New listings of U.S. homes for sale rose 2.6% month over month to their highest level in over four years in August. The surge in fresh supply was driven by San Jose, CA, where listings rose 25.5% year over year, Nashville (15.8%) and Seattle (13.7%), which posted the biggest increases in the country.
More U.S. homeowners are listing as the mortgage-rate lock-in effect fades, life circumstances prompt moves and sellers adjust to a slower market.
The jump in new listings is contributing to a widening pool of overall supply: The total number of homes for sale rose 3.9% from a month earlier to its highest level since 2020. Seattle is also a major driver of that uptick; active listings rose 24.2% year over year in August, the biggest increase in the U.S. It’s followed by Boston, with an 18.7% increase, and San Jose (17.7%).