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It’s a seller’s real-estate market, but who’s selling?

Even though the U.S. has seen more than three years of a booming seller’s market for housing, there are plenty of Americans who are reluctant to sell their homes for a very simple reason: Where are they going to live?

The supply of U.S. homes for sale, known as inventory, has dropped to some of the lowest levels since before the Great Recession. In June, the National Association of Realtors said that inventory dropped nearly 1% from May to about 2.14 million homes, a supply of about 4.6 months, compared with a typical supply of 6 months in a healthy market.

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