Current weeks Active home inventory is 400 homes compared to the 289 last year. There are only 190 homes pending including 26 new construction, compared to 373 in 2022. There were 44 New listings  compared to 56 in 2022 and 2 in escrow first week this year compared to 20 last year. There were only 39 New pending sales this week of which there was 2 new construction, (There are 50 new homes active on the market,) compared to 69 in 2022, 8% over $500,000 compared to 23% in 2022. There were 31 Closed sales for the week compared to 41 in 2022, 84% over $190.00 a sqft. which was 88% in 2022 and 71% were over $300,000 which was 73% in 2022. Of the $12.5 million in Closed sales for the week there was 2 new construction. Closed sales for the week averaged $404,922. or $242.47 sqft. with 94 days on market compared to 2022 which was $408,685. or $238.65 sqft. with 90 days on market same week and 2021 which averaged $352,245 or $205.20 a sqft. with 101 days on market. 14 Conventional loans (45%), 13 cash sales (42%), 3 FHA, 1 USDA and 0 VA. 13% of closings were above list price, 19% at list and 68% below list. Of the closed sales 48% of buyers braved it and requested seller credits that many were over $10,000 with one at $15,000 for closing costs or interest rate buy down or more for repairs per transaction which was 48% in 2022 which was a lean seller’s market. This week 9 escrows failed (29% of closings) with 16 that failed last year. We had 2 listing agents that sold their own listing compared to 5 last year. We had 2 listings over a million dollars go pending this week. One very outdated riverfront home off Wyndam on Riverview listed at $1,100.00 or $359.00 a sqft. on market only for 16 days. And the other is on Wimbledon in the Wimbledon Estates neighborhood that historically sells in the $600 to $700,000 price range is listed at $1099,000 or $388.00 a sqft on the market for 130 days. This listing sold in 2002 for $430,000.  Price reductions still dominate sellers strategy to attract the limited  number of buyers willing to tackle the higher interest rates. This is the first time in many years that cash sales are almost equal to loan transactions.  Stats by others; Last week’s economic news was mixed. American households’ personal income declined, and with it their spending in the final two months of last year. Despite the deceleration, the U.S. economy still managed to grow in Q4-2022. Looking forward, all signs point to an economy that’s slowing and concerns of a weaker economy in 2023 persist. That said, rates continue to moderate, and housing prices have softened as a result of a less competitive market, so affordability conditions are improving and bringing some buyers back into the market. Recent releases show an uptick in pending sales, new homes sales, and mortgage activity. Mortgage rates continue to tick down and, as a result, home purchase demand is thawing from the months-long freeze that gripped the housing market,” said Sam Khater, Freddie Mac’s Chief Economist. “Potential homebuyers remain sensitive to changes in mortgage rates, but ample demand remains, fueled by first-time homebuyers.” News Facts; 30-year fixed-rate mortgage averaged 6.13 percent as of January 26, 2023, down from last week when it averaged 6.15 percent. A year ago at this time, the 30-year FRM averaged 3.55 percent.15-year fixed-rate mortgage averaged 5.17 percent, down from last week when it averaged 5.28 percent. A year ago at this time, the 15-year FRM averaged 2.80 percent.