NPR reported that there are a lot more homes are for sale. “We now have the highest inventory since the 2020 lockdown period, essentially five years ago,” said Lawrence Yun, the association’s chief economist. In July there were 1.55 million units for sale, nearly 16% more than a year earlier.
The increase in inventory is good news for buyers, because it gives them options and more leverage to negotiate. (For sellers, it’s not so good. Homes are taking longer to sell — an average of 28 days, compared to 24 days in July 2024, according to the NAR.)
Also, prices are softening in many markets: