More Inventory More Options...
As the spring selling season continues to chug along, there has been an increase in the amount of available inventory available to purchase. Driven by the lure of high prices, Sellers brought 11% new listings to the market in May which led to an increase in pending and sold homes.
The trend of double digit price increases continued. It was driven by Buyers offering over the asking price, however there are signs that this trend may be cooling some as inventory levels grew to a four week supply.
As mortgage rates continue to rise, affordability concerns for Buyers could cause a further shift in the market. All in all the market should continue to be good for the rest of the selling season and beyond.