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New Home Listings Drop to Nearly Four-Month Low, Redfin Says

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New Home Listings Drop to Nearly Four-Month Low, Redfin Says

New home listings in the US dropped to their lowest level in nearly four months as home-buying activity remained soft, Redfin said Thursday.

New listings of homes for sale totaled 357,733 during the four weeks to June 21, down 1.7% from a four-week period to June 14. The print marked the lowest level since February, according to the online real estate brokerage.

The total number of for-sale homes dipped 0.4% as pending home sales continued to tick lower.

"Prospective home sellers are backing off partly because they notice soft homebuying demand," the firm said. "Homebuying demand is sluggish because housing payments are stubbornly high."

The median home-sale price increased 2.5% year over year to a record $408,814, while the average mortgage rate hit 6.47% for the week ended June 18.

"Buyers are also jittery due to widespread economic uncertainty, stemming partly from inflation and the back-and-forth on Iran peace talks," Redfin said.

Annual inflation, as measured by the personal consumption expenditures price index, accelerated to 4.1% in May, the fastest print since April 2023, the Bureau of Economic Analysis said Thursday.

Single-family home sales in the US unexpectedly declined sequentially in May as prices moved higher, government data showed Wednesday.

"Buyers are regularly including inspection contingencies in their offers, which is one sign that they have the negotiating power; when sellers have power, buyers often waive the inspection," Redfin Premier Agent Ben Ambroch said.

Last month, nearly half of US home sellers offered concessions, the highest share on record for May, to close sales in a cooling market, Redfin said Monday.

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