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Home Prices Rise as Inventory Shrinks

Seattle, Portland, San Francisco
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Seasonally adjusted homes sales ↓ 6% YoY in August, the first drop in 15-mo signalling a tighter housing market. (Redfin) The median home sale price ↑ 16.2% YoY to $380,300, while the number of units available for sale ↓ 19.1% YoY. In the Sun Belt; home prices ↑ >20% YoY in Austin and Phoenix, however, homes in these areas are still relatively affordable. DOM for a typical home was 16-days in August, half as much as YoY.

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