New Listings Lose Steam, Pending Sales Fall As Home Prices Hit Another Record High
Would-be sellers are pulling back as it becomes more clear the housing market is tilting in buyers’ favor in much of the country. New listings of U.S. homes for sale are up 2.5% from a year ago, the smallest increase in five months. On a local level, new listings are falling in 20 of the 50 most populous U.S. metro areas, with the biggest declines in Tampa, FL (-15.2%), San Antonio (-14.4%), and Orlando, FL (-11.1%). There are still hundreds of thousands more home sellers than buyers nationwide. But some would-be sellers are sitting on the sidelines as the market tilts more and more in buyers’ favor in much of the country. “Understandably, sellers want to get as much money as they can. Some homeowners feel they missed the prime selling window; many people who don’t need to sell right now are holding off, either staying put or trying to rent out their house,” said Kathy Scott, a Redfin Premier agent in Phoenix. “The advice…
