Pending Sales Fall As Home Prices Hit Another Record High
Home sellers are increasingly pulling back as the market shifts in favor of buyers, with new listings rising just 2.5% year over year, the smallest gain in five months, and declining in several major metros like Tampa and San Antonio. While home prices remain high and mortgage rates near 7%, many potential buyers are hesitating due to affordability challenges and economic uncertainty, leading to a 2.3% drop in pending home sales. Sellers who must list now are advised to set realistic expectations and prepare for concessions.
According to RedFin news, “Understandably, sellers want to get as much money as they can. Some homeowners feel they missed the prime selling window; many people who don’t need to sell right now are holding off, either staying put or trying to rent out their house,” said Kathy Scott, a Redfin Premier agent in Phoenix.”
