{"id":76599,"date":"2023-08-10T05:00:04","date_gmt":"2023-08-10T12:00:04","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76599"},"modified":"2023-08-10T14:28:00","modified_gmt":"2023-08-10T21:28:00","slug":"housing-market-update-low-demand-lower-supply-high-prices","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-low-demand-lower-supply-high-prices\/","title":{"rendered":"Housing Market Update: Low Demand + Lower Supply = High Prices"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">U.S. home prices are up 3% year over year despite relatively slow demand. That\u2019s due to a shortage of homes for sale, with inventory posting its biggest drop in over a year and a half.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">The median U.S. home-sale price rose 3% year over year during the four weeks ending August 6, the biggest increase since November. Prices are rising much more in certain parts of the country, with double-digit increases in <a href=\"https:\/\/www.redfin.com\/city\/11458\/FL\/Miami\/filter\/include=forsale+mlsfsbo+construction,status=active\">Miami<\/a> and <a href=\"https:\/\/www.redfin.com\/city\/35759\/WI\/Milwaukee\/filter\/status=active\">Milwaukee<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Prices are increasing despite tepid homebuying demand, with some buyers still sidelined by stubbornly high mortgage rates: They\u2019re hovering around <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">7%<\/span><\/a><span style=\"font-weight: 400;\">, up from a 3% <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/MORTGAGE30US\"><span style=\"font-weight: 400;\">average<\/span><\/a><span style=\"font-weight: 400;\"> in 2021 and a 5.3% average in 2022. Redfin\u2019s Homebuyer Demand Index, which measures early-stage demand through requests for tours and other buying services from Redfin agents, is down 5% from a year ago to its lowest level since March. Mortgage-purchase applications are down 27% from a year ago, also reaching their lowest level since March.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Limited inventory is pushing prices up, with so few homes for sale that there are more house hunters than homes on the market in much of the country. The total number of homes for sale is down 18% year over year, the biggest drop since the start of 2022, and new listings are down 16%, with homeowners <\/span><a href=\"https:\/\/www.redfin.com\/news\/high-mortgage-rates-lock-in-homeowners-2023\/\"><span style=\"font-weight: 400;\">staying put<\/span><\/a><span style=\"font-weight: 400;\"> to hold onto their relatively low mortgage rate. It\u2019s worth noting that another reason prices are up on an annual basis is that they were coming down from an all-time high at this time last year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThere\u2019s a fair amount of demand for lower-priced single-family homes, which in this area means around $400,000 and under,\u201d said <a href=\"https:\/\/www.redfin.com\/city\/17154\/WA\/Spokane\/filter\/include=forsale+mlsfsbo+construction,status=active\">Spokane, WA<\/a> Redfin Premier agent <a href=\"https:\/\/www.redfin.com\/real-estate-agents\/brynn-rea\">Brynn Rea<\/a>. \u201cBuyers are looking for a deal to make up for high mortgage rates. That means the few move-in ready, relatively affordable homes on the market are selling fast, sometimes with multiple offers. But today\u2019s bidding wars usually involve two or three offers, as opposed to the five to 10 offers we were seeing a year and a half ago\u2013and many higher-priced homes are sitting on the market because it\u2019s hard to afford today\u2019s monthly payments.\u201d\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Leading indicators of homebuying activity:<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The daily average 30-year fixed mortgage rate was <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\"><span style=\"font-weight: 400;\">7.05%<\/span><\/a><span style=\"font-weight: 400;\"> on August 9. For the week ending August 3,\u00a0 the average 30-year fixed mortgage rate was <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">6.9%<\/span><\/a><span style=\"font-weight: 400;\">, slightly higher than a week earlier but slightly lower than the half-year high hit three weeks earlier.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mortgage-purchase applications during the week ending August 4 <\/span><a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2023\/08\/09\/mortgage-applications-decrease-in-latest-mba-weekly-survey\"><span style=\"font-weight: 400;\">declined 3%<\/span><\/a><span style=\"font-weight: 400;\"> from a week earlier, seasonally adjusted. Purchase applications were down 27% from a year earlier.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The seasonally adjusted Redfin Homebuyer Demand Index\u2013a measure of requests for home tours and other homebuying services from Redfin agents\u2013was down 6% from a month earlier to its lowest level since March. It was down 5% from a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Google searches for \u201c<\/span><a href=\"https:\/\/trends.google.com\/trends\/explore?date=today%205-y&amp;q=homes%20for%20sale#cmpt=q\"><span style=\"font-weight: 400;\">homes for sale<\/span><\/a><span style=\"font-weight: 400;\">\u201d were down roughly 8% from a month earlier during the week ending August 5, and down about 11% from a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Touring activity as of August 6 was up 7% from the start of the year, compared with a 5% <\/span><i><span style=\"font-weight: 400;\">decrease<\/span><\/i><span style=\"font-weight: 400;\"> at the same time last year, according to home tour technology company <\/span><a href=\"https:\/\/www.showingtime.com\/impact-of-coronavirus\/\"><span style=\"font-weight: 400;\">ShowingTime<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Key housing market takeaways for 400+ U.S. metro areas:<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Unless otherwise noted, the data in this report covers the <\/span><b>four-week period ending August 6<\/b><span style=\"font-weight: 400;\">. Redfin\u2019s weekly housing market data goes back through 2015.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Data based on homes listed and\/or sold during the period:<\/span><\/h2>\n<p><i><span style=\"font-weight: 400;\">For bullets that include metro-level breakdowns, Redfin analyzed the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The median home sale price was $381,225, up 3% from a year earlier. That\u2019s the biggest increase since November.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sale prices<\/span> <span style=\"font-weight: 400;\">increased most in Miami (12.6% YoY), Milwaukee (12.1%), West Palm Beach, FL (9.2%), Cincinnati (8.9%) and San Diego (8.6%).\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Home-sale prices declined in 12 metros, with the biggest drops in Austin, TX (-10.6% YoY), San Francisco (-6.3%), Phoenix (-3.6%), Fort Worth, TX (-3%) and Las Vegas (-2.6%).\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The median asking price of newly listed homes was $386,748, up 2.5% from a year earlier.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The monthly mortgage payment on the median-asking-price home was $2,602 at a 6.9% mortgage rate, the average for the week ending August 3. That\u2019s down about 1% ($39) from the record high hit three weeks earlier, but up 18% from a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pending home sales were down 13.2% year over year, continuing a 15-month streak of double-digit declines.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pending home sales fell in all but three of the metros Redfin analyzed. They declined most in Providence, RI (-28.9% YoY),\u00a0 Newark, NJ (-26.4%), Boston (-24.9%), Seattle (-24.5%) and Warren, MI (-24.3%). They increased 1.9% in Las Vegas, and roughly 1% in Austin, TX and West Palm Beach.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New listings of homes for sale fell 16.5% year over year.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New listings declined in all metros Redfin analyzed. They fell most in Las Vegas (-37.5% YoY), Phoenix (-33.1%), Chicago (-26.7%), Oakland, CA (-25.3%) and New Brunswick, NJ (-24.3%).\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Active listings (the number of homes listed for sale at any point during the period) dropped 17.9% from a year earlier, the biggest drop since February 2022. Active listings were essentially flat from a month earlier; typically, they post month-over-month increases at this time of year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Months of supply\u2014a measure of the balance between supply and demand, calculated by the number of months it would take for the current inventory to sell at the current sales pace\u2014was 2.7 months, roughly the same as a year earlier. Four to five <\/span><a href=\"https:\/\/www.redfin.com\/definition\/monthsof-supply\"><span style=\"font-weight: 400;\">months of supply<\/span><\/a><span style=\"font-weight: 400;\"> is considered balanced, with a lower number indicating seller\u2019s market conditions.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">43.6% of homes that went under contract had an accepted offer within the first two weeks on the market, up from 41% a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Homes that sold were on the market for a median of 28 days, up from 24 days a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">35.3% of homes sold above their final list price, down from 42% a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">On average, 6.1% of homes for sale each week had a price drop, down from 6.5% a year earlier.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, was 99.9%. That\u2019s down from 100.5% a year earlier. <\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Refer to our <\/span><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\"><span style=\"font-weight: 400;\">metrics definition page<\/span><\/a><span style=\"font-weight: 400;\"> for explanations of all the metrics used in this report.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-76630 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-sale-price-updated.png\" alt=\"\" width=\"1076\" height=\"803\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-sale-price-updated.png 1076w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-sale-price-updated-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-sale-price-updated-1024x764.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-sale-price-updated-768x573.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-76631 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-asking-price-updated.png\" alt=\"\" width=\"1079\" height=\"808\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-asking-price-updated.png 1079w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-asking-price-updated-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-asking-price-updated-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/median-asking-price-updated-768x575.png 768w\" sizes=\"(max-width: 1079px) 100vw, 1079px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-76632 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/housing-payments-updated.png\" alt=\"\" width=\"1077\" height=\"803\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/housing-payments-updated.png 1077w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/housing-payments-updated-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/housing-payments-updated-1024x763.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/housing-payments-updated-768x573.png 768w\" sizes=\"(max-width: 1077px) 100vw, 1077px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76633 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/pending-sales-updated.png\" alt=\"\" width=\"1074\" height=\"805\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/pending-sales-updated.png 1074w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/pending-sales-updated-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/pending-sales-updated-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/pending-sales-updated-768x576.png 768w\" sizes=\"(max-width: 1074px) 100vw, 1074px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76634 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/new-listings-updated.png\" alt=\"\" width=\"1079\" height=\"807\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/new-listings-updated.png 1079w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/new-listings-updated-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/new-listings-updated-1024x766.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/new-listings-updated-768x574.png 768w\" sizes=\"(max-width: 1079px) 100vw, 1079px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76635 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/active-listings-updated.png\" alt=\"\" width=\"1070\" height=\"801\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/active-listings-updated.png 1070w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/active-listings-updated-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/active-listings-updated-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/active-listings-updated-768x575.png 768w\" sizes=\"(max-width: 1070px) 100vw, 1070px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76606 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/mos-8923.png\" alt=\"\" width=\"1078\" height=\"807\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/mos-8923.png 1078w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/mos-8923-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/mos-8923-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/mos-8923-768x575.png 768w\" sizes=\"(max-width: 1078px) 100vw, 1078px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76607 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/two-weeks-8923.png\" alt=\"\" width=\"1079\" height=\"802\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/two-weeks-8923.png 1079w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/two-weeks-8923-300x223.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/two-weeks-8923-1024x761.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/two-weeks-8923-768x571.png 768w\" sizes=\"(max-width: 1079px) 100vw, 1079px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76608 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/dom-8723.png\" alt=\"\" width=\"1073\" height=\"802\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/dom-8723.png 1073w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/dom-8723-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/dom-8723-1024x765.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/dom-8723-768x574.png 768w\" sizes=\"(max-width: 1073px) 100vw, 1073px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76611 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sold-above-list-8723.png\" alt=\"\" width=\"1074\" height=\"805\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sold-above-list-8723.png 1074w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sold-above-list-8723-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sold-above-list-8723-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sold-above-list-8723-768x576.png 768w\" sizes=\"(max-width: 1074px) 100vw, 1074px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76609 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/price-drops-8923.png\" alt=\"\" width=\"1080\" height=\"807\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/price-drops-8923.png 1080w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/price-drops-8923-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/price-drops-8923-1024x765.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/price-drops-8923-768x574.png 768w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76612 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sale-to-list-8723.png\" alt=\"\" width=\"1074\" height=\"804\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sale-to-list-8723.png 1074w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sale-to-list-8723-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sale-to-list-8723-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/sale-to-list-8723-768x575.png 768w\" sizes=\"(max-width: 1074px) 100vw, 1074px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76610 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/demand-index-8923.png\" alt=\"\" width=\"1077\" height=\"805\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/demand-index-8923.png 1077w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/demand-index-8923-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/demand-index-8923-1024x765.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/08\/demand-index-8923-768x574.png 768w\" sizes=\"(max-width: 1077px) 100vw, 1077px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. home prices are up 3% year over year despite relatively slow demand. That\u2019s due to a shortage of homes for sale, with inventory posting its biggest drop in over a year and a half.\u00a0 The median U.S. home-sale price rose 3% year over year during the four weeks ending August 6, the biggest increase [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":76613,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,615],"tags":[32,625,623],"dashboard":[],"coauthors":[124],"class_list":["post-76599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-housing-market-tracker","tag-housing-market-update","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Housing Market Update: Low Demand + Lower Supply = High Prices<\/title>\n<meta name=\"description\" content=\"U.S. home prices are up 3% year over year despite relatively slow demand. 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