Active home listings grew at an annual rate of 18.7% in June compared to a year earlier — the fastest pace since 2017, according to a new report.
New housing inventory grew rapidly in June as the recent spike in mortgage rates pushed some buyers to the sidelines. That's easing an acute supply shortage, but affordability continues to be a headache for house-hunters, given the combination of rising rates and record-high asking prices.
"You had a perfect storm where demand was really high, supply was relatively tight and you saw the number of homes for sale drop, and prices go up as a result," said Realtor.com analyst Danielle Hale. And mortgage rates have inched upward this year, averaging 5.7% for a 30-year fixed-rate loan as of June 30, according to Freddie Mac. By comparison, the 30-year mortgage was at about 3% a year earlier.
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