"You have an increase in sellers coming back on the market," said Orphe Divounguy, a senior economist at Zillow.
"Homes are staying on the market for a bit longer because the sales are not keeping up with the flow of homes coming on the market," Divounguy said.
watch nowYet despite the recent jump in supply, "we're still starved for inventory in the for-sale market," said Divounguy.
Homebuyers are waiting on lower mortgage ratesAs mortgage rates have remained high and housing affordability has strained household finances, buyers have been unable to jump in the market, Divounguy explained.
While mortgage rates could "change pretty quickly" or "on a dime," said Fairweather, buyers are unlikely to see big movement in the near term.
Persons:
Orphe Divounguy, Zillow, Divounguy, Redfin, Daryl Fairweather, We're, Fairweather, Freddie Mac, homebuyers, It's, there's
Organizations:
Zillow, Finance, Biden, Trump, Federal Reserve, Fed
Locations:
U.S, Dallas , Texas, Fort Lauderdale , Florida, Florida, Tampa, Jacksonville