Pending home sales rose 1.6 percent year over year during the four weeks ending Aug. 27, marking two straight months of increases in pending sales, according to an Aug. 28 report from real estate brokerage Redfin.
Meanwhile, online platform Zillow reported that around 439,000 homes for sale in July were affordable to a household earning the median income—a 20 percent jump from last year and the biggest total since August 2022.
Both metrics point to a robust buyer’s market. Redfin reported that numbers of home tours are rising much faster this year than the same time last year.
“Buyers are circling,” said Ali Mafi, a Redfin agent in San Francisco. “House hunters are feeling more confident about buying a home now that mortgage rates have started to decline. Some are making offers now, though others are sitting tight, betting that rates will fall further. I’m telling buyers to act now because it’s still a buyer’s market and most sellers are willing to negotiate. If rates do plummet, the market will get competitive.”…