Redfin: Fresh Listings Hit Highest Level in Four Years

(Image courtesy of Alex Romo/pexels.com)

Redfin, Seattle, found fresh listings hit the highest level since August 2022 last month.

Based on data for the four weeks ending Aug. 30, new listings of homes for sale rose 2.1% from a week earlier.

Active listings (seasonally adjusted) were at 1,511,313, up 2.4% year-over-year and 0.4% from the previous week.

Supply stood at 4 months, up from 3.7 months this time last year. Redfin deems 4-5 months of supply as balanced.

But, pending home sales fell 2.5% year-over-year and 0.1% from the previous week, overall falling to the lowest level since February.

Redfin pointed to the continued high housing costs as a factor, although the median U.S. asking price inched down 0.1% year-over-year to $392,828. The median sale price increased by 2.2% year-over-year to $398,632.

The median monthly mortgage payment (seasonally adjusted), assuming a 6.66% mortgage rate, was $2,592, up 0.7% year-over-year.

Some houses are clearly more attractive than others–25.9% of homes that sold in the period went for over asking price, up from 25% last year.

Median days on the market was 45, flat from last year. The share of home listings with price drops was 20.9, up from 20.2% a year ago.

The average sale-to-list price ratio was 98.7%, up from 98.5%.