Number of US Homes For Sale Plunges to Lowest Level Since 2012
Since real estate brokerage Redfin started taking records, fewer homes were available for sale in the United States in May 2023 than in any other month.
The number of homes for sale declined by 7.1 percent year-over-year in May 2023 on a seasonally adjusted basis to 1.4 million units, according to a June 21 Redfin press release. This is the first annual decline since April last year and the lowest level of homes for sale dating back to 2012. Compared to May 2019, before the pandemic hit the housing market, May 2023 sales numbers are lower by 38.6 percent. Redfin blames the shortage of homes on persistently high mortgage rates….