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.
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.
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