Housing Supply Hits 6-Year High as New Listings Jump

New U.S. home listings rose 2.6% in August to the highest level in over four years, increasing overall supply by 3.9% to the highest since 2020. Pending sales were flat, while closed sales fell 0.5% to a year-low. High housing costs and mortgage rates (6.67%) keep demand stagnant. However, more listings give buyers leverage to negotiate prices, repairs, or closing costs, with nearly 60% of homes selling below asking price.