More homes for sale will see price declines in coming weeks, Redfin said

Real estate brokerage Redfin Corp. RDFN, -1.06% said Friday that it expects more homes for sale will suffer price declines in the coming weeks, as supply starts to pile up and pending sales continue to decline. “Just as buyers are pulling back, more listings are hitting the market,” said Redfin Chief Economist Daryl Fairweather. “I’m optimistic this will create conditions for a little bit of rain in this inventory drought. A homeowner who is thinking of selling to buy again is going to have a much easier time now than they would have back in March.” Pending home sales for the four-week period ending July 18 were up 9% from the year-ago period, Redfin said, but that was the smallest increase since the four-week period ending June 28, 2020. The company said 55% of homes sold above list price during the period, up from 29% a year ago, but Redfin said that measure is “plateauing,” as it has been at 54%-55% since the four-week period ending June 27. The SPDR S&P Homebuilders ETF XHB, +2.20% has lost 3.2% over the past three months, while the S&P 500 SPX, +1.01% has gained 4.5%.

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