New listings are down 12% from a year ago as sellers respond to waning homebuyer demand.
Still, overall housing supply is on the rise—a sign that buyers are pulling back more than sellers.
(NASDAQ: RDFN) —More homeowners are holding off on selling as the housing market cools, fueling the largest decline in home listings in more than two years, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
New listings of homes for sale dropped 12% year over year during the four weeks ending August 7, the steepest decline since June 2020. Homeowners are staying put in part because homebuyer demand has slowed due to higher mortgage rates; pending home sales are down 16% from a year ago. Some homeowners are also experiencing an effect called “rate lock in” in which they’re hesitant to buy a new home since it would mean paying a…