Despite More Listings, Homebuyer Interest Remains Limited

Sellers continue to test the market, but actual sales remain weak. According to data from real estate marketing platform Redfin, new listings of homes for sale rose by 2.3% year-over-year during the four weeks ending Oct. 5, marking the biggest increase in over three months. Even so, pending sales during this period fell by 1.3% year-over-year, which is the largest decline in five months. At the same time, the typical U.S. home takes about 48 days to go under contract, a week longer than last year and the longest September span since 2019.

For buyers who are motivated to move and have the means to afford today’s still-high home prices, the silver lining of the slow market is that they have negotiating power.

“It’s a buyer’s market, with house hunters asking for price reductions, doing inspections, and requesting concessions,” said Jesse Landin, a Redfin Premier agent in San Antonio. “In terms of making offers, buyers are throwing spaghetti at the wall to see what sticks. Sellers who want to make it stick, will. For example, one of my sellers, who needed to move, was getting desperate after her house had been on the market for over 100 days. She sold for $15,000 under asking price and included the furniture and outdoor amenities like the barbecue and fire pit.”