Homebuyers have more fresh options than they’ve had in four years as new listings of U.S. homes for sale rose 2.1% on a seasonally adjusted basis, reaching their highest level in that period, according to the report.
Active listings rose 0.4% week over week, a welcome change for house hunters who increasingly possess more options and negotiating power. This increase in supply contributes to the buyer’s market conditions being observed in most of the country.
Despite the growth in inventory, demand isn’t keeping pace. Pending home sales were essentially flat, dipping 0.1% from a week earlier to reach their lowest level since February. This disconnect between growing listings and sluggish sales suggests a cooling market where sellers must adjust expectations to find a buyer.
The median U.S. asking price inched down 0.1% year over year, a tiny dip that indicates sellers may be reducing their expectations as buyers push back against high costs. High housing costs remain the biggest hurdle for prospective buyers. The typical U.S. home-sale price rose 2.2% year over year, while the average weekly mortgage rate was 6.66%, near its highest level in the last year.
Regional Market Variations
While the national picture shows a shift toward buyer favor, some markets are still hot. Just over one-quarter of U.S. homes that sold went for over their asking price. Move-in ready homes in desirable neighborhoods are selling fast, according to agents on the scene.
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Prices are jumping in San Francisco and West Palm Beach as affluent buyers snap up high-end homes. Pending sales are also rising in relatively affordable markets like Milwaukee and Cincinnati. The data reflects a split market where high-end assets in specific locations remain resilient even as broader conditions tighten.
It is not uncommon for a specific neighborhood to buck national trends when inventory is low. In those instances, the local housing stock can behave independently of the broader economic indicators, creating pockets of activity that do not reflect the national average.
Overall, the national metrics include data from 900+ U.S. metro areas and are based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2021. Subject to revision, the report highlights a complex environment where geography and property condition often dictate the outcome of a sale.
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