"This year, monthly sales have risen year over year for six months in contrast to falling every month from January 2022 to January of this year," the association reported. "Inventory has increased from the prior year each month since April, which has helped spark sales."
"A lot of sellers are sitting on the sidelines, unwilling to trade their low mortgage rates for ones that may be double that. For the most part, mortgage rates have moved between 6 and 7 percent over the last 12 months," according to loan buyer Freddie Mac.
"More inventory and increased sales are trends we desperately need on our way to a more balanced market. However, seeing the median price [for a single-family home] climbing by double-digits in all but two months this year is still troublesome," said Chris Witten, 2025 association president.
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