Housing inventory in 35 key markets overall was down 35% year-over-year in January, down 8% YoY in March, and is now up 79% YoY, according to market-watcher Bill McBride of the CalculatedRisk blog.
August is much of the same, he said. According to McBride's first, early look at local markets in August, "We are seeing a sharp decline in closed sales, and inventory is up significantly year-over-year." He said new listings are down as the "sellers' strike" continues.
Added McBride, all major statistical categories point toward a market slowdown. Days in the MLS in July are up 120 percent since last year at this time, and the close-price-to-list-price ratio dropped below 100 percent for the first time since July 2020, to 99.41 percent.
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