Homebuyers are gaining more options and negotiating power as the number of newly listed homes reaches its highest level in four years while demand remains sluggish, according to a Redfin report released Thursday.
New listings rose 2.1% from the previous week on a seasonally adjusted basis during the four weeks ending Aug. 30, reaching 383,795, the highest level since August 2022. Active listings also increased 0.4% week-over-week to about 1.51 million, giving buyers more homes to choose from.
The increase in supply comes as demand shows little momentum. Pending home sales fell 0.1% from the previous week to 308,282, the lowest level since February. Pending sales were down 2.5% from a year earlier, according to Redfin.
The imbalance between supply and demand is contributing to buyer-friendly conditions in much of the country.
The typical U.S. home sold for $398,632, up 2.2% from a year earlier. At the same time, the median asking price edged down 0.1% to $392,828, suggesting some sellers are adjusting expectations as buyers push back against high housing costs.
Mortgage rates remain a major obstacle. The median monthly mortgage payment was $2,592, up 0.7% from a year earlier.
San Diego is among the markets experiencing particularly weak demand. Pending home sales in the San Diego metro area fell 14.2% from a year earlier, the second-largest decline among the 50 most populous U.S. metros tracked by Redfin, behind Seattle's 15.1% drop.
Despite weaker demand, competition has not disappeared entirely. About 25.9% of San Diego homes sold for more than their asking price, up from 25% a year earlier. The average sale-to-list price ratio rose to 98.7% from 98.5%.
Redfin said move-in-ready homes in desirable neighborhoods continue to attract buyers and can sell quickly. Affluent buyers are also driving price gains in some markets, including San Francisco and West Palm Beach, Fla., while pending sales are rising in relatively more affordable markets such as Milwaukee and Cincinnati.
Overall, four months of housing supply is considered roughly balanced between buyers and sellers, with lower levels generally indicating stronger seller-market conditions. The national median home spent 45 days on the market, unchanged from a year earlier.
The report is based on housing data from more than 900 U.S. metropolitan areas.
Friday, September 4, 2026
Redfin: US housing inventory reaches 4-year high
New listings rose 2.1% from the previous week on a seasonally adjusted basis during the four weeks ending Aug. 30, reaching 383,795, the highest level since August 2022.
