1022 ET - New listings of U.S. homes for sale rose 6.3% year-over-year during the four weeks ending June 1, Redfin says. That's one of the smallest increases of the last three months. The biggest drops were in San Jose, CA. and four Florida metros: Orlando, Fort Lauderdale, Tampa and West Palm Beach. On the buying side, pending home sales declined 0.4% year-over-year to their lowest May level since 2020, and mortgage-purchase applications fell 3% week-over-week. Prospective buyers are backing off because housing costs are near record highs, with the median home-sale price up 1.2% year-over-year and the weekly average mortgage rate approaching 7%, and because the U.S. economy is seen as unpredictable by some. The typical home now sells for about 1% less than its asking price. (chris.wack@wsj.com)
(END) Dow Jones Newswires
June 05, 2025 10:22 ET (14:22 GMT)
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