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Existing Home Inventory UP Year-Over-Year For The First Time in 3 Years

Existing Home Inventory UP Year-Over-Year For The First Time in 3 Years

The National Association of Realtors (NAR) reported that June saw the 5th consecutive monthly decline in Existing Home Sales today.  The annual pace of sales came in at 5.12 million, well short of the consensus (5.38m) and 5.4% lower than May's 5.41m reading.  In the grand scheme of things, sales were already back in line with pre-pandemic levels over the last 2 months.  Today's release leaves them near the lower end of the range seen from 2015-2019, but sharply lower from the post-covid peaks around 6.5m. One major gripe about home sales (and one major explanation for an epic surge in home values) over the past two years is the broad notion of "inventory."  In other words, there weren't enough homes on the market to match the level of demand.   Even now, inventory levels re
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