US housing inventory reaches 6-year high

New home listings rose 2.6% in August to 393,178, with inventory at its highest since 2020. Despite increased supply, buyer activity remained low, with pending sales nearly flat and closed sales down 0.5%. The median home price hit a record $398,596, while mortgage rates rose to 6.67%. Buyers now have more negotiating power, especially in markets like Texas and South Florida, while San Francisco remains a strong seller's market.