In the heart of the busiest season for housing, homesellers are pulling back.
New listings in April fell 1.1 percent from a year ago, according to Redfin, a national real estate brokerage. That may not seem like a lot, but with the number of homes for sale extremely low and demand for homes high, the drop in new listings is unexpected and unwelcome. The reason has less to do with buyer demand and more to do with seller anxiety.
"Trade-up buyers seem to be losing their mojo heading into the heart of the spring selling season," said Redfin chief economist Nela Richardson. "Repeat buyers tend to list early because they are most often also looking for another home to buy in the near future. A slowdown in new listings reflects a lack of confidence on the part of the homeowner that they can find a desirable home to purchase."