The number of homes for sale has been improving for a while now and the gains continued in June. In fact, according to recently released data, inventory was up 4 percent from May. The improvement pushed the number of homes on the market 23 percent higher than last year and shrunk the gap between current levels and pre-pandemic averages – it is now the smallest it’s been since 2020. Inventory improvements have also led to year-over-year increases in all but two of the country’s 50 largest metropolitan areas. What does this mean for summer home buyers? Well, it means homes on the market will last a little longer, though attractive listings will still sell quickly. It also means home prices may begin to moderate. The latest numbers show 24.5 percent of listings received a price cut in June. That’s the highest share for this time of year since 2018. (source)
