Tag Archives: Pending Sales

On the one hand, new listings are up year-over-year. On the other, buyers are entering the market in droves, offsetting gains. Click through for more on Redfin’s most recent Market Report.

New commentary from Fannie Mae revealed the ESR Group is warning that while rates are moving rapidly again, they are expected to weigh on consumption and business investments over time. Experts now project a significant slowing trend in economic growth through the end of the year and into 2024.

While a slight increase in new listings offers potential buyers more housing inventory to choose from, Redfin has found that many are backing out of the market, as mortgage rates sit near levels last seen two decades ago.

Home purchases fell through at a rate of 15.7% in August, a number which is up 14.3% year-over-year and the highest number recorded since October 2022.

As mortgage rates remain elevated, a new market report from Redfin revealed the typical homebuyer’s monthly payment is now at a record high of $2,666, representing a near 9% year-over-year change as housing costs continue to rise nationwide.

While mortgage-purchase applications fell to a 28-year low in August, the median U.S. home-sale price is up nearly 5% year-over-year. Due to a severe lack of inventory, high housing costs continue to dampen homebuying demand, according to a new report from Redfin.

A new report from the National Association of Realtors revealed contract signings rose in July, as pending home sales also increased for the second month in a row, according to NAR's latest Pending Home Sales Index.

As the total number of homes for sale declined 11% from a year earlier, a new report from Redfin revealed the typical U.S. home is now selling for an estimated $4,000 less than last year’s all-time high, while new listings fell nearly 30% from 2022.

"Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing," said NAR Chief Economist Lawrence Yun. "The lack of housing inventory continues to prevent housing demand from being fully realized."

With nearly 26% fewer homes newly listed for sale compared to last year, active inventory slowed for the fourth month in a row, according to the Realtor.com Monthly Housing Trends Report for June.