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Housing Market: 45,000 fewer homes available amid inventory crunch

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Homebuyers had 45,000 fewer homes to choose from in July as the US housing market remains as tight as ever

There were 45,000 fewer homes available to buy on a typical day in July compared to a year ago, according toDespite a month-over-month increase, active inventory fell 6.4% year over year, marking the first annual decline since April 2022. "The lack of newly listed homes has contributed to a renewed inventory crunch, as July saw fewer homes on the market compared to last year for the first time in several months," Realtor.com researchers Danielle Hale and Sabrina Speianu wrote.

At the same time, home sellers aren't participating in the market nearly as much as last year. Newly listed homes cratered 20.8% in July on a year-over-year basis.

 

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