New home listings increased as summer is winding down, rising 1.2% during the four weeks ending August 16, the fifth consecutive weekly increase and the highest level in more than three months. Some homeowners who had been waiting for mortgage rates to fall or buyer demand to improve are now deciding to list, even if selling may take longer or require greater flexibility on price.
Meanwhile, buyer demand continued to weaken. Pending home sales declined 1.3% from the previous week to their lowest level since March and were down 2.4% from a year earlier. High housing costs and economic uncertainty remain major obstacles, with the median sale price increasing 1.8% year over year to approximately $401,000. However, the median asking price edged down 0.1%; its first decline since January.
The combination of growing inventory and slower demand could give buyers more negotiating power. With roughly half a million more sellers than buyers in the market, house hunters may have opportunities to secure lower prices, seller concessions or other favorable terms.
Source : https://tinyurl.com/yr48ws54
By: Jon Iacono