Looking ahead, Saturday is shaping up to be the better day for showings and open houses, with mild weather expected. Sunday, on the other hand, brings freezing temperatures and, of course, the Super Bowl so sellers hosting open houses may want to just turn on the game and enjoy the quiet.

Inventory levels remain fairly steady, only seeing a slight increase from the previous week. However, year over year, inventory is up significantly. New listings saw a decent jump, as did coming soon listings, both week over week and compared to the same period last year. Pending transactions had a nice boost as well, though the overall trend shows fewer deals going under contract compared to last year, keeping the month’s supply of inventory elevated.

The Odds of Selling within the next 30 days crept up slightly but remain lower than a year ago. Showings saw a bit of a dip from the prior week but were still up compared to last year. On average, it took slightly fewer showings and around few weeks on the market for a home to go under contract. Buyers continue to take more time before making decisions, as seen in the elevated days on market compared to this time last year.

Price reductions continued to be a key part of the market, with under half of homes going under contract last week having adjusted their asking price. While the frequency of price cuts ticked up slightly, the average size of reductions was smaller than in the previous week.