Redfin is reporting the smallest year-over-year increase for pending sales since June 2020, according to a press release.
The report says that pending sales climbed 7% during the four-week period ending Sept. 12, according to Redfin.
Just under half of the homes that were sold during that time period went for more than the asking price, which is the smallest it has been since mid-May, the press release said.
Although home sale prices are flattening after the summer rush, they were still 14% higher than a year before, the release stated.
"Homebuying demand is being propped up by a number of factors, including first-time buyers deciding to buy now that rents are rising at their fastest rate since at least the start of the pandemic," Redfin Chief Economist Daryl Fairweather said in a press release. "And now that enhanced unemployment benefits are ending, even more people may look to relocate for a new job. This sustained demand is likely why home prices have picked back up in recent weeks. Hopefully it will translate into more new listings too."
The number of homes being listed is in decline, down 18% from the 2021 peak reached during the four-week period ending June 27.