Home listings are rising, but buyers arent buying due to high interest rates [Video]

Home listings were up by 13% year over year at the end of February, according to a report from Redfin. This is the largest increase in three years.

The total inventory on the market is also holding steady. This is the first time in about nine months that the number of homes on the market hasn’t declined.

While home listings are up, so are home prices. Housing prices are still historically high, the Zillow report found. The average mortgage payment is $2,671, close to last October’s record high.

These high costs have lowered pending sales by 8%, which is the greatest decline in five months. So, while listings are up, purchases are down as buyers struggle to deal with high housing costs and record-high homeowners insurance costs.

Even though purchases are down, buyers are still looking at homes. Redfin measures the requests it gets for tours and other homebuying services through its Homebuyer Demand Index. The Index is up by 10% from a …