New Listing Market Watch - new listings ease, price reductions surge

New listings of single family homes during the past two weeks were down compared to the prior two week period (156 vs 184) but up compared to a year ago 156 vs 123). 

A similar story with new listings of condos which were down compared to the prior period (277 vs 300) but up substantially compared to a year ago (277 vs 167).

Almost 20% of new single family home listings went into contract during the past two weeks compared to 13% during the prior period and compared to 15% a year ago.  For condos, 12% went into contract compared to 8% during the prior period and compared to 19% a year ago.

There was a jump in price reductions during the past two weeks.  30 single family homes posted price reductions compared to 22 during the prior period and compared to only 6 a year ago.  Condos posted 64 price reductions compared to 35 in the prior period and compared to just 6 a year ago.