1032 ET - Pending U.S. home sales fell 3.4% year-over-year during the four weeks ending May 11, Redfin says, their lowest level on record for this time of year aside from 2020. Would-be homebuyers are backing off for two main reasons. One, rising home-sale prices and elevated mortgage rates pushed this week's median monthly housing payment to $2,860, just $6 shy of the record high set the week before. Two, some buyers are backing off because they're nervous about the future of the U.S. economy. One strategy: looking for condos or small houses to lower monthly payments. And a smart strategy for sellers is offering mortgage-rate buydowns to pique buyers' interest. On the selling side, new listings are up 5.1% year-over-year, and the total number of homes for sale is up 14.3%. (chris.wack@wsj.com)
(END) Dow Jones Newswires
May 15, 2025 10:32 ET (14:32 GMT)
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