Two facts stand out in today’s housing market: rising home sales and flat/falling inventory.

Existing home sales are up 5% year over year in the first half of 2016, and in June reached a seasonally adjusted annual rate of 5.57 million units―the highest level since early 2007.  But housing inventory, as measured by the number of existing homes for sale, was down by 130,000 units year over year in June.

This is a continuation of what has been happening since 2012. Between 2012 and 2015, home sales have increased by almost 600,000 units, from 4.67 million units to 5.25 million units, while housing inventory has been flat or down.

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