The decrease was driven by a 5.1% month-over-month slide in the rate of multifamily starts, while single-family construction was flat.

Active inventory fell 6.8% to 19,683 from August, and months supply of inventory slid 11.9%, according to RE/MAX’s National Housing Report for September. 

Asking prices for homes reached an all-time high in September, despite pending sales and new listings cooling.

Mortgage rates rose quickly last week. The 30-year fixed mortgage rate hit 3.01%, up 0.13% from the week prior.

All four geographic regions saw increases, led by the Midwest, which clocked a 10.4% rise from July, and the South, where sales rose 8.6%. Pending transactions rose 7.2% in the West and 4.6% in the North.

The 10-city composite index rose 1.4% on a monthly basis and 19.1% on a yearly basis, while the 20-city composite gained 1.5% monthly and 19.9% annually. 

The seasonally adjusted estimate of new houses for sale at the end of July was 378,000, representing a supply of 6.1 months at the current sales rate.

Miami has emerged as the most popular migration destination in the U.S., according to a recent Redfin report.

The increase was driven by a 21.6% month-over-month spike in the rate of new multifamily construction. Single-family housing starts, meanwhile, slid 2.8%.

September’s reading of 76 was up one point from August, despite lingering challenges with labor and the building-material supply chain, the National Association of Home Builders reported, citing the latest NAHB/Wells Fargo Housing Market Index.

Month over month, home sales were down 3.5%, and the median sale price declined 1.2% to $335,000.

Florida had the third-most foreclosure starts in the nation during August 2021, according to new data from ATTOM’s U.S. Foreclosure Market Report.

Pending home sales in August rose just 9%, the slowest growth since June 2020, according to a new Redfin report.

A decline in new home listings has had little impact on the market as far as demand is concerned, according to a recent Redfin report.

Housing inventory was down across South Florida counties during August. Existing-home sales were up in Broward and Palm Beach.

Also during the month, the median sales price rose to $390,500 from $370,200 in June, according to the U.S. Census Bureau and the Department of Housing and Urban Development.