The labor market has always been my key variable for lower rates, and last week's headline jobs number missed, while wage growth came in cooler than anticipated, HousingWire lead analyst Logan Mohtashami said.
As of May 3, there were just under 600,000 single-family homes on the market, up 33% from last year, according to data from Altos Research.
In a few weeks, we expect the market will have more homes available than at any time in the past three years, Simonsen wrote on Monday.
By the end of the summer, it looks like inventory will finally be back above 2020 levels. But it'll take several more years of elevated mortgage rates before inventory builds back to pre-pandemic levels of 2019 or earlier.
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