Temperatures may be rising but the market looks to be cooling—at least, slightly cooling. Pending home sales have continued a slow decline, according to new May and early June data from Redfin.
For the week ending June 6, pending home sales were down 9.7 percent from their peak four weeks ago. Year-over-year, though, pending sales were still up 29 percent. Additionally, active listings fell 37 percent from the same time period in 2020, and have been relatively flat since late February.
Redfin analysts have also seen a decline in their demand index, which is down 12% from its late March peak, during the same four week period ending on June 6. Home mortgage application have also been falling since late March and are now 7 percent below the average levels in January and February 2020.
Also of note, a record 53 percent of homes sold above list price, up from 25 percent a year earlier.