03:53 PM EST, 02/13/2025 (MT Newswires) -- Housing supply rose in January to the highest level since early in the COVID-19 pandemic, while pending sales dropped as unaffordability impeded buyer demand, Redfin (RDFN) said Thursday.

Active listings increased 0.3% month to month and about 13% year over year to the highest level since 2020, according to the real estate brokerage's report. New listings were up 1.9% sequentially and 4.7% annually, to the highest level since July 2022.

"On a national scale, we're seeing an increase in people selling homes and decrease in people buying homes, bringing supply and demand closer to equilibrium," said Redfin Senior Economist Elijah de la Campa. "But the national snapshot masks a lot of regional variation."

Pending sales decreased 4.2% sequentially in January, the biggest month-to-month decline on a seasonally adjusted basis since August 2023, and were at the lowest level on record aside from the start of the pandemic, Redfin said. They were down 6.3% year over year.

In expensive coastal markets like San Jose, California, and Seattle, pending sales climbed on an annual basis. On the other hand, in pandemic boomtowns such as Miami and Austin, Texas, pending sales posted double-digit declines.

Existing home sales fell 1.7% sequentially, the largest monthly decline since October 2023, but were up 2.4% year over year, Redfin said.

Demand slowed last month as the average 30-year fixed mortgage rate rose to 6.96%, the highest level since May, according to Redfin's report. Uncertainty surrounding tariffs and reductions in the federal workforce are keeping buyers and sellers on the sidelines, the brokerage wrote.

Home purchases were canceled at the highest January rate in records dating back to 2017, at 14.3% last month, up from 13.4% a year earlier, according to Redfin's data.

The median sale price slid 2% month over month to $418,581 in January, but rose 4.1% annually.

Price: 8.58, Change: -0.06, Percent Change: -0.69