Following a two-year drought in housing inventory, the housing market is showing signs of replenishment, according to data published by Realtor.com.
The week ending July 2 saw the rate of new listings increase by 8% year-over-year. The rate of active inventory rose 29% above last year's rate.
An increase in home listings is partially being driven by higher interest rates, which are discouraging potential buyers, Danielle Hale, chief economist at Realtor.com, said in a statement.
"More homeowners are taking advantage of still-strong housing market conditions just as higher mortgage rates and home prices are causing many buyers to reconsider their moving plans," Hale said. "As a result, the number of homes for sale is climbing rapidly."
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