The following is from the Mortgage Foundation:

Homebuyers have depleted the modest gains the US housing inventory managed to build up these past few months.

Around 102,112 homes were snapped up from the national housing inventory during this year’s home shopping season, according to the September Zillow Real Estate Market Report.

The supply of homes for sale dropped 6.4% year over year in September, falling to its lowest level since at least 2013. This reversed the inventory gains between September 2018 and February 2019.

Additionally, a drop in the number of new monthly listings contributed to the current shortage. New monthly listings were 8.4% and 10.6% lower than in April and May 2018, according to the report.

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