Housing Market Update: Pending Sales Post Smallest Increase in Over a Year
by Rachel Musiker | Redfin.Com Troy Warren for CNT Home-selling speed and competition have passed their record-high peaks, meaning the market is starting to feel slightly more welcoming to buyers. But most homes still sell within two weeks and for more than list price. Most signs point to a cooling housing market. Pending home sales posted their smallest year-over-year increase (7%) since late June 2020. The supply of homes for sale continued to plateau as the number of newly listed homes for sale followed its slow seasonal decline. Home sale prices–a lagging indicator and a notable exception to the cooling…