The American residential housing industry continues to face a difficult situation with sales levels remaining at a depressed rate and inventory of unsold homes increasing. This week’s rate of increase in inventory was faster than the same period last year, making it a concerning moment for industry professionals.

Notable findings in the data include:
• Decrease in new pending sales to just 59,000
• Increase in available unsold inventory
• Faster rate of increase in inventory than the same period last year

Overall, the residential housing industry is facing tough times as sales remain low and inventory rapidly builds up. Further investigation into the causes behind the trend is likely warranted, as the housing market is one of the most important economic indicators in the country. The future of the housing market must be closely monitored, as industry professionals seek to identify solutions and avert a deep downturn.

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