The number of pending home sales recorded the largest annual increase in the past six weeks, and the number of new listings increased for the second straight week in the four weeks ending April 26, according to Redfin.
With the market nearing equilibrium, the number of pending home sales rose 2.7% from a year ago, and the number of new listings increased for the second straight week in the four weeks ended April 26, according to Redfin.
Participate in the INMAN Intel Index Survey
Months of supply was 4.2 months, slightly below the 4-5 month range that Redfin considers balanced. Median days on market reached 44 days, an increase of four days year-over-year, giving buyers more time to make decisions. The ratio of list price to sales price fell to 98.7%, and the percentage of homes sold for more than list price fell from 26% to 25.6%.
The gap between what sellers demand and what buyers pay has widened. The median asking price was $427,245, up 2% from last year, and the median selling price was $396,000, up 2.4%, a difference of more than $31,000.
The softening is consistent with separate Redfin data showing home prices rose just 1.7% in March from a year earlier, the lowest growth rate on record, the brokerage said. Thirteen major cities saw a month-on-month drop, with the biggest drop in Texas.
Contract cancellations are also adding to the situation, with Redfin saying 13.4% of home sales contracts signed in March were canceled. San Antonio, Texas and Orlando, Florida had the most cancellations, while Nassau County, New York had the fewest. Montgomery County, Pennsylvania. And Milwaukee.
The weekly average 30-year fixed mortgage rate was 6.23% for the week ending April 23, down from a six-month high of 6.46% in early April, according to Freddie Mac. As of April 29, the daily average was 6.45%, according to Mortgage News Daily.
At the metro area level, Cleveland and Detroit led the way in price growth, each increasing 11.3% year over year. Seattle had the steepest decline at 3.6%. Prices fell across 16 metropolitan areas.
Email Jesse Healy
