Fewer first-time homebuyers are competing
Source: Housing Wire
After a year of extremely tight housing inventory, the housing market is showing signs of finally adding housing stock.
The inventory of unsold homes rose by 7.3% to 1.32 million from June to July, according to data from the National Assn. of REALTORS®.
However, even with the availability of more homes on the market, inventory for homebuyers is down 12% from 2020 (1.5 million).
As inventory starts to tick up, the intensity of multiple offers will lessen, leading to a more balanced housing market for homebuyers.