Total housing inventory nationwide fell 10.8% to 3.62 million existing homes available for sale, representing an 8.5-month supply at the current sales pace. This is down 8.6% from July's 9.3-month supply. Compared to ayear ago, there are now 16.4% fewer homes on the market.
Rates for a 30 year fixed loan ticked down to 4.94% in September. Rates are now at well below average levels for people looking to buy a home or refinance. However, such a low rate will not last forever.
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