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The number of homes available to buyers climbed 18.7% in June, the sharpest year-over-year increase in the history of the report.
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The increase ends a six-month string of monthly declines, the National Association of REALTORS® said.
New-home inventory rose to 444,000 homes in May from 437,000 homes in April, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
Meanwhile, existing-home sales slid 3.4% from April to a seasonally adjusted annual rate of 5.41 million, according to the National Association of REALTORS®.
Realtor.com’s updated 2022 forecast sees housing demand returning to pre-pandemic levels.
Nationwide, sales fell 8.5% annually and rose 5.8% monthly, as rising interest rates and home prices weighed on homebuyers’ purchasing power, RE/MAX said.
New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report.
Nationally, the index posted its highest annual increase ever.
With affordability reduced, some buyers are pulling back from the market forcing sellers to adjust their price expectations.