The inventory of homes for sale across the country increased 8.7 percent from May to June and is within 1 percent of the level at the same time last year, versus 5.8 percent lower on a year-over-year basis in May.
At the same time, mortgage application activity for home purchases across the county fell 2 percent last week and is running 14 percent lower, year-over-year, and the National Association of Realtors Pending Home Sales Index is running 7.3 percent lower (16.7 percent lower in the West).