Sales activity declined from last year’s astronomical record to the lower end of the average range for this time of year. New listings, on the other hand, posted a record showing for the month of April. With sales down and new listings up this meant that some much-needed supply flowed back into the market. If sales activity remains subdued compared to the red-hot activity of the past two years in the face of more interest rate increases on the horizon, we will likely see a rebalancing of the market over the remainder of the year to a point where potential buyers can finally see a more normal availability of listings from which to choose.
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