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The presence of multiple offers implies that housing demand is not being satisfied due to lack of supply. Homebuilders are ramping up production and hiring workers.
Existing-home sales in June 2023 varied among the four major U.S. regions, with the Northeast experiencing gains, the Midwest holding steady, and the South and West posting decreases.
In May 2023, pending home sales surged in the Northeast; the other three U.S. regions posted month-over-month losses. All four regions saw year-over-year declines in transactions.