There were 1.4 million homes for sale in the U.S. in May, the fewest in any month since at least 2012, fueling bidding wars between hopeful homebuyers, according to online real estate giant Redfin.... [+]
Redfin attributes this shrinking housing inventory to homeowners feeling trapped by rising mortgage rates, adding that new listings are down 25% to the third lowest level on record. In a statement, Redfin chief economist Daryl Fairweather said the bidding wars may only become more common as interest rates eventually fall, encouraging many buyers waiting on the sidelines to jump back into the market.
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