\nNew listings of U.S. homes for sale are down 1.3% week over week, one of the biggest declines of the year. That\u2019s according to a new report<\/a> from Redfin<\/a>, the real estate brokerage powered by Rocket.<\/p>\n
\nProspective home sellers are backing off because homebuying demand has slowed down. Pending home sales ticked down 0.2% week over week during the week ending May 31\u2014<\/b>a small decline, but the third in a row. Mortgage-purchase applications fell to their lowest level in six weeks.<\/p>\n
There are a couple reasons house hunters\u2014and, by extension, would-be sellers\u2014are stepping back:<\/b><\/p>\n \n\u201cWhile this isn\u2019t a market where sellers can count on bidding wars, there are always some people out there who need to move,\u201d said Chen Zhao<\/a>, Redfin\u2019s head of economics research. \u201cThe market has been tilted in buyer\u2019s favor for many months, but their advantage started to shrink<\/a> last month. With new supply declining now, people who are serious about selling their home may want to jump in while there\u2019s at least slightly less competition from other sellers.\u201d<\/p>\n \nFor Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201cFrom Our Economists<\/a>\u201d page.<\/p>\n Leading indicators<\/b><\/p>\n\n