U.S. home sales see life
New listings of U.S. homes saw the first increase in more than two months, with home sales rising about 1% compared to last year during the four weeks ending January 2025. U.S. pending home sales fell 1.6% year over year, the smallest decline in nearly two months. Mortgage-purchase applications are sitting close to their highest level in three years. The weekly mortgage rate is also at its lowest in three years despite its slight rise from last week, with the current rate at 6.09%. While more sellers and buyers are coming off the sidelines, homes are still taking a long time to sell.
“Buyers are more serious than they were a few months ago; they’re looking at every listing and meticulously comparing the pros and cons of each one,” said Connie Durnal, a Redfin Premier agent in Dallas. “Buyers are able to take their time and be picky because there are a lot of listings; bidding wars are few and far between. Sellers who need to move know they need to be realistic; some are willing to negotiate prices down and make concessions like repairs, especially because they’re competing with builders of new construction.”
