US new home listings rise 2% to highest level since August 2022

The US housing market just hit a milestone that sounds encouraging until you look at the fine print. New home listings climbed 2.1% week-over-week for the four weeks ending August 30, reaching their highest level since August 2022, according to Redfin’s weekly housing market report. That’s an 8% jump compared to the same period last year. The numbers tell a split story Pending home sales, the best real-time indicator of actual buyer activity, dropped 0.1% week-over-week. That puts them at the lowest reading since February and represents a 2.5% decline year-over-year. In practical terms, more homes are being listed while fewer contracts are getting signed. Total active listings ticked up 0.4% on the week to roughly 1.51 million homes. Months of supply rose to 4, up from 3.7, creeping toward the 4-to-5-month range that economists generally consider a balanced market. The typical home sale price came in at $398,632, up 2.2% from a year ago. Combined with mortgage rates sitting at 6.66% for a 30-year fixed loan, near the yearly high, the math for buyers remains punishing. The median monthly mortgage payment now sits at an estimated $2,592, representing a record low in housing affordabi...