“There simply aren’t enough homes for sale relative to the demand fueled by millennials armed with low mortgage rate-driven house-buying power.” — First American Deputy Chief Economist Odeta Kushi

Year over year, sales were down 10.1%, while the median sales price was up 15.8%, Atlanta REALTORS Association reported.

The median existing-home price for all housing types in September was $352,800, up 13.3% on an annual basis, as every region in the country registered price increases.

The decrease was driven by a 5.1% month-over-month slide in the rate of multifamily starts, while single-family construction was flat.

Days on market rose 10% from August, and months supply of inventory jumped 16.7%, according to RE/MAX’s National Housing Report for September. 

Days on market in the city, meanwhile, dropped to 48 days from 60 days.

Mortgage rates rose quickly last week. The 30-year fixed mortgage rate hit 3.01%, up 0.13% from the week prior.

At the same time, the median sales price of the properties sold ticked 0.3% higher on a month-over-month basis to $340,000.

All four geographic regions saw increases, led by the Midwest, which clocked a 10.4% rise from July, and the South, where sales rose 8.6%. Pending transactions rose 7.2% in the West and 4.6% in the North.

Property values continue to rise and those looking to downsize can make the most of the current market highs, but how much you can save by downsizing can vary significantly depending on where you live.

A new report shows the market cooled in August, at least in terms of the number of prospective buyers looking at homes.

The 10-city composite index rose 1.4% on a monthly basis and 19.1% on a yearly basis, while the 20-city composite gained 1.5% monthly and 19.9% annually. 

Fewer buyers were looking for vacation homes in August, as the demand for second homes dropped for the third month in a row.

Today’s condo environment is a far cry from the first days of the pandemic, when people were told to stay home and stay away from one another. 

The seasonally adjusted estimate of new houses for sale at the end of July was 378,000, representing a supply of 6.1 months at the current sales rate.

Last year’s en-masse move to remote work has driven what Zillow has dubbed the Great Reshuffling, as homeowners working from home have paused and reevaluated where and how they live.