A Lack of Available Inventory Continues to Challenge Home Sales

According to Zillow, a Seattle Washington based online real estate database company, in their latest Zillow’s Weekly Market Report (ZWMR), pending home sales remain well above last year’s levels. The ZWMR reveals however, that homes sales have fallen for the second week in a row. With newly pending sales dropping -0.9% week over week but remaining 13.8%higher than the same period a year ago. This as other data measures continue to show a fast-moving marketplace that continues to favor sellers. An indication, the ZWMR concludes, that the recent dip has more to do with a lack of available inventory than a lack of buyers’ interest. Zillow economist Jeff Tucker summed it up by saying “Record-low mortgage rates are helping fuel a brisk pace of home sales later into this summer than normal, but buyers are having to compete over fewer and fewer listings.”