The number of existing homes on the market surged to the highest level in almost two years, giving the housing market a bit of good news. Per MarketWatch:

Low levels of homes available for sale have put a damper on the housing market in recent years, along with a weak labor market, tight credit and escalating residential prices.

“Further big increases in overall home sales (new and existing) will require a more robust selection of inventories to bring in conventional buyers who have been sitting on the sidelines,” Stephen Stanley, chief economist at Pierpont Securities, wrote in a research note.