Unsold inventory in Texas and Florida has peaked for the season due to falling mortgage rates and increased withdrawals, signaling a low-demand market dynamic.
Falling mortgage rates contribute to a slight firming of demand for homes. Despite inventory peaking in key states, the overall unsold homes nationwide have not decreased.
Increasing withdrawals, around 30,000 to 35,000 each week, indicate seller discouragement, as many homeowners prefer not to sell their properties with previously low-rate financing.
New listings are on the decline, with only 65,000 new unsold listings reported, suggesting that the number of sellers for the rest of the year may continue to fall.
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