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Home listings rise to a four-month high as pending sales fall

Pending home sales fell 1.1% week over week to the lowest level in six months, while the weekly average mortgage rate edged down to 6.65%.

Reported · Written up by our desk · Residential

More homes are moving onto the market while fewer buyers are purchasing them, creating more room for negotiation, according to Redfin News. New listings rose 0.4% from a week earlier during the four weeks ending August 23 to their highest level since April. The total number of homes for sale increased 0.5% week over week to the highest level since May, while pending home sales fell 1.1% to the lowest level in six months.

Redfin said affordability remains a key reason demand is softer, with the median U.S. home-sale price up 1.9% year over year to more than $400,000. The weekly average mortgage rate was 6.65%, down from a peak of 6.69% two weeks earlier but still near the highest level in 13 months, and some buyers are waiting to see if rates decline further.

With inventory rising and demand weakening, Redfin described “a big-time buyer’s market” in much of the country, including Miami, Nashville, and much of Texas. The outlet also pointed to late August and early September as prime deal windows across 11 metro areas, and cited advice for buyers to consider homes that have been listed for several weeks as sellers may be willing to accept offers under asking price or provide concessions.

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