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Pending home sales tick up, listings rise as mortgage rates stay high
Mortgage-purchase applications climbed 3% week over week, while the median monthly housing payment rose 1.7% year over year to $2,626.
U.S. pending home sales showed slight momentum heading into August, but demand still looks subdued as mortgage costs remain elevated, according to Redfin News. Pending sales edged up 0.4% week over week during the four weeks ending August 9 on a seasonally adjusted basis.
Redfin also reported that mortgage-purchase applications rose 3% week over week. Even with the uptick, pending sales were down 1.6% year over year, and the latest weekly gain may be more consistent with normal week-to-week variation than a sustained shift.
High mortgage rates continued to weigh on affordability, with the weekly average mortgage rate at 6.69%, the highest level in over a year. Redfin said the median monthly housing payment increased 1.7% year over year to $2,626.
On the supply side, new listings jumped 1.7% from a week earlier, the biggest gain in five months, and total listings rose 0.7% week over week. Redfin Premier agent Sheryl Wingate said buyers should view sellers’ list prices as a negotiation starting point because more inventory gives buyers more leverage, though some turnkey or relatively affordable homes can still attract competition.