New Home Listings Rise as Demand Slips, Home Prices Rise
Dow Jones
Aug 28
1306 ET - New listings rose 0.4% from a week earlier during the four weeks ending Aug. 23, Redfin says. That's their highest level since April. The total number of homes for sale rose 0.5% week over week, hitting their highest level since May. Pending home sales slipped 1.1% from a week earlier. Would-be buyers are sitting on the sidelines largely because housing costs are high. The median U.S. home-sale price rose 1.9% year over year to over $400,000, and the weekly average mortgage rate is 6.65%, down from a peak of 6.69% two weeks earlier. With inventory rising and demand declining, the homebuyers who are in the market could get a deal. Buyers may be able to negotiate prices down and/or get concessions.
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