Contract Activity Slowing A Bit In July 2022?
Scott P. Rogers
In the first 25 days of July 2022, we have seen 88 signed contracts.
Some context and notes...
- This marks a 27% decline from last July.
- This is the slowest rate of July (1-25) contract signing since 2018.
- The number of contracts being signed can be constrained both by the number of buyers willing to buy as well as the number of sellers willing to sell -- and perhaps most importantly -- the alignment of buyers who want to buy with the properties that sellers want to sell.
- I ran this analysis through July 25 (instead of 27 or 28) because it can take a few days for contracts to be reported to the MLS.
Is this a massive slow down or a one month anomaly? Only time will tell, but thus far, contract activity in July is certainly seeming slower that I would have expected.
