For-sale listings fall with slump in homebuyer demand

Pending home sales also dropped 8% year over year, matching the decrease seen in May 2020.

Moreover, homes that sold during the four-week period were on the market for a record-low median of 15 days, down from 18 days last year.

“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,” said Redfin deputy chief economist Taylor Marr.

Marr said that although demand is easing, homebuyers may soon jump back into the market once home price growth eases and interest rates stabilize.

“A strong labor market will continue to be a driving force for the bulk homebuying demand this year,” he said.