The housing supply in the United States fell by 1.4 percent in August from the previous month, the biggest seasonally-adjusted dip since June 2023, real estate brokerage Redfin said in a Sept. 22 statement.
In addition, new home listings fell 1.1 percent month-over-month, hitting the lowest level since January last year on a seasonally-adjusted basis, it said.
According to the brokerage, sellers are pulling back on listing their properties because demand has become sluggish.
As more sellers withdraw from the market, home prices are moving up. The median home sales price rose 1.7 percent in August on an annual basis to $440,004, the largest gain since March, it said….