Even though more homes are hitting the market, homebuyers appear to have tapped out of the market as pending sales continued to slip.
Some buyers have hit their limit on record-high prices, but others may return to the market with more homes to choose from and less competition.
The typical home sold for its highest price on record, at its fastest pace on record, and for 2.3% above list price, the largest sale price premium on record.
Redfin’s Homebuyer Demand Index was down 14% from its peak 9 weeks ago, and pending sales have declined 10% from their early May peak.
Home prices were up 24%, a record high due to the dip in home prices at the start of the pandemic a year earlier.
Pending sales dipped during the week that began with the holiday, and other leading indicators show signs of slight cooling in the market.