IE Business Daily Business news for the Inland Empire.
New homes that went up for sale nationwide during the four weeks that ended October 5 rose 2.3 percent year-over-year, according to a recent report.
That was the largest increase in more than three months, but it wasn’t enough to get people buying: pending sales dropped 1.3 percent from a year ago, the biggest decline in five months, Seattle-base Redfin reported.
The typical home that sold took 48 days to go under contract, a week longer than last year and the longest September span since 2019. Potential buyers may be waiting for another drop in mortgage rates – the average rate dropped to 6.2 percent in September, a 10-month low – before making such a major investment.
Nationwide, the median price nationwide of a single-family home – 389,350 – was up 2.1 percent year over year, the biggest increase in that category in six months. Riverside had a 6.2 percent year-over-year increase in pending sales, the fourth-largest increase of any major metro market, according to Redfin.
