U.S. Listings Rise 2.6% in Late Summer

New listings of US homes rose ~3% MoM in Mid-Q3 to their highest level in over four years, as mortgage-rate lock-in eased.
Total homes for sale also grew ~4% MoM in Mid-Q3, widening overall supply as more sellers adjusted to slower market conditions nationwide.
Pending home sales were essentially flat MoM in Mid-Q3, while closed sales edged lower, showing buyers remained selective as supply improved nationally.
High housing costs kept demand stagnant: the median US sale price reached ~$399K after a yearly ↑2%, while mortgage rates averaged near 7%.
More listings let buyers compare homes, negotiate price, repairs or closing costs, and ~60% of homes sold below original asking price in Mid-Q3.