There were 1.14m vacant homes not being used for any purpose in the first quarter, enough to double the inventory of existing homes for sale. Record low interest rates and the prospect of further house price gains mean owners have been reluctant to sell. But, as interest rates rise and house price growth slows, that should lead to some of those homes being put up for sale later this year. That will help stabilise, if not materially improve, the existing home inventory.
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