1010 ET - There is a five-month supply of homes for sale in the U.S., up from 4.4 months last year, the highest since early 2019, according to Redfin. Inventory is growing because more sellers are listing homes--new listings increased by 7.4% year over year--while buyer interest wanes, with pending sales down 6%. High housing costs, with median monthly payments nearly at record highs, and a 4.3% rise in home prices, are major deterrents. Mortgage rates are currently at 6.89%, down slightly, but still high compared to pre-and early-pandemic rates. Redfin says there may be an uptick in house hunters soon if mortgage rates start dropping again. (chris.wack@wsj.com)
(END) Dow Jones Newswires
February 13, 2025 10:10 ET (15:10 GMT)
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