New listings continue to hit the market at a rapid pace, so inventory piles up quickly if we have a couple weeks with fewer pending sales. Just this week, inventory netted 12 additional single-family homes for sale, due to only 9 listings going into contract, as opposed to 18 the previous week. Over the past 10 weeks, we are averaging just over 17 new listings every week. If this trend continues, it will be tough for buyer activity to keep up, and inventory could continue to surge.
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