A lack of inventory continues to drive developments in the housing market. The number of existing homes for sale dropped below 2 million in July, its lowest level in 15 years. Meanwhile, a surge in new home sales has pushed the months’ supply of new-builds to the lowest level in three years. That lack of choice in the market is weighing on housing demand. Even so, the stage is set for an acceleration in house price growth over the second half of the year.
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