After 14 Months of Price Hikes, New Listings, Closings Down

A Redfin report found the number of new listings in September fell 9% year-over-year (YOY). Closed home sales and active listings also dropped — by 5% and 19% YOY — respectively. September marked the fourteenth month of consecutive double-digit price increases, with the median price of homes sold at $376,800, up 14% from the previous year. It was the slowest growth rate since December 2020. “The severe lack of inventory is restricting home sales,” said Redfin Chief Economist Daryl Fairweather.  “Even though plenty of people bought homes last year, many homebuyers waited while the pandemic went from bad to worse and remote-work policies were finalized. The homebuyers who are just beginning their search are finding that the well has run…