Existing home supply suggests a moderation in year-over-year house price changes

US existing home sales dropped 1.9% in September following a downwardly revised reading for August. Median home selling price has fallen over 7% since making a 5-year high in June. The number of months supply has remained right around 5 months over the past half year. This may suggest then that we have seen the year-over-year percentage change highs in the Case-Shiller Home Price Index, at least for the next few months.

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