The U.S. housing market seems to be cooling off as the tight inventory situation shows signs of reversal, according to data from real estate listings website Realtor.
In June, the number of real estate listings increased by 18.7 percent compared to the same time in 2021, according to a June 30 news release by the company. This is the second-straight month of growth as well as the fastest increase since July 2017. The surge in listings means that there are over 98,000 more homes for sale every day compared to the same period in 2021.
“The increase in the number of homes for sale in June is due to a couple of key factors: Namely, sellers are putting more homes up for sale than last year. In fact, we’re back to about as many sellers as we saw in a typical pre-pandemic market,” said Realtor.com chief economist Danielle Hale. Supply of homes for sale is picking up just as demand is reaching a “breaking point” for many buyers, she added….