The inventory shortage hit new lows last week as Redfin found that there are nearly 40 percent fewer homes for sale than there were pre-pandemic. For the four weeks ending June 11, the total number of U.S. homes for sale dropped 6 percent from a year earlier—the biggest decline in 13 months.
New listings dropped 23 percent, continuing a 10-month streak of double-digit declines. According to Redfin, there are 39 percent fewer homes for sale now than in June 2018. The daily average 30-year fixed mortgage rate was 6.95 percent on June 14, down from a seven-month high of 7.14 percent three weeks earlier but up from about 6.6 percent a month earlier.
Additionally, pending home sales were down 17 percent year-over-year, the biggest decline in more than four months.