Redfin Reports New Listings Hit Highest Level in Nearly 3 Years

(NASDAQ: RDFN) — New listings of U.S. homes for sale rose 8.4% year over year to their highest level in nearly three years during the four weeks ending May 18. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

But buyers aren’t biting: pending sales fell 2.2%, dropping to their lowest level for this time of year in Redfin’s records, which date back to 2015, and mortgage purchase applications are down 5% week over week.

The uptick in listings and decline in sales are causing inventory to pile up. The total number of homes for sale rose 14.3% year over year to their highest level in nearly five years.

Fewer Americans are buying homes because it’s more expensive to buy than it’s ever been, and economic unease is making people nervous about making such a big purchase. The median monthly housing payment hit an all-time high of $2,882, with a 1.7% year-over-year increase in home prices and near-7% mortgage rates contributing to high costs. Many of the people who can afford to buy are hesitant to do so, with consumer sentiment sitting at a near-record low amid fears of a trade war and potential recession.

On the supply side, high costs and the uncertain economy are also contributing to the increase in listings. Some sellers are listing because they want to save money by moving to a smaller home or a less expensive area. Some are listing because they believe home prices will start declining soon, and some see the surge in inventory and want to get their home on the market before there’s more competition. Additionally, there are the people who need to sell, regardless of timing, due to a major event like divorce or a job relocation.

“Clients are asking me to call them when we’re at a tipping point, because they want to sell before prices drop,” said Hazel Shakur, a Redfin Premier agent in Maryland. “My advice to homeowners: if you’re planning to sell in the next year or two, do it now because we don’t know what’s going to happen with home values or the larger economy. Buyers should know that because of the uncertainty in the air, they may be able to get a home for under asking price, or get concessions from the seller.”

For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.

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To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-new-listings-soar

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.

Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

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