Why has housing inventory growth slowed?

Weekly housing inventory dataIn recent years, our inventory data has grown steadily in August, but this year it hasn’t. What’s interesting is that inventory growth was excellent earlier this year, but I noted a change in housing dynamics starting in mid-June. This has been a significant factor in slowing inventory growth from its strong start. Conversely, if the spreads returned to their normal range, mortgage rates would be 0.59% to 0.39% lower than today’s level. Purchase application dataPurchase application data last week declined 1% week to week, while showing 16% growth year over year.