U.S. housing market inventory rises as pending sales hit six-month low

In the United States, a growing gap between rising housing inventory and declining pending sales is creating new opportunities for negotiation. According to Redfin, seasonally adjusted new listings rose 0.4% during the four weeks ending August 23, reaching their highest level since April, while pending sales fell 1.1% from the previous four-week period and 3.1% year-over-year.

This shift allows loan originators and buyers to negotiate seller concessions, such as mortgage-rate buydowns, closing-cost assistance, and repair credits, to offset high costs. While the median U.S. home-sale price increased 1.9% year-over-year to $400,649, the median monthly mortgage payment reached $2,600 at an average rate of 6.65%. Redfin’s head of economics research, Chen Zhao, noted that buyers should consider homes listed for several weeks, as these sellers may be more receptive to below-asking offers or concessions.