New study: New listings of homes jumped 4% in four-week period

El Paso News

PARK RIDGE, IL – DECEMBER 29: A “House For Sale” sign is visible in front of an existing home December 29, 2005 in Park Ridge, Illinois. Sales of existing homes in November fell, reportedly, by 1.7 percent, spreading concern with economists on the state of the housing market. (Photo by Tim Boyle/Getty Images)

Strong demand and record-low supply are starting to ease and mortgage rates are coming down off their recent highs.

According to Redfin, new listings of homes jumped 4 percent in the four-week period ending July 4th. The number of active listings is still down 32 percent from a year ago, but that’s actually the smallest annual drop since early February.

“It’s still really competitive when there’s a lower-priced home in a very sought-after area,” said Redfin agent Kristi Miller of Seattle, which also had a high bidding-war rate, at 71.2 percent. “But bidding wars are starting to slow for mid- and higher-priced homes.”

Last week, rates fell again with no imminent fear of another spike.

To view the full report, including the bidding war rates by metro, click here.

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