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Friday, July 29, 2022 2:39:31 PM
Mortgage Interest rates were at 50 year lows last year and the pandemic really juiced demand but the doubling of mortgage rates in the last six months is allowing the inventory of existing houses for sale to increase from an unhealthy 2.3 months to closer to 3 months supply and moving to 4 to 6 months supply.
The NAR believes a 6 month existing housing supply is a balanced market between supply and demand.
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