Although the market remains tight, a rise in inventory could break up clouds for homebuyers, analysts say.
Home prices reached an all-time high in June, even as the nation's housing slump continues with fewer people buying homes last month due to an affordability crisis.The national median sales price rose 4.1% from a year earlier to $426,900, the highest on record going back to 1999. At the same time, sales of previously occupied U.S. homes fell in June for the fourth straight month as elevated mortgage rates and record-high prices kept many would-be homebuyers on the sidelines.
'For now, however, sellers are still benefiting from a tight housing market.Homebuyers snapped up homes last month typically within just 22 days after the properties hit the market. And 29% of those properties sold for more than their original list price, which typically means sellers received offers from multiple home shoppers.'Right now we're seeing increased inventory, but we're not seeing increased sales yet,' said Yun.
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