Looking ahead to 2025, we anticipate increases in housing inventory, with a forecast of around 17% more homes on the market due to gradual recovery.
Current mortgage rates are influencing buyer behavior; although pending home sales rose 9% compared to last year, sales are declining as we head into the season.
The inventory of unsold single-family homes is currently 722,000, which is 27% higher than last year, but it may take years to fully recover levels from the past decade.
Despite an influx of new listings in the market, there remains a shortage of sellers, contributing to challenges in inventory growth as we approach 2025.
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