Would-be home sellers are stepping back as high rates and economic jitters keep buyers on the sidelines.

New listings of U.S. homes for sale are down 1.3% week over week, one of the biggest declines of the year. 

Prospective home sellers are backing off because homebuying demand has slowed down. Pending home sales ticked down 0.2% week over week during the week ending May 31–a small decline, but the third in a row. Mortgage-purchase applications fell to their lowest level in six weeks.