Dynamics within the housing market are a result of wages, consumer sentiment, interest rates, and the economic environment. Over the past year, the number of homes for sale and the number of homes sold has diverged. The U.S. Department of Housing and Urban Development carefully tracks all home listings and sales on a monthly basis. The most recent data available reveals that for the past year, as of July 2017, there was an increase in the number of homes for sale and a decrease in the number of homes sold. At the end of July, there were 276,000 homes for sale while there were 571,000 homes sold. July 2016 saw 627,000 homes sold with only 237,000 homes for sale nationwide.
Causes of the divergence may be attributable to an increase in new homes or a decrease in buyers. Further details from the data show that some regions of the country experienced either more homes sold or for sale relative to other regions.
Sources: U.S. Census Bureau, U.S. Department of Housing & Urban Development