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NAR kicks off its annual conference in Chicago today with a focus on education and opportunity. More than 20,000 Realtors® and guests from around the world are expected to attend.
Severely lacking inventory levels across the country pinched sales growth and kept home prices rising at a steady clip in nearly all metro areas in the third quarter.
Despite solid interest in buying a home – sparked by steady job gains, record low mortgage rates and higher rents – the severe drought in housing supply in much of the country over the past year accelerated price growth and kept many first-time buyers out of the market.
Pending home sales were unchanged in September, but activity declined on an annual basis both nationally and in all major regions.
After three straight monthly declines, existing-home sales slightly reversed course in September, but ongoing supply shortages and recent hurricanes muted overall activity and caused sales to fall back on an annual basis.