U.S. home listings rise while buyer demand stays weak, creating a buyer's market

Redfin’s latest figures reveal a 6% year-over-year increase in new home listings during the four weeks to Aug. 23, pushing weekly inventory to its highest level since April. The overall count of homes for sale rose 0.5% from the prior week, the biggest weekly gain since May. Despite the greater supply, pending home sales slipped 3.1% compared with a year earlier and 1.1% from the week before, reaching a six-month low.

Chen Zhao of Redfin called the environment a "big-time buyer’s market" and suggested buyers focus on properties listed for several weeks, where sellers may entertain lower offers or concessions. Sellers, she warned, should avoid pricing based on outdated neighbor sales and set realistic asking prices to attract serious interest. Regional data showed the biggest listing gains in Virginia Beach, San Jose, Boston and St. Louis, while markets like Dallas and Atlanta saw declines.