Last month, the National Association of Realtors characterized an uptick in the inventory of homes for sale across the country as a sign of “seller confidence” and “an indication of a strong early beginning to the spring home buying season.”
NAR’s Pending Home Sales Index subsequently fell to its lowest level since 2011.
With inventory having ticked up another 5.6 percent over the past month and currently running 9.5 percent higher – and moving 23 percent slower – on a year-over-year basis, NAR is now characterizing the upticks as “welcome signs for spring buyers.”