IE Business Daily Business news for the Inland Empire.
Pending home sales fell 1.1 percent week-over-week as of May 17, the first nationwide decline since early April.
Mortgage-purchase applications declined four percent during that time, a drop attributed to an increase in interest rates, according to Redfin, a Seattle-base real estate company that operates a popular real estate brokerage website.
Listing of homes for sale fell 0.2 percent week-over-week on a seasonally adjusted basis, the third straight week that new listings declined.
“Higher mortgage rates are scaring off some buyers, but that’s opening the door for others,” said Chen Zhao, Redfin’s head of economics research, in a statement. “It’s already a buyer’s market, and this week’s jump in mortgage rates may give house hunters with stable incomes another opportunity to negotiate a home’s price down and get concessions from sellers.”
Riverside’s new home listings declined 11.3 percent, the fifth-largest drop of any major U.S. housing market, Redfin reported.
