New listings hit their highest levels since May last week, marking their fifth consecutive week of increases amid another slow summer of home sales, Redfin reported Thursday.

As mortgage rates have surged in recent months and home purchase demand has subsequently cooled, some sellers who have seemingly held off on listing their homes are entering the market at a quicker clip ahead of a typical fall sales bump.

On a seasonally adjusted basis, new listings were 5.8% higher from a year ago over the four weeks ending Aug. 16, reflecting a 1.2% boost from one week earlier.

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“Some homeowners have been waiting for mortgage rates to fall and demand to surge — but now they realize that’s unlikely to happen anytime soon, so they’re taking the plunge now,” said Jamie Derouen, a Redfin agent from Houston quoted in the report.

New listings, which reflect homes that came up for sale during that four-week period, were 10% higher or more in Houston, Boston, St. Louis and San Jose, Calif. They declined by more than 13% in Dallas, while sliding about 9% in Atlanta and nearly 7% in San Antonio.

Average mortgage rates that have held above year-ago levels since the beginning of August have further suppressed purchase demand, already at low levels amid a range of affordability pressures.

The Mortgage Bankers Association (MBA) reported Wednesday that purchase mortgage application volumes declined on a weekly basis and remained below year-ago levels for the third consecutive week. The trade group said Thursday that new-home mortgage demand plunged 5.7% below year-ago levels in July, reflecting a 1% slide from June.

“The steady rise in mortgage rates this summer has dampened borrower demand,” said Bob Broeksmit, president and CEO of the MBA, in rates commentary shared with Scotsman Guide on Thursday.

With pending sales for existing homes slowing measurably in July on both a monthly and yearly basis, according to the National Association of Realtors, the new sellers listing their properties in August may face challenges finding buyers as rates stay elevated.

Even the pace of new-home sales — on which many homebuyers are securing below-market rates through builder incentive programs — declined 1.4% from June and 1.1% from a year ago in July. Pending new-home sales were down about 0.9%, according to data tracked by Zonda, a data analytics platform for home builders.

“Mortgage rate volatility, geopolitical tensions, the approaching midterm elections, and concerns about AI’s impact on the labor market continue to weigh on confidence,” said Ali Wolf, chief economist for Zonda, in a new-home sales report published Thursday. “Until affordability improves or confidence returns, the market is likely to keep treading water.”