A new report from Redfin revealed that active listings climbed 12% year over year (954,703 listings) during the four weeks ending December 22, though that was the smallest increase since March.
Pending home sales sat at 58,267 for the four weeks, marking a year-over-year change of -3.4% — the first drop in three months, per Redfin’s data. New listings were unchanged at 54,077.
Months of supply sat at a healthy four months, up 0.6 points year over year. Redfin considers four to five months of supply as balanced, with a lower number suggesting ideal seller’s market conditions.
Days on the market increased by six days year-over-year to 45 days, indicating a less competitive market.
On a metro level, Philadelphia (17.1%) saw the largest annual increase in its median sales price. It was followed by Milwaukee (14.3%) and Cleveland (13.3%). Zero metros saw decreases in sales prices. Nationwide, the median sales price sat at $383,725, up 6% annually.
Pending sales increased in 12 metro areas, peaking in Detroit (7.8%), Anaheim, Calif. (6.5%) and Providence, R.I. (5.7%). Metros that saw the largest decreases YOY were San Antonio (-17.4%), Orlando, Fla. (-14%) and Houston (-13.7%).
