Inventory
Available inventory of unsold single-family homes in the U.S. climbed this week almost half a percent to just over 640,000. There are 28.7% more homes on the market now than a year ago. This is the supply expansion I was talking about.
However, mortgage rates were climbing to their highest level of the year at this time in 2024. Mortgage rates now are lower than they were a year ago.
As rates climbed in 2023 in February, March, April, May all the way up to 7.5%, inventory grew each week pretty quickly. By the end of May there were 38% more homes on the market than the year prior. This year, rates are slowly easing down, so the expansion of inventory will be capped a bit.
We’re expec …
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