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Unexpected New Listings Drop Home Prices for Third Straight Month

"An uptick in homes with reduced prices is a small break for buyers on top of the usual seasonal factors that align to make this first week in October the best week to buy. Yet, the larger context remains challenging. Buyers still struggle with the triple threat of rising listing prices, record-high mortgage rates, and limited inventory, making affordability a continued concern," said Danielle Hale, Chief Economist for Realtor.com.

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Asking Rents Level Off in September

Redfin reports that the median U.S. asking rent in September was little changed from a year earlier for the sixth straight month, with a rise in the number of rentals making it harder for landlords to boost prices.

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139 Straight Months of Home Price Growth

“While continued mortgage rate increases challenge affordability across U.S. housing markets, home price growth is in line with typical seasonal averages, reflecting strong demand bolstered by a healthy labor market, strong wage growth and supporting demographic trends,” said Selma Hepp, Chief Economist for CoreLogic.

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