The number of homes for sale across the United States increased at a record rate in July, signaling that higher mortgage rates and soaring prices are decreasing consumer demand for housing, according to a report published by Realtor.com on Aug. 9.
The growing number of homes for sale could mean that would-be buyers may have more negotiating power when it comes to purchasing property, as inventory levels continue to rise. This will no doubt be a welcome change to potential buyers, after years of the increasing rise of home prices, lower inventory levels, and increased demand.
According to Realtor.com, the number of active listings of homes for sale rose 31 percent from a year earlier in July, marking a record-high increase for a third consecutive month and the largest increase in inventory in the data history….