INVH - Redfin sees homes for sale accumulating with smallest drop in listings since January 2020

Redfin recent report indicates that the number of homes for sale saw a 8% drop during the four weeks ending June 5, marking the smallest Y/Y decline since January 2020. Tours, offers and other requests for help with homebuying, as measured by the Redfin Homebuyer Demand Index, decreased 12% last week while new listings inched 2% down during the same period. 21% of sellers dropped their list price, the second-highest share on record, going back through 2015. "Sellers are losing control of the housing market as homes that are overpriced and/or less desirable are increasingly having price reductions and taking longer to sell," Redfin deputy chief economist Taylor Marr commented. Separately, mortgage purchase applications were down 21% from a year earlier, while the seasonally-adjusted index was down 7% week over week during the week ending June 3. For the 4-week period ending June 5, median home sale price was up 15% Y/Y

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Redfin sees homes for sale accumulating with smallest drop in listings since January 2020