This week saw 45,000 new listings for single-family homes, a 12% increase in sellers compared to last year, indicating a growing inventory trend for 2025.
Mortgage rates surged to around 7.25%, hitting the high end of our projected range, driven by strong jobs data and inflation concerns influencing the bond market.
While inventory is rising with more sellers, home sales are declining, illustrating a challenging market where increased supply does not equate to sales growth.
The impact of the Los Angeles fires is yet to be fully understood, but their implications on restricted inventory levels in California and national averages will be observed.
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