If you’ve been watching “active” inventory you know what this means. This is a significant (+11%) increase in inventory from the 8,200 homes we’ve been seeing the past few weeks. (still overall very low inventory)
Homes under contract for the first 2 weeks of October are down -17% from last month. We normally see a 10-15% drop going into an election season with sales picking back up after the new year. I’ve also seen an increase in homes falling out of escrow. We normally see 2-4% fall out. In the first 2 weeks of October, the rate is 11%.
So in summary, demand fell & fall-throughs have increased. This is our first sign of a “shift” since the post COVID buyer rush. I’ll do another update in 2 weeks to see if the slowdown continues.