Inventory is down 33% compared to Q3 of 2020. In fact, new listings, and homes under contract and sold are also down compared to the same quarter of last year. The only increase seen in last quarter’s numbers is in off-market listings, which increased 10% from Q3 of 2020.
A primary reason for expired or withdrawn listings is a too-high asking price. According to Inman, asking prices rose to a new high in September, with prices up 12% year over year.
Some homebuyers were reportedly backing off of the market and waiting for prices to cool, which could have a major effect on market patterns for Q4 and the start of 2022.
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