US inventory of homes for sale rose in June, the first time this has occurred YoY since before the pandemic, according to Redfin.
About the 2% boost, Redfin chief economist Daryl Fairweather said in prepared remarks, "The country's economic woes have already cooled the housing market, and they're likely to continue dampening demand."
High mortgage rates are a primary reason for keeping buyers on the sidelines, leading to the build-up of supply. High home prices and a faltering economy also contributed, "creating a more balanced market," the report said.
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