As summer approaches, the housing market shows positive changes for buyers, with increased listings and higher buyer confidence due to favorable job and inflation reports. There are now over one million homes for sale, offering buyers more choices and negotiating power. However, affordability is still a concern with high mortgage rates. Overall inventory is significantly up compared to last year, marking the highest level since December 2019, but remains constrained in some hot markets. Continued monitoring of these trends is crucial as regional dynamics shift.
"This will be an important trend to watch, especially as regional real estate dynamics diverge and the market gradually shifts back in favor of buyers," notes Xu.
"The overall number of for-sale homes was up 27.5% year over year. This marks the 85th straight week of annual gains in inventory."
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