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Buyers can now take their time touring and considering homes before making an offer. Still, selection remains very limited despite supply being up, as few homes are being listed and even fewer are selling.

The typical home sold during the four weeks ending July 17 spent 19 days on the market, one day longer than last year. This marks the first time in two years that the median time on market has posted a year-over-year gain. Pending home sales fell more than they have since May 2020, and the total number of homes for sale posted its biggest increase since August 2019, despite fewer homes hitting the market than this time last year. Home sale prices continued to fall, down another 0.6% from the four-week period ending July 10.

 

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