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    "Tight [housing] inventory is especially pronounced in the lower end of the market, which we define as the bottom third of the housing stock," Svenja Gudell, director of economic research at Zillow. "Of the largest metros, most saw very few for-sale homes come from the bottom tier, and more so from the top tier. This tightness of supply will continue to impact first-time home buyers and others trying to buy a lower-end home."

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