US housing inventory reaches 6-year high
Total active inventory reached 1,534,918 homes, up 3.9% from July and the highest level since 2020.
Demand stalls as costs remain a barrier
Supply gains have not unlocked buyer activity. Pending home sales barely moved in August, rising just 0.1% from July and sitting near a one-year low, while closed sales fell 0.5% month over month to their lowest level in over a year.
The median US home-sale price rose 2.2% year over year to $398,596 — a record August high — and the monthly average mortgage rate climbed to 6.67%, its highest point in over a year.
“Even though housing is still expensive, the good news for homebuyers is that most other market forces are tilting in their favor,” said Chen Zhao, Redfin’s head of economics research, in the company’s August report.
“More listings mean buyers can take their time, compare homes and negotiate instead of feeling pressured to jump on the first decent property they see. In many parts of the country, buyers may be able to negotiate on price, repairs or closing costs — and walk away if the numbers don’t work.”
