What\u2019s the bottom line? <\/em><\/strong>Record low inventory and elevated mortgage rates remain key constraints on home sales. There were 1.1 million homes available for sale at the end of August, down from 1.28 million a year earlier and nearly half the levels seen in 2019. Plus, inventory is even tighter than that figure implies, as many homes counted in existing inventory are under contract and not truly available for purchase. In fact, there were only 669,000 \u201cactive listings\u201d at the end of last month.<\/p>\n\n\n\nYet, homes continue to sell quickly (averaging just 20 days on the market) and NAR\u2019s Chief Economist Lawrence Yun noted that \u201chome prices continue to march higher despite lower home sales.\u201d He added that \u201csupply needs to essentially double to moderate home price gains.”<\/p>\n\n\n\n
<\/pre>\n\n\n\nHousing Starts Plunge to 2-year Lows<\/strong><\/p>\n\n\n\n