At 2.07m, the inventory of homes for sale fell to its lowest level since 1994 in January, and is the sixth lowest level ever recorded in the 30-year history of the data. With home sales now at a normal level relative to the size of the population, this means that supply conditions are extremely tight. House prices rose by 9.7% y/y in January, and the 4.6 months’ supply of unsold stock on the market points to further strong gains during the first half of this year.
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