates still over 7%, the recent plateau in purchase activity could reflect more buyers hitting an affordability ceiling.
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