The housing inventory market is in a period of slow growth, as less than 3,000 homes were added to active listings this week. Despite the current slow growth, expectations remain that the housing market will reach a seasonal peak later this year.

The current decline in housing inventory reveals only part of the market picture, however. Conflicting economic indicators, such as pending sales substantially increasing from the previous year and purchase contract volume up, hint at increased demand and prices. Potential buyers are eager, but the overall price of entry remains elevated due to competitive bidding and scarce inventory.

Important elements of the text:
• Slow week in housing inventory – less than 3,000 homes added
• Expectations of seasonal peak later this year
• Pending sales up from last year
• Purchase contracts increased
• Competitive bidding and scarce inventory lead to higher prices

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