The overall market remains sluggish, but we are beginning to see first-time homebuyers come off the sidelines, buoyed by falling mortgage rates and an increased number of homes hitting the market.
Pending sales of starter homes leaped around 10% in July from a year earlier, to their highest level since October 2022, according to a recently published analysis by Redfin.
While pending home sales of starter homes rose, middle-tier homes, by contrast, fell 6.5% during the same period. Upper-priced pending home sales fell, too.
The number of starter homes on the market rose nearly 19%. Houses in the other tiers didn’t even see a 5% bump in active listings.
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