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New home listings reach four-year high as pending sales slip

Pending home sales fell to the lowest level since February, while mortgage rates climbed to their highest point of the year.

Reported · Written up by our desk · Residential

Redfin News reports that more homes are reaching the market, pushing new listings to their highest level in four years and giving buyers more choice and potential negotiating leverage.

At the same time, the outlet said pending home sales fell to their lowest level since February, suggesting demand is not keeping pace with the increase in inventory.

Redfin News also pointed to higher borrowing costs, noting mortgage rates spiked to their highest point of the year, a factor that could weigh on buyer activity.

The outlet said mortgage rate momentum may also be influenced by upcoming economic and central bank signals, including expectations around the Fed’s next moves as markets look ahead to key data and the September meeting.

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