![]() The number of homes sold dropped 25% year over year while new listings fell 22%-the largest declines since May 2020 and April 2020, respectively, when the onset of the pandemic brought the housing market to a near halt. Home sales and listings in September both slumped the most on record with the exception of the early months of the pandemic as rapidly rising mortgage rates prompted both buyers and sellers to stay put. A record 22% of homes for sale had a price drop in September as homebuyer bidding wars eased.About 60,000 deals were called off, equal to 17% of homes that went under contract-the highest share on record aside from March 2020. ![]() ![]() Still, home prices rose 8% year over year due to persistent tight supply and inflation.Both buyers and sellers retreated in September as surging mortgage rates made moving more expensive. ![]()
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December 2022
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