1048 ET - New listings U.S. home for sale surged 7.9% year-over-year for the period ending Feb. 2, marking the largest increase since the end of last year, according to Redfin. But, despite a slight uptick in pending sales from the previous month, they're still down 8.1% annually. This has led to a 5-month supply of homes on the market, up from 4.4 months a year earlier, the most in six years. Homes are now selling for 2% below their list price, the biggest discount in nearly two years. However, buyer hesitation persists due to near-record high home prices and mortgage rates, with median monthly payments at $2,784, just $21 below the peak. Additionally, cold weather and economic policy uncertainty are deterring potential buyers. (chris.wack@wsj.com)
(END) Dow Jones Newswires
February 06, 2025 10:49 ET (15:49 GMT)
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