New home listings hit a four-year high in August as growing inventory gives homebuyers more options and increased negotiating power, Redfin said Thursday.
New listings of for-sale homes in the US totaled 383,795 during the four weeks to Aug. 30, up 8% annually and 2.1% higher from a four-week period to Aug. 23.
The print marked the highest level since August 2022, the online real estate brokerage said.
Pending home sales declined 2.5% year on year and were essentially flat during the four weeks to Aug. 30 from a corresponding period to Aug. 23, with a 0.1% dip. At 308,282 units, pending sales reflected the lowest level since February.
"The disconnect between growing listings and sluggish sales is exacerbating the buyer's market we're seeing in most of the country," Redfin data journalist Dana Anderson wrote.
Typical sale prices increased 2.2% year over year to $398,632, while the median asking price dropped 0.1% as sellers lowered expectations to accommodate buyers who are facing elevated housing costs and mortgage rates, according to the report.
The 30-year fixed mortgage rate was 6.66% for the week ended Aug. 27, close to its highest level in the last year, Redfin said.
Among the 50 most populous US metros, San Francisco posted the largest annual gain in the median sale price, at 9%, while Austin, Texas, recorded the steepest drop, at 7.1%.
US home prices rose at the fastest annual pace in a year in July, driven by high-end demand in an otherwise sluggish housing market, Redfin said in August.
Last month, government data showed that new home sales declined more than expected in July, despite a decrease in median prices.
