IE Business Daily Business news for the Inland Empire.
The U.S. housing market continues to struggle.
Listings of new homes for sale fell 1.3 percent during the week that ended May 31, one of the steepest week-over-week declines this year, according to Redfin.
That’s not the only sign of would-be homebuyers staying away from the market, the Seattle-based real estate company reported.
Pending home sales were down 0.2 percent week during that same week, the third consecutive week that category declined.
Higher mortgage rates – the average nationwide was 6.5 percent, the highest since August – and an uncertain economy are being blamed for those trends.
“The market has been tilted in buyers’ favor for many months, but their advantage started to shrink last month, said Chen Zhao, Redfin’s head of economic research, in a statement. “With new supply declining now, people who are serious about selling their home may want to jump in while there’s at least slightly less competition from other sellers.”
