The arrival rate of new listings has subsided over the past month and we are now seeing active listings grow at a slower rate than in July.

There were 10,747 new listings in the last 4 weeks, up 5.6% from the same period in 2021. However in the last 7 days we counted 2,544 new listings, down 5% from the same week in August 2021. Quarter-to-date we have 4% more than last year and 12% more than 2020, but if this slight lull persists, we could see the market move closer to stability rather than a continuing decline.

Active listing counts (excluding UCB and CCBS) are still rising because of weak demand, but the rate of increase has fallen to about 500 per week, instead of the 1,000 per week we were experiencing a month ago. The most recent peak was late June when we almost reached 1,500 per month.

If we were to see a decent recovery in demand, then these 500 per week could get absorbed and the supply situation could stabilize. This would ease the downward pressure on prices.

Of the 500 increase, the bulk (400) are single-family detached homes. About 50 are townhomes, 30 are apartments, 20 are mobile homes, with just a handful of other dwelling types.

Market insights provided by the Cromford Report.