\n(NASDAQ: RDFN) \u2014New listings of U.S. homes for sale have ticked up 2% since the start of September, and listings haven\u2019t fallen as much from summer to fall as they typically do. That\u2019s according to a new report<\/a> from Redfin (redfin.com<\/a>), the technology-powered real estate brokerage.<\/p>\n
What home sellers are doing:<\/b> A few more homeowners are putting their homes on the market, despite being locked into relatively low mortgage rates. The total number of homes for sale is down 14% from a year earlier during the four weeks ending October 8, but that\u2019s the smallest decline since July.<\/p>\n
Advice for sellers<\/b>: Take advantage of still-rising prices; the median sale price is up 3% year over year despite low demand. But with the share of for-sale homes with a price drop at its highest level in nearly a year and high mortgage rates cutting into buyers\u2019 budgets, be mindful of setting a fair price. Redfin agents in some parts of the country report that many move-in ready, fairly priced homes are selling quickly.<\/p>\n
What homebuyers are doing:<\/b> Retreating as mortgage rates sit near their highest level in more than two decades and the median U.S. monthly mortgage payment approaches $3,000. Mortgage-purchase applications inched up slightly this week, but they\u2019re still near their lowest level in nearly 30 years, and Redfin\u2019s Homebuyer Demand Index\u2014which measures tour requests and other early-stage demand signals\u2014dropped to its lowest level in nearly a year.<\/p>\n
Advice for buyers:<\/b> All hope is not lost for people who want to buy a home soon. Even though mortgage rates are likely to remain elevated, buyers on the fence may consider jumping into the market when there\u2019s a small reprieve: Along with the small uptick in new listings to choose from, daily average rates have come down some from the peak they reached last week. \u201cDespite last week\u2019s hotter-than-expected jobs report, rates have fallen after the Fed signaled this week that it is unlikely to hike interest rates again and war broke out in Israel,\u201d said Redfin Economic Research Lead Chen Zhao. \u201cBuyers should also remember that the average mortgage rate in the news is just that: an average. Many buyers can secure a lower rate by shopping around; the difference between rates among lenders is bigger when rates are higher. Buying down a mortgage rate is always an option, too.\u201d<\/p>\n
Leading indicators<\/b><\/p>\n
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