Redfin says US new home listings hit four-year high as buyer demand stays flat
RDFN•New-home listings reach four-year high
Redfin flagged a sharp rise in housing supply, with seasonally adjusted new listings up 2.1% week over week to a four-year high.
Active listings rose 0.4% week over week, while pending sales slipped 0.1% to the lowest level since February.
Prices and mortgage rates show strain in demand
The median U.S. sale price increased 2.2% year over year to USD 398,632; the weekly average 30-year fixed mortgage rate held near 6.66%.
Pricing power showed strain, with the median asking price down 0.1% year over year to USD 392,828; 20.9% of listings had price drops.
The market remained uneven, with 25.9% of homes selling above list; months of supply rose to 4 from 3.7.
