Inventory grew by almost 14,000 homes this week, slightly lower than the model's prediction. The U.S. housing market is showing signs of returning to the conditions of rapid inventory growth seen in the second half of 2022, with sellers potentially opting to wait for better conditions.
Glenn Kelman of Redfin believes homeowners might not be able to wait much longer. He expects further inventory growth in the second half of the year, although current data doesn't reflect it.
The available inventory of unsold single-family homes is increasing, with 634,000 homes unsold currently, indicating a substantial weekly gain. By late summer, a rise in mortgage rates could lead to even more unsold inventory.
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