If would-be sellers were hesitant to list at the start of the year, it appears the tide is turning.
According to new data from Redfin, the number of homes newly listed for sale in June surpassed 2019 levels for the first time since the start of this year. For the four week period ending July 4, new listings of homes for sale were up 4 percent year-over-year, and were up 3 percent from the same period in 2019.
Elsewhere, Redfin found that active listings fell 32 percent from 2020, representing the smallest decline since the four-week period ending February 7. However, active sales have climbed 8 percent since their 2021 low during the four week period ending March 7.
Additionally, pending home sales were up 17 percent year-over-year, the smallest increase in almost a year.
“Many buyers have backed away from the housing market and are waiting until more and better homes are listed,” said Redfin Chief Economist Daryl Fairweather. “Buyers don’t have the same sense of urgency that they did at the beginning of the year. They aren’t racing to buy before prices increase, because asking prices have already increased and stabilized. And they aren’t racing to buy before mortgage rates go up, because rates have dropped back below 3% and are likely to stay low. With more new listings starting to come on the market, buyers who threw in the towel may want to look again because the market is tilting more in their favor.”