The ongoing slowdown in demand for houses may be an early step toward an eventual return to normal inventory levels.
Still, homebuyer demand remains severely depleted by Zillow’s measure, down nearly 50 percent from where it was in June of 2019 before the pandemic upended the economy and sent the housing market into overdrive. But after being down 27 percent year-over-year in March, that gap has been cut nearly in half in the three months since, Zillow says. Zillow’s measure of for-sale inventory still shows fewer homes for sale at the end of June than were on the market at the same time last year. Not every company that tracks home inventory concurs with Redfin’s finding of year-over-year growth, but most generally agree: Inventory has been closing the gap in recent months and quickly. “The Fed has signaled it may increase interest rates further to combat stubbornly high inflation, which could harm consumer confidence, and lower stock prices mean fewer prospective homebuyers can afford a down payment.” “The country’s economic woes have already cooled the housing market, and they’re likely to continue dampening demand,” Redfin Chief Economist Daryl Fairweather said in the report. The bump marks the first month since the start of the pandemic in which Redfin’s home inventory estimate was up year-over-year. homes were available for sale in June on a seasonally-adjusted basis, a 2.4 percent increase from the previous month and 1.8 percent higher than in June of last year, the Seattle-based real estate company reported Thursday. When the waters get choppy, trust Inman to help you navigate.īy Redfin’s latest count, homebuyers now have more listings to choose from at any given time than they did at this point last year.
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