Inventory of Homes for Sale Highest Since 2020 As Buyer Demand Teeters

• The number of homes for sale in the US hit the highest level since 2020 last month, Redfin said.
• But demand is weak, and pending home sales have dipped to the lowest on record.
• To entice buyers, the typical home is selling nearly 2% below asking price.

A five-year high in the inventory of homes for sale and anemic buyer demand is forcing many properties to sell below their asking price.