BREAKING: The 4-week average of US new home listings rose +2.1% in the week ending August 30th, to 383,795, its highest since August 2022. This exceeds this year’s previous peak of 383,712, set in April. The increase was led by San Jose, Boston, and Nashville, where listings surged +29.4%, +26.1%, and +21.5%, respectively. At the same time, the total number of homes for sale rose +0.4% to 1,511,313. Meanwhile, pending home sales declined -0.1% over the same period to 308,282, the lowest since February, suggesting demand is failing to keep up with rising supply. This comes as the median sale price rose +2.2% YoY to $398,632, while the average 30Y mortgage rate stood at 6.66%, near its highest over the last 12 months. Housing market affordability is at record lows.(The Kobeissi Letter)