The housing market has never been so competitive and so tough for buyers in the last 50 years. As of April, the inventory of homes for sale at the end of the month remained at near historic lows—1.16 million homes, 20% below the level one year ago, and equivalent to just two months of the month’s sales, way below the desired five to six months of supply. With a severe lack of inventory, home prices are rising at a torrid pace. The median existing-home sales price rose at a record high of 19.1% year-over-year in April. Many metro areas are experiencing strong price growth, with the median ...
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