Even with the rise in new listings, home buyers are not rushing to the market. Instead, according to Redfin’s latest data analysis, demand is falling as buyers continue to hesitate about the next move, and housing supply is growing as buyers continue to hesitate about the next move . Over the four weeks that concluded on February 2nd, new lists across the US increased 7.9% from last year, marking the biggest increase since the second half of 2024, according to a Redfin analysis.
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Despite the rise in new listings, home buyers are not rushing to the market. Instead, according to Redfin’s latest data analysis, demand is falling as buyers continue to hesitate about the next move, and housing supply is growing as buyers continue to hesitate about the next move .
Over the four weeks ending February 2nd, the new list across the US has risen 7.9% from last year, the biggest increase since late 2024.
Redfin analysis of MLS data | New list of homes
Metro Area Orlando, Florida (27.7%); San Jose, California (26.7%); Oakland, California (26.1%); Tampa, Florida (25.6%); and Phoenix (23.8%) is the sharpest rise on the new list I saw it. Meanwhile, 12 Metro experienced a decline, with the biggest declines in Detroit (-13.9 percent), San Antonio (-13.5 percent), and Chicago (-11.3 percent).
Despite the more choices they choose, buyers are restrained.
Inventory accumulated supply for up to five months. This is the highest level in six years except for the previous four weeks. The home sits in a 55-day median market, and sellers need to adjust their expectations. The selling price is on average 2% below the price. This is the biggest discount in nearly two years.
Redfin analysis of MLS data | 5.0 months supply available in the market
Pending sales have increased since last month, but still fell 8.1% year-on-year to 65,603. Redfin’s HomeBuyer Demand Index, which tracks Tours and other purchasing activities on a seasonal basis, has come close to its lowest point since last spring.
Potential buyers are on the sidelines as potential buyers increase their monthly home payments by 8.3% each year to $2,784 due to high home prices. On top of that, economic uncertainty in some parts of the country and cold winter weather have further delayed hunting in homes.
However, as spring approaches, its activity can change. Pittsburgh Redfin’s premier agent Joe Paolazi hopes more sellers will soon enter the market.
Joe Paolazzi | Pittsburgh Redfin Premier Agent
“When we’re one inch towards spring, the listings are picked up,” Paolazi said. “Homeowners are waiting for mortgage rates to fall or market conditions to improve. Now it appears to be as obvious as it is now as low as it is now.”
Overall there may be fewer buyers, but those still looking for a home are serious, Paolacci added. “There’s a bidding war for homes in the desired area and investment properties that are easy to rent.”
Email Richelle Hammiel
