New Listings of Existing US Homes Post One of the Year’s Largest Weekly Declines

Redfin reported that new listings of existing US homes for sale fell 1.3% week-over-week in the week ending May 31, one of the largest declines of the year.

Pending home sales dipped 0.2% from the previous week, marking the third consecutive weekly decline. Mortgage-purchase applications also fell to their lowest level in six weeks.

Redfin attributed the pullback to weaker homebuying demand, elevated housing costs, and broader economic uncertainty. The weekly average mortgage rate rose to 6.53%, its highest level since August 2025, while the typical sale price was up 2.3% year-over-year. The typical monthly housing payment reached $2,623, near its highest level in 11 months.

Redfin also pointed to weaker consumer confidence, rising food and gas prices, the Iran war, and inflation concerns as factors weighing on prospective buyers and sellers.

Commenting on the report, Redfin Head of Economic Research Chen Zhao said:

“While this isn’t a market where sellers can count on bidding wars, there are always some people out there who need to move. The market has been tilted in buyer’s favor for many months, but their advantage started to shrink last month. With new supply declining now, people who are serious about selling their home may want to jump in while there’s at least slightly less competition from other sellers.”