The housing market continues to be exceptionally competitive as active housing inventory only rose by 6,722 last week. This marginal increase follows a period of notably low numbers over the prior week which was put into perspective by the Memorial Day holiday.

Real estate sales has been a major driver of the economic recovery, as buyers are taking advantage of decreased mortgage interest rates and are actively looking to purchase. This success, however, has been limited by the low availability of houses that are on the market, which stands in contrast to the corresponding increase in demand and buyers.

• Low active housing inventory: only 6,722 increase last week
• Prior week numbers low due to Memorial Day holiday
• Economic recovery driven by increasing real estate sales
• Demand increases as mortgage interest rates decrease
• Limited availability of housing market despite increasing demand

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