IE Business Daily Business news for the Inland Empire.
Nationwide listings of single-family homes for sale fell 1.4 percent between July and August, the largest decline in that category since June 2023, according to a recent report.
Sales rose 9.7 percent compared with August 2023, the smallest year-over-year increase since March 2024, reported Redfin, the Seattle-based residential real estate brokerage.
New listings – houses that have just been put on the market – dropped 1.7 percent month-over-month and 2.6 percent year-over-year. The month-over-month number was seasonally adjusted and the lowest level in that category since January 2024.
“High housing costs and economic jitters have rattled buyers, and that unease has spilled over to sellers,” said Chen Zhao Redfin’s head of economics research, in a statement. “We expect existing-home sales to end the year at around 4.05 million, or flat compared to 2024.”
Mortgage rates have been falling, but that hasn’t led to an increase in sales.
“It definitely feels like a buyers’ market,” said Nikkolene Byron, a Redfin premier agent in Palm Springs, in the statement. “Most homes for sale today only get one offer. I see multiple offers occasionally, but not multiple strong offers like we saw during the pandemic.”
