More Homeowners Put Up ‘For Sale’ Signs, Redfin Reports

(Photo: Michael Tucker)

New listings of U.S. homes for sale rose 3% year over year during the four weeks ending April 19–the biggest increase since November, according to a new report from Redfin, Seattle.

Pending home sales fell 1.2% year over year, the smallest decline in about a month. Purchase-mortgage applications rose 10% week over week.

The report noted some home sellers and buyers have entered the market as mortgage rates decline. The weekly average mortgage rate fell to 6.3% from 6.46% two weeks earlier, bringing the median monthly housing payment down 1.4% year over year.

“Still, this spring’s homebuying season is off to a slow start,” Redfin said. “Mortgage rates are still above the sub-6% rates briefly seen in February, and home-sale prices are up 2% year over year. In addition to elevated costs, some Americans are shying away from selling or buying homes because the economy feels shaky, partly due to concerns about job security and the Iran war.”

Adrianna Berlin, a Redfin agent in Grand Rapids, Mich., noted that while some people are holding off on selling or buying because they’re holding out hope that mortgage rates will drop, most have come to terms with today’s costs. “The people who need to move this summer are starting to list their homes or prepare for listing,” she said.

A recent Redfin analysis found that late April is the best time to list a home for sale nationwide, though the prime window varies by region.