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Home inventories have been rising


For sale inventories are trending up this winter, Zillow reported.  

Homes on the market rose by 0.4 percent year over year in November, the third consecutive month with gains, the company said. The number of available properties was estimated at 1.6 million nationwide, which remained about 400,000 homes less than in December 2014. Inventories had been falling for four years.

Zillow said homes are twice as readily available for buyers at the top third of the market (estimated at 675,823 homes for sale) than at the bottom third, estimated at 334,857 properties.

“Sluggish inventory growth likely was influenced by a spike in mortgage rates in November, when rates hit their highest level since 2011,” Zillow’s Director of Economic Research Aaron Terrazas wrote.

“Higher rates can keep potential sellers at home, not wanting to trade into higher-rate mortgages. Rising rates also give some buyers pause, because they increase monthly mortgage payments,” he wrote. 


 

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