Redfin’s latest data report finds some mixed results for the commonly tracked fields. For the four-week period ending Sept. 26, pending sales were up just 4 percent—the smallest year-over-year increase since June of 2020.
Both new listings and active listings were down, 8 percent and 22 percent, respectively, year-over-year. New listings have now consistently been below 2020 levels since August 22.
Prices, however, continue to remain strong throughout much of the country. According to Redfin, the median home-sale price increased 13 percent, year-over-year, to $356,358. While asking prices of newly listed homes hit an all-time high of $361,250. That represents a 12 percent year-over-year increase.
“Home sellers continue to show their optimism with increasing asking prices,” said Redfin Chief Economist Daryl Fairweather. “However, there are already signals from the Fed and markets that mortgage rates are starting to creep up. The hit to affordability that comes with higher rates and higher home prices could let some steam out of the market. It’s never a good idea to overprice your home, but I would be especially wary of overpricing as seasonal cooling trends persist and rising rates take some affordability out of the homebuying equation.”