Is the market slowing down?
Labor Day is gone, COVID-19 infections are rising again in many places, and the Election is just 37 days away, so it would not be a surprise if we saw signs of the market slowing down.
The number of SFHs receiving Accepted Offers each week is a statistic which tracks real-time activity (versus reported sales which reflect activity some 6-8 weeks earlier). Here is a (rather busy) chart comparing the number of AOs each week in 2020 compared with the same week in 2019.
What this shows is that the number of AOs has remained at a high level throughout the summer and has continued even after Labor Day. The apparent drop in the most recent week reflects the fact that many Offers are not recorded in MLS until after the weekend, so I will update this chart on Monday evening.*
That the level of AOs is so high is quite remarkable considering the low level of inventory:
Is the market is slowing down? Not according to the data.
* the numbers were little changed
Market Analyst | Team Harborside | teamharborside.com
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