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Red-hot US housing market begins to cool

Seattle, Portland, San Francisco
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Pending sales across 400 metro areas ↑ 6% YoY in the month ending Sept. 5, the 69,563 homes that went into contract ↓ 9% from May 2021. The decrease in pending sales is just one indicator of a softening in the competitiveness of the housing market. The number of homes with an accepted offer within two weeks on the market ↓ 9 pp from March, and the share of homes sold above asking ↓ to 50.1%. Overall, new home listings are ↓ 7% YoY, and total active home listings are ↓ 23% from 2020, Redfin reported. The median home sale price ↑ 14% to $358,250, with the median asking price of newly listed homes, is $353,500. On avg ~5% of homes for sale during the month that ended Sept. 5 had a price drop; the highest level of price drop/week since October 2019. The median number of DOM ↑ to 19 days from an all-time low of 15 days in late June and early July 2021.

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