Overview
- For the four weeks ending Aug. 30, fresh listings rose 2.1% week‑over‑week and 8% year‑over‑year to the highest level since August 2022, while pending sales fell to their weakest reading since February.
- Active inventory climbed to about 1.51 million homes and months of supply increased to four, a move toward a 4–5 month range that economists call balanced but still below typical pre‑pandemic levels.
- Mortgage costs are a key drag: Freddie Mac reported the 30‑year fixed rate at about 6.71% on Sept. 3, which has pushed the estimated median monthly mortgage payment to roughly $2,592 and reduced buyers’ purchasing power.
- Supply gains are uneven across metros, with pending sales rising in places such as Milwaukee and Chicago and falling sharply in Seattle, San Diego, Denver, and Houston, producing varied local market leverage for buyers and sellers.
- Longer‑term frictions persist because many owners keep low locked‑in rates from 2020–21 and builders have slowed starts even as permits rose, which could delay a fuller supply rebound and keep national sales below pre‑pandemic norms.