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Supply of US Homes for Sale Rises for First Time in Three Years
Higher mortgage rates have kept more buyers on the sidelines and helped ease a shortage of inventory that has helped fuel bidding wars in recent years.
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The number of home for sale in the US rose 2% in June, the first time in three years inventory has increased, according to Redfin.
While the pandemic housing market was marked by a shortage of homes that fueled bidding wars and surging prices, the recent rise in listings comes as higher mortgage rates and the faltering economy are keeping more buyers on the sidelines.