August Contract Activity Was Slower Than In Recent Years


August Contract Activity Was Slower Than In Recent Years
By Scott Rogers • August 30, 2023
We are seeing fewer home buyers signing contracts to buy homes right now... compared to the past few years. The graph above shows the numbers of homes that went under contract in the first 28 days of August for each of the past six years. The 101 contracts signed in the first 28 days of August 2023 is decidedly lower than the contract activity seen in August 2020, 2021 and 2022 -- though most of those years were much more active than normal given COVID-induced buyer enthusiasm and super low mortgage interest rates. As such, it is not totally surprising to see us return to around 100 contracts signed in August, which is the average of how many we saw in August 2018 and August 2019. With mortgage interest rates around 7% right now, I expect we will continue to see slower months of contract activity as we continue into and through the fall months of 2023. Receive Updates by Email Recent Articles: How Much Have Home Prices Increased, Locally, When Adjusted For Inflation? Our Local Real Estate Market Keeps Testing Basic Economic Theories Recent Rises In Inventory Levels In Context How Many Homes Are Selling For Less Than The List Price? Interstate 81 Through Harrisonburg Will Be Expanded Soon, But Will It Have Sound Barriers? Sample Mortgage Payments In September 2023 Fewer Homes Are Selling, Though Prices Keep Rising, And Now Inventory Levels Are Rising Too!? Major Travel Center Proposed To Include 75,000 SF Building, 673 Parking Spots, 120 Gas Pumps, 24 Tesla Chargers Just Outside Mount Crawford If Your Home Has Not Sold We Should Look At What Buyers Are Actually Buying Home Buyers Might Not Request Showings Of Your Home With Minutes. Gasp!
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Sep 27, 2023 (unless otherwise noted).
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