"Inventory continues to trend ahead of last year's numbers, but the 15.9% annual rise is down slightly from previous months. At 1.53 million units, it's down 0.6% compared to May."
"Despite the uptick in pending home sales and some buyer-friendly momentum, June inventory data suggest that a rising share of sellers are choosing to pull listings or allow them to expire."
"One bright spot is a 1.7% yearly gain for sales in the South, which makes up almost half of all existing-home sales in the country."
"High mortgage rates are causing home sales to remain stuck at cyclical lows. If the average mortgage rates were to decline to 6%, our scenario analysis suggests an additional 160,000 renters becoming first-time homeowners."
Inventory trends show growth ahead of last year's numbers at a 15.9% annual rise, though this is down slightly from previous months. Current levels are at 1.53 million units, down 0.6% from May. A higher number of sellers are choosing to pull listings or let them expire, prolonging the buyer-seller stalemate. Sales in the South show a 1.7% annual increase, while Midwest sales gained 2.2%. However, both regions decreased from May. High mortgage rates continue to hinder market activity, maintaining home sales at cyclical lows.
Read at www.housingwire.com
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