Days on market metrics in the aggregate indicate price trend and demand. The longer a house sits unsold, the greater the evidence it is mispriced, as every property has a clearing price.
30+ days on market and not under contract? Your asking price is too high. Up 60% YoY with the Fed having raised the benchmark rate at the fastest pace in history? The signal shows sellers have not made peace with an asset price level that no longer exists, and the market has exhausted price insensitive buyers.