IE Business Daily Business news for the Inland Empire.
The number of U.S. homes for sale rose three percent year-over-year during the four weeks that ended April 19, the largest increase since November, according to a report.
During the same time, pending home sales fell 1.2 percent, the smallest decline in one month, while mortgage-purchase applications rose 10 percent in one week, Seattle-based Redfin found.
“More sellers are listing their homes in hopes of moving before the next school year starts,” said Adrianna Berlin, a Redfin agent, in a statement. “While some people are holding off on selling or buying because they’re holding out hope that mortgage rates will plummet, most have come to terms with today’s costs.”
Mortgage rates are still above the sub-six percent rates that happened for a short time in February, and home-sale prices are up two percent compared with last year. Some Americans are reluctant to enter the housing market because of concerns about their job security and the fallout from the Iran war, according to Redfin.
