A contraction in existing home sales, for the second consecutive month in August, failed to prevent a further decline in inventory levels. That lack of inventory is acting to constrain housing market activity – the pending home sales index points to another dip in sales in September. And it is increasingly becoming a sellers’ market, which is leading to higher house prices. The 1.2% m/m rise in August’s CoreLogic index was the largest in 11-years.
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