Home buyers have been struggling over the past year and change due to a number of factors, including sky-high home prices and a glaring lack of real estate inventory. Unfortunately, the first issue continues to be a problem in today’s housing market, as the National Association of Realtors (NAR) reports June’s median home sale price as $416,000 — a new record high.
But the second issue — a lack of housing inventory — may finally be easing. There were 1.26 million unsold homes as of the end of June, according to the NAR. That represents a 2.4% increase from June of 2021 and a 9.6% increase from May.
Of course, an uptick in housing inventory is very good news for buyers. But for sellers, it might raise a red flag, and understandably so.
This post originally appeared at The Motley Fool.