Existing home sales increased for the second month in a row in March. But, at 1.1% m/m, the rise was modest and sales are still lower than at this time last year. A lack of inventory explains that lacklustre performance. Despite a small improvement over the past few months, the number of homes for sale is close to record lows. With limited prospect of a material rise in inventory this year, home sales will therefore struggle to gain any upward momentum.
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