{"id":72837,"date":"2021-07-02T05:00:26","date_gmt":"2021-07-02T12:00:26","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=72837"},"modified":"2022-10-26T13:02:33","modified_gmt":"2022-10-26T20:02:33","slug":"housing-market-update-new-listings-on-par-with-2019","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-new-listings-on-par-with-2019\/","title":{"rendered":"Housing Market Update: Pending Sales Slide as New Listings Reach Pre-Pandemic Levels"},"content":{"rendered":"

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.<\/h2>\n

The U.S. housing market lost more steam as summer began, with pending sales continuing their slide and the number of homes for sale slowly growing. Google trends also revealed a continued decline in online house hunting, with searches for \u201cReal Estate\u201d dipping below 2019 levels (-4.5%) for the first time this year. Mortgage purchase applications fell dramatically week over week (-5%) to their lowest level since May 2020, according to the Mortgage Bankers Association home purchase index.<\/p>\n

Home prices are still climbing, posting their highest year-over-year gain on record, but the share of homes for sale with price drops inched above 2020 levels for the first time this year. Most measures of early-stage homebuying demand point to further cooling in the housing market over the summer, but Redfin\u2019s Homebuyer Demand Index\u2014a measure of requests for home tours and other home-buying services from Redfin agents\u2014rose slightly from the prior week. This may be a reflection of the fact that there was a small increase in the number of homes available to tour.<\/p>\n

Unless otherwise noted, the data in this report covers the four-week period ending June 27<\/strong>. Redfin\u2019s housing market data goes back through 2012.<\/p>\n

\u201cThe month of June was a clear turning point in the ultra-hot housing market of 2021,\u201d said Redfin Lead Economist Taylor Marr<\/a>. \u201cAs home prices continue to set records, some buyers have hit their limit and are stepping back. At the same time, homes are hitting the market at pre-pandemic levels again, which may finally ease competition and bring some sense of balance to the market. The upshot is that fewer bidding wars could actually keep some on-the-fence buyers in the market and lure back some of the homebuying dropouts.\u201d<\/p>\n

Key housing market takeaways for 400+ U.S. metro areas:<\/h3>\n

Data based on homes listed and\/or sold during the period:<\/h4>\n