Fall Housing Market Heating Up?

According to their team, July closings were decent, but the number of new homes for sale hitting the market slowed down quite a bit through July and much of August. 

Then something changed in the last couple of weeks as they saw their daily number of new sale escrows jump from the 30s to the 50s!  Maybe I'm the only one who gets excited about this stuff lol.

Why is that interesting? 

Because new escrows today generally mean new listings and transactions coming to the market in the weeks ahead.

So while we’ve been hearing a lot about buyers waiting on the sidelines and inventory being relatively tight, this could be an early indication that more sellers are getting ready to make a move.

That would be good news for buyers who have been frustrated by the lack of homes to choose from; a possible inventory increase would help.  This hasn't happened yet, but it could be on the horizon. 

And for sellers, it’s something to pay attention to as well. If more homes hit the market this fall, buyers will have more choices, which could mean pricing and presentation become even more important.

Of course, one company’s escrow activity doesn’t tell us exactly where the entire market is headed. But I always find these kinds of “behind the scenes” numbers interesting because they can sometimes give us an early glimpse of what’s coming before it shows up in the MLS statistics.

And if their activity is any indication, fall could get pretty interesting.

I’ll keep watching the numbers and let you know what I’m seeing here in the South Bay.

Read Also: The Sewer Lateral Rule That Makes Selling in Willow Glen Different From Los Gatos