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New US home listings rise for a fifth straight week
Pending home sales fell 1.3% week over week, while the weekly average mortgage rate inched up to 6.67%.
High housing costs and economic uncertainty pushed pending home sales to their lowest level since March, Redfin reports. In the four weeks ending August 16, new listings of U.S. homes for sale rose 1.2% week over week, reaching the highest level in over three months, the data show.
Despite the listings uptick, demand weakened, with pending home sales down 1.3% week over week to the lowest level since March. Redfin said many house hunters are staying on the sidelines because of uncertainty and high mortgage and housing costs.
Redfin cited a weekly average mortgage rate of 6.67%, just shy of the highest level in 13 months. The median home-sale price increased 1.8% year over year, while the median asking price edged down 0.1%, the first decline since January.
The report points to more sellers entering the market, including homeowners who have accepted they may need to price slightly lower and might take longer to sell. Redfin also noted that in some markets, such as the Bay Area and South Florida, demand remains strong, and it quoted a Redfin Premier agent saying some clients are selling due to retirement, relocation, or family growth.