U.S. Home Listings Fall to Lowest Level in Nearly Two Years

• Sluggish homebuying demand and a pileup of inventory are deterring prospective home sellers, some of whom are opting to rent their homes out instead of sell.

• Existing-home sales hit a nine-month low as record-high home prices dissuaded buyers.

• Home sales, prices and listings are holding up relatively well in the Rust Belt, which has attracted buyers because it’s affordable.

New listings of U.S. homes for sale fell 3.2% in June to the lowest seasonally-adjusted level since October 2023. That’s the biggest month-over-month decline since February 2023. New listings fell 3.4% year over year, the first annual decline since October 2023.

Active listings—the total number of homes for sale—fell 0.3% month over month in June. That’s the first decline since July 2023 on a…