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The Crossroads of Special Operations

Tuesday, October 26, 2021

The housing market is cooling down but not for a good reason: first-time homebuyers have been priced out | Business Insider

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Existing home sales fell 2% I August compared to July after two straight months of increases. The drop coincides with rising home prices nationwide causing potential buyers to potentially pause their search. The median price for an existing home jumped to $356,700 last month a 14.9% increase from the same period last year. Many first-time buyers may be simply priced out by their options. Inventory is slowly starting to bounce back with smaller homes slowly gaining a larger share of the market.

Source: https://www.businessinsider.com/housing-market-softening-home-prices-unaffordable-realtors-association-report-2021-9

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