The number of homes for sale fell 8% during the four weeks ending June 5, the smallest year-over-year decline since January 2020. This was more a reflection of declining homebuyer demand than of more homes being listed for sale. Tours, offers and other requests for help with homebuying, as measured by the Redfin Homebuyer Demand Index, fell 12% last week, and new listings fell 2% during the four-week period, while 21% of sellers dropped their list price, the second-highest share on record, going back through 2015.
“Sellers are losing control of the housing market as homes that are overpriced and/or less desirable are increasingly having price reductions and taking longer to sell,” said Redfin deputy chief economist Taylor Marr. “Although demand is easing, some homebuyers may jump back into the market when price growth loses steam and interest rates continue to stabilize. A strong labor market will continue to be a driving force for the bulk homebuying demand this year.“
Unless otherwise noted, the data in this report covers the four-week period ending June 5. Redfin’s housing market data goes back through 2012.
Refer to our metrics definition page for explanations of all the metrics used in this report.
