Redfin: U.S. new listings up 2.1%

Redfin said new U.S. home listings rose 2.1% from a week earlier on a seasonally adjusted basis in its weekly housing-market update, as the supply of homes for sale reached its highest level in four years. The Seattle-based brokerage said the report covered the four weeks ending August 30 and was published on September 3. Redfin said buyer demand remained flat even as more sellers came to market. The combination left buyers with more choice than they have had in several years. ### Why is a 2.1% weekly rise in listings getting attention? Redfin said the 2.1% increase pushed fresh listings to their highest level since August 2022, extending a run of improving supply after a tighter market earlier in the summer. The company framed that as a notable change because new listings are one of the clearest near-term measures of how many additional homes buyers can shop from week to week. (redfin.com) September 4 analysis published by Redfin said the rise in new listings came as pending home sales fell to their lowest level since February and mortgage rates climbed to their highest point of the year. That meant more homes were arriving on the market without a matching pickup in buyer activity. (redfin.com) ### What does Redfin mean when it says demand was flat? Redfin said demand was flat in the same September 3 report, without the kind of week-to-week acceleration that would normally absorb a jump in supply. In practical terms, that means more homes were being listed while the pool of active buyers was not expanding at the same pace. (redfin.com) The September 4 follow-up from Redfin added that pending home sales had dropped to their lowest level since February. That gave additional context for the company’s description of a market in which buyers were not rushing back despite a larger selection of homes. ### How does this fit with Redfin’s recent housing updates? (redfin.com) On August 27, Redfin said new listings had risen 0.4% from a week earlier and reached their highest level since April. That earlier report already pointed to a market with more sellers and softer buyer activity. (redfin.com) By September 3, Redfin said the supply picture had improved further, with fresh listings reaching a four-year high. The progression from a four-month high in late August to a four-year high a week later shows how quickly inventory conditions changed over the span of consecutive weekly updates. (redfin.com) ### Who stands to benefit if supply keeps rising and demand stays subdued? Redfin said buyers were gaining more power as listings jumped and demand stayed flat. The company’s September 4 analysis said more homes on the market were giving buyers across much of the country more options and more negotiating power. (redfin.com) That does not mean every local market is moving the same way. Redfin’s national weekly figures aggregate conditions across more than 900 U.S. metro areas, so local price trends, time on market and bargaining conditions can still vary widely by city and neighborhood. (redfin.com) ### What should readers watch next? Redfin said its figures come from a rolling four-week view of homes listed and sold, so the next weekly update will show whether the rise in fresh supply continues into mid-September. The company’s housing-market updates and Data Center are the places where it publishes those weekly listing and demand figures. (prnewswire.com)