New listings of U.S. homes for sale went up 2.5 percent annually, according to a new report by real estate brokerage Redfin published on June 26.
However, the increase in listings was the “smallest increase in five months,” and on a local level, new listings are falling in 20 of the 50 most populous U.S. metro areas, said Redfin, indicating a momentum pullback in the housing market.
The brokerage noted there were more buyers than sellers, and that the market was tilting in favor of buyers in much of the country. This has led to fewer sellers entering the fray, leading to a decline in listings’ uptick….