More homes came to market this week. 57 new listings versus 54 the week before. That's a modest increase, but the direction matters.

What's more telling is what happened on the other side. New contracts dropped from 39 to 32. More supply, less buying activity. The gap between the two widened.

Last week, buyers went under contract on roughly 7 out of every 10 new listings. This week, that number fell to about 6 out of 10. It's not a collapse. But it's a consistent signal. Sellers who priced confidently when buyers had fewer options are now competing against a market that's slowly giving those buyers more room.

Here's the counterbalance. The homes that are selling are selling faster. Median days on market dropped from 48 to 26. Cut nearly in half. That tells you two markets are operating side by side right now. Well priced homes are moving quickly. Everything else is sitting and watching.

The median sales price came in at $437,950, down from $480,000. That number is worth explaining. This week's 32 contracts ran from condos under $120,000 all the way to a single family home over $1 million in Pembroke Falls. When the mix includes more condo closings at the lower end of the range, the median moves down. That's what happened here. Single family values in the core market look steady.

Rates edged down to 6.78% from 6.85% last week. That's about $15 less per month on a median priced home financed at 20% down. It's not a dramatic move, but rates have been trending in the right direction, and that matters to buyers working within a specific payment target.

If you're selling right now, this week reinforces something that has been building. You have more competition than you did 30 days ago, and buyers are taking a little longer to decide. Pricing at or just under where the market actually is gets you movement. Pricing above it means you're waiting for a buyer who hasn't shown up yet.

If you're buying, a 26 day median on market means the right homes are still moving. You have more to look at than you did a month ago, which is good. The payment above shows what a median priced Pembroke Pines home costs at today's rate. It's not 2021, but it's the market. And rates are moving in the right direction.

Stay safe,

Mike