“Home prices continue to march higher despite lower home sales,” said Lawrence Yun, the NAR’s chief economist. “Supply needs to essentially double to moderate home price gains.”
All told, there were 1.1 million homes on the market by the end of last month, down 0.9% from July and 14.1% from August last year, the NAR said. Because home sales typically take about a month to be finalized once a contract is signed, transactions in August happened as the rate for a 30-year mortgage averaged just under 7%.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: