New listings rose 0.4% from a week earlier during the four weeks ending August 23 to their highest level since April. That's according to a new report from Redfin, the real estate brokerage powered by Rocket. The total number of homes for sale rose 0.5% week over week, hitting their highest level since May.

Pending home sales, meanwhile, fell 1.1% from a week earlier to their lowest level in six months. Would-be buyers are sitting on the sidelines largely because housing costs are high: The median U.S. home-sale price rose 1.9% year over year to over $400,000, and the weekly average mortgage rate is 6.65%—down from a peak of 6.69% two weeks earlier, but still near the highest level in 13 months. Some house hunters are also holding off due to economic uncertainty, with some waiting to see if mortgage rates come down in the next few months.

With inventory rising and demand declining, the homebuyers who are in the market could get a deal. It's a big-time buyer's market in much of the country, led by Miami, Nashville and much of Texas; in those places, buyers may be able to negotiate prices down and/or get concessions. A separate Redfin analysis found that late August or early September are prime times for buyers to score a deal in 11 U.S. metro areas, including much of California, Seattle and a pair of New York City suburbs.

"Buyers have an opportunity to get a deal done before the market potentially picks back up after Labor Day," said Chen Zhao, Redfin's head of economics research. "House hunters should consider homes that have been listed for several weeks; sellers of those homes may be willing to accept an offer under asking price, provide concessions like a mortgage-rate buydown or make repairs based on an inspection. Sellers should resist the urge to price based on what a neighbor got a year or two ago: Pricing a home correctly from the start can be the difference between attracting a serious buyer and lingering on the market."

For Redfin economists' takes on the housing market, please visit Redfin's "From Our Economists" page.

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-new-listings-rise-buyers-market/