The local homes market appears to be settling into a typical autumnal pattern, making the transition from summertime to winter.
And as a result, activity for the week ending Oct. 1 was down from both a week before and a year ago.
That’s according to Bright MLS, which reported that the 1,191 ratified sales contracts for the week represented a decline of 4.7 percent from the week prior and 13.3 percent from a year ago.
The weekly snapshot includes market activity in the District of Columbia; Arlington, Fairfax and Loudoun counties and the cities of Alexandria, Fairfax and Falls Church in Virginia; and Montgomery, Prince George’s and Frederick counties in Maryland.
Convincing homeowners to give up their attractive home mortgages obtained before rates spiked is proving to be an ongoing challenge that is bedeviling the market. A total of 1,191 new listings came to market during the seven-day period, down nearly 5 percent from a week before a slight decline from the and off more than 13 percent from a year ago.
The number of showings during the week stood at 18,586, down 3.2 percent from a week before, while the median listing price of $575,000 was off 2.5 percent, although up 0.9 percent from a year ago.
Figures represent most, but not all, homes on the market. Most recent figures are preliminary and are subject to revision.
For more data, see the Website at brightmls.com/marketupdate.
