Ask most buyers what the market feels like right now and you'll hear a version of the same complaint: there's nothing worth looking at, and whatever does show up gets bid over asking before you can book a tour. That story held up pretty well a couple of years ago. It's a lot harder to defend this week, because new listings just climbed to their highest level since August of 2022, according to a new report from Redfin covering the four weeks ending August 30.
That's not a small move, and it's worth actually sitting with the numbers before deciding what they mean for you.
Roughly 383,795 new listings hit the market nationally over that four-week window, seasonally adjusted, up about 8% from a year earlier and up 2.1% from the week before. Active listings, meaning the total pool of homes sitting on the market at any given moment, climbed to just over 1.51 million, up 2.4% year over year. That second number is the one that actually matters more to you as a buyer. It's not just that more homes are coming up for sale. It's that more of them are staying up, giving you more time to look before someone else moves first.
Here's the catch, though, and it's an important one: demand hasn't kept pace. Pending home sales dipped slightly, down 0.1% from the week before and about 2.5% below where they were a year ago, landing at their lowest point since February. Months of supply rose to 4, up from 3.7. Redfin considers four to five months of supply roughly balanced, with anything lower tilting toward sellers. So the gap between rising supply and flat demand is real, and it's doing a lot of the work in handing buyers actual leverage this fall, not just a headline claiming they have it.
So why now? Late summer into early fall is a normal seasonal window for sellers to list, but elevated borrowing costs are also keeping plenty of would-be buyers on the sidelines. The average weekly 30-year mortgage rate sat at 6.66% for the week ending August 27, per Freddie Mac, while a daily reading from Mortgage News Daily put the rate closer to 6.91% on September 2, near its highest point in more than a year. Prices haven't cracked yet either. The typical home sold for $398,632, up 2.2% from a year ago. But the median asking price actually ticked down 0.1% year over year, a tiny dip, but a real one, and a sign that at least some sellers are adjusting their expectations before you even walk in the door. Put the rate and the price together and the typical monthly mortgage payment on a new purchase works out to roughly $2,592, up a modest 0.7% from a year ago. That's genuinely useful context: rates, not home prices, have done most of the work in keeping monthly payments elevated this year, which is a different problem than the one most headlines describe.
So Is This Actually a Buyer's Market Now?
Not everywhere, and not for every home. HouseJet believes the national numbers are pointing the right direction for buyers, but a national average is doing a lot of averaging. New listings jumped nearly 30% in San Jose and more than 26% in Boston over the same four weeks, while they actually fell over 11% in Dallas and almost 9% in Atlanta. More inventory nationally does not mean more inventory on your specific street, and it's worth checking your metro's numbers specifically before you assume the leverage applies to you.
Move-in ready homes in good neighborhoods also haven't gotten the memo that this is supposed to be an easier market. The median home is still going under contract in 45 days, unchanged from a year ago, and just under 26% of homes that sold went for more than their asking price, actually up slightly from 25%. So this isn't a market where every showing goes uncontested. It's one where the merely fine houses are finally competing for your attention instead of the other way around.
A few practical steps are worth taking seriously if you're shopping right now. Widen your search radius before you widen your budget. With more homes sitting on the market longer, you have more room to actually compare a handful of similar properties instead of grabbing the first one that clears your minimum bar, and that comparison is where real savings tend to show up.
Get pre-approved so you can move fast on the ones that matter. The extra inventory is real, but the good, move-in ready homes in desirable pockets are still going in under seven weeks, and roughly a quarter of them are still fetching over ask. Leverage on the slow-moving two-thirds of the market doesn't help you if you can't act quickly on the one house you actually want.
Ask about price-drop history before you write an offer. Just under 21% of active listings have taken at least one price cut, up slightly from 20.2% a month earlier. A home that's already been reduced once is telling you something about how it was originally priced, and that's useful information at the negotiating table, not just a data point.
This is also a good moment to actually talk to a mortgage professional before you get attached to a specific listing, not after. A lender who's willing to run a couple of different rate and down payment scenarios with you can tell you what a slightly slower market and a still-elevated rate actually do to your monthly number, and that conversation costs you half an hour, not a commitment.
None of this means home shopping suddenly got easy. Rates are still sitting well above where they were a few years back, and prices are still higher than they were a year ago even with the recent softening. It's not one big dramatic shift in your favor. It's a handful of smaller ones stacking up at the same time, and together they add up to something you can actually use.
If you've been waiting for the market to hand you a reason to start touring again, this is closer to one than anything you've seen in a while. It's a start, not a guarantee.
