McEnearney Associates

Contract activity for the week of September 29 -October 5, 2024, in the Metro DC area rose by 14.2% compared to the same seven-day period last year. Key Takeaways: • For the second consecutive week, all six of the jurisdictions we track posted increases in the number of newly ratified contracts. • Mortgage interest rates are 1.37% lower than they were this time last year. • These recent gains have pushed overall contract activity to a 3.3% year-to-date increase. Why it Matters: • Even though mortgage rates ticked up slightly last week, that significant drop from a year ago has brought more buyers back to the market. • Compared to a year ago, purchasers have 15% more buying power, more than offsetting the more modest increase in home prices. • It has been quite a while since we've been able to say homes are getting a bit more affordable, but it's happening. #weeklymeter #dmvrealtor #dmvrealestate #realtoring #realestatemarket

Contract activity for the week of September 22 -28, 2024, in the Metro DC arearose by 14.5%compared to the same seven-day period last year. Key Takeaways: ·All six jurisdictions we track posted increases in newly ratified contracts. ·Since the drop in interest rates beginning in early September, every week has seen double-digit increases in contracts. Why it Matters: ·Purchasers are returning to the market, buoyed by increased buying power with these lower rates. ·It is important to remember that contract activity still (unsurprisingly!) the meteoric rates of 2020-2021 when mortgage rates hovered near 3%, and they still trail the pre-COVID years of 2018 and 2019. ·It will take a while – into 2025 – before we see numbers return to anything close to normal. #weeklymeter #dmvrealtor #dmvrealestate #realtoring #realestatemarket

The housing market is at a crossroads, and a combination of economic policies and political developments will determine its path in the months ahead. One of the most significant recent developments was the Federal Reserve’s decision to cut interest rates for the first time in over four years. Consumers breathed a collective sigh of relief at the news, as the move is expected to lower borrowing costs and could help thaw a housing market that has been largely frozen by the high rates homeowners locked in during the pandemic. However, even with this potential relief, there are lingering challenges that both the Fed and policymakers can’t fully address—namely, high home prices and limited housing inventory. CMG Financial https://lnkd.in/ey9SX3tk

Contract activity for the week of August 25 -31, 2024 in the Metro DC area rose by 4.3% compared to the same seven-day period last year. Key Takeaways: • That increase is positive news, especially given that last year's period didn't include any portion of the Labor Day Weekend, while this week's numbers picked up two days of the long holiday weekend. With so much travel over the last weekend of summer, we wouldn't have been surprised to see a modest decrease. • Five of the six areas we track posted increase, with Prince George's County as the lone exception. Why it Matters: • While August was still a typically slow month, it was better than last August, and year-to-date contract activity is up 1.7% • As we have noted before, homes priced over $750,000 are faring better than those in the lower price ranges that are more impacted by interest rates. Contracts over $750K are up 14.1% through the first 8 months of the year, while contracts under $750K are down 3.3%. #weeklymeter #dmvrealtor #dmvrealestate #realtoring #realestatemarket

Contract activity in the Metro DC area during the week of August 11 -17, 2024, fell by 4.1% compared to the same seven-day period last year. Key Takeaways: • While interest rates have been trending down over the last month, they ticked up a bit last week, and contract activity ticked down a bit. • We hoped for a little more positive news on the contract front, but August has been quiet in general. A slight change in interest rates doesn't counteract a sluggish market. • Only Prince George's had a positive week among the six jurisdictions we track – up 16.0%. Why it Matters: • It seems like the market is holding its breath for news on interest rates from the Fed after Labor Day. • While most experts expect a cut in the Fed funds rate of .25% to .5%, mortgage rates are not directly tied to the Fed. #weeklymeter #dmvrealtor #dmvrealestate #realtoring #realestatemarket

We are very excited to announce Joseph as the newest agent in the Washington, D.C. office. Please give him a huge #mcefam welcome!

Contract activity in the Metro DC area during the week of July 28 – August 3, 2024, fell by 8.8% compared to the same seven-day period last year. Key Takeaways: • The market is static, sluggish, idle, and stuck in Neutral. It’s not bad, but it’s not robust either. • The modest drop in mortgage rates last week wasn’t enough to spur the market forward, as contract activity looks much like last year. Two of the six jurisdictions (Loudoun and Prince William Counties) posted increases, but the other four were down. Why it Matters: • Year-to-date, five of the six jurisdictions are virtually unchanged. Contract activity in Montgomery County is up 2.6%, while Northern Virginia, Loudoun, Prince William, and Prince George’s County are down between 0.5% and 2.4%. Flat. • Washington, DC, continues its struggles, with contract activity falling 15.2% this year. #weeklymeter #dmvrealtor #dmvrealestate #realtoring #realestatemarket 

Contract activity for the week of July 21 – 27, 2024, in the Metro DC area fell by 5.2% compared to the same seven-day period last year. Key Takeaways: · The 26.3% drop in the number of newly ratified contracts in Washington, DC was almost entirely responsible for the overall drop in the DC metro area. ·  The other five jurisdictions were pretty flat. Three posted modest gains (Prince George’s County, Prince William County, and Loudoun County), and two posted modest losses (Northern Virginia and Montgomery County). Why it Matters: ·  Washington, DC is the outlier – year-to-date contract activity is down 15%, while the other five areas are almost unchanged from last year. ·  It’s almost as if the market has hit the “pause” button, perhaps waiting for the Fed to make a move on interest rates. #weeklymeter #dmvrealtor #dmvrealestate #realtoring #realestatemarket

Contract activity in the Metro DC area during the week of July 7 – 13, 2024, fell by 16.5% compared to the same seven-day period last year. Key Takeaways: · Only Prince George’s County posted an increase in contract activity last week. The other five areas had pretty big drops. · This fairly dismal performance follows a very positive period just the week before. Contracts for the week of June 30 – July 6 were up 11.3%. We suspect both results were skewed by the impact of the 4th of July holiday period. If we look at the total activity of the last two weeks combined, the number of newly ratified contracts is flat. Why it Matters: · Persistently high mortgage rates are suppressing contract activity, especially for homes in price ranges that would be most attractive to first-time purchasers. · In every jurisdiction, activity for homes priced under $750,000 has suffered compared to homes priced over that benchmark. Year-to-date, the number of homes going under contract for less than $750K is down 7%, while it’s up almost 10% for more expensive homes. #weeklymeter #dmvrealtor #dmvrealestate #realtoring #realestatemarket

Contract activity for the week of June 23 - 29, 2024 in the Metro DC area fell by 3.0% compared to the same seven-day period last year. Key Takeaways: • Last week, the weather was hotter than the market. In two of the six jurisdictions, we track posted increases in contract activity. • After a great previous week, Washington, DC, reverted to the pattern we have seen much of the second quarter, down 32% from this time last year. Why it Matters: • With interest rates continuing to hover near 7%, demand for entry-level homes remains negatively impacted, while the market for more expensive homes can better withstand the rate-inflicted pain. • Through the first half of the year, contract activity for homes priced under $750,000 has been down 7.0%, while activity above $750,000 has been up 10.1%. #weeklymeter #dmvrealtor #dmvrealestate #realtoring #realestatemarket