Redfin Reports New Listings Lose Steam, Pending Sales Fall As Home Prices Hit Another Record High

Would-be sellers are pulling back as it becomes more clear the housing market is tilting in buyers’ favor in much of the country

(NASDAQ: RDFN) — New listings of U.S. homes for sale are up 2.5% from a year ago, the smallest increase in five months, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. On a local level, new listings are falling in 20 of the 50 most populous U.S. metro areas, with the biggest declines in Tampa, FL (-15.2%), San Antonio (-14.4%), and Orlando, FL (-11.1%).

There are still hundreds of thousands more home sellers than buyers nationwide. But some would-be sellers are sitting on the sidelines as the market tilts more and more in buyers’ favor in much of the country.

“Understandably, sellers want to get as much money as they can. Some homeowners feel they missed the prime selling window; many people who don’t need to sell right now are holding off, either staying put or trying to rent out their house,” said Kathy Scott, a Redfin Premier agent in Phoenix. “The advice for people who do need to sell—I’m working with one couple that’s moving out of the country, for example—is to set realistic expectations. Talk to your agent about the market in your exact neighborhood: How long are homes taking to sell, are they typically selling below asking price, and what are sellers doing in terms of repairs and concessions to get deals done? Price fairly based on those numbers.”

Pending home sales fell 2.3% year over year during the four weeks ending June 22, the biggest decline in three months. There are two key reasons why home sales are slow. One, housing costs are still soaring, with home-sale prices up 1.6% year over year to a record high and mortgage rates sitting near 7%. Two, many would-be buyers are holding off due to widespread economic uncertainty and recession jitters.

It’s worth noting that early-stage homebuying demand ticked up slightly this week. Redfin’s Homebuyer Demand Index—a seasonally adjusted measure of tours and other buying services from Redfin agents—has increased 6% over the last two weeks, and ShowingTime data illustrates that house tours are rising faster this year than last year.

For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-new-listings-smallest-increase-five-months

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.

Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

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