Housing market becomes more balanced as falling home sales lead to higher inventory

Source: Seeking Alpha — 

The U.S. housing market is “making steady progress toward balance,” said Re/Max President and CEO Nick Bailey, as September’s slump in home sales led to a rebound in inventory.

With soaring mortgage rates and the median sales price of $400K up 6.7% from a year earlier, home sales fell 9.7% from August across 53 metro areas surveyed by Re/Max.