Key notes-
- New Listings, Pending Sales, and Closed Sales have decreased with Days on Market Until Sale significantly increased meaning less inventory and what is on the market is sitting there longer.
- Months Supply of Inventory in Single Family Homes and Townhouse/Condos have both increased. If looking for properties, you now have more inventory now compared to the past year to browse and less competition.
U.S. Market Recap
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Mortgage rates trended lower the last week of May. Home price appreciation increased. Mortgage application submissions decreased, job openings rose in April, and the ADP nonfarm employment change jumped in May. Both continuing and initial jobless claims increased slightly. Construction spending climbed higher, and the employment situation had mixed results.