Opinions differ as to when the housing market will turn around. Most analysts think that we have not yet hit bottom. Some think we might be close. One of the keys to the puzzle is the state of the housing inventory.

In May, there was a 10.8-month supply of homes for sale at the current sales pace, according to the National Association of Realtors (NAR). This was a move down from an 11.2-month supply in April. When the supply reaches the six- to seven-month level, the housing market should pick up, barring a major recession or a big jump in inflation or interest rates.

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