Sellers put more homes on the market in May

Existing home inventory posts new record high

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.

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3d rendering of a row of luxury townhouses along a street

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