U.S. September home sales, prices continue to ease due to lack of affordability

• U.S. home sales dropped 7.0% in September, while the median sales price slipped 1.1% to $329K - both far less than the typical drop-offs as summer gives way to fall, according to the RE/MAX August National Housing Report, which surveys 52 metro areas.
• Home sales and prices may be easing, but "the expected seasonal drop in sales from August to September was half of what it usually is, indicating that buyers and sellers are still very much on the move," said RE/MAX President Nick Bailey.
• Average days on market of 25 was one more day than August and reflects sales that are 14 days faster, on average, than in September 2020.
• 1.5 months supply of inventory in September increases from 1.4 in August, but falls below 2.0 months in September a year ago.
• In addition, "homebuilders are trying to fill the gap - especially with multi-family construction - but many of them are held up by shortages in labor and materials," Bailey said.