House hunting is about to get harder

Anyone out shopping for a home on the resale market knows the pickings are slim. They’re about to get slimmer. 

The number of homes for sale this month was actually 7% higher than June of last year, according to Realtor.com. But, in just the last week, that comparison went negative, with the number of homes for sale falling below year-ago levels for the first time in 59 weeks.

New listings in the last week of June were down 29% from the same week a year ago. That’s a wider drop than previous weeks.

With mortgage rates surging ever higher, crossing over 7% again on the 30-year fixed Thursday, according to Mortgage…