Tag Archives: Pending Sales

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.

Spring is typically a busy homebuying season, but new listings of homes for sale are down 24% from a year ago, according to a new report from Redfin. The total number of homes for sale is also down nearly 10%, representing the biggest drop in over a year.

The first month of the typically hot summer buying season produced less than stellar available home numbers, falling over 7% to a new record low.

Across the U.S., there are nearly 40% fewer homes for sale compared to pre-pandemic norms, as new listings dropped an overall 23% from last June, according to Redfin’s Homebuyer Demand Index.