Builder confidence was also down from a year ago.

Boston and Raleigh had the highest bidding-war rates, as the rate fell to a 2021 low.

“Contract transactions slowed a bit in September and are showing signs of a calmer home price trend, as the market is running comfortably ahead of pre-pandemic activity.” — NAR chief economist Lawrence Yun

Home-price gains were once again broadly distributed, as all 20 cities in the S&P CoreLogic Case-Shiller Home Price Index rose, although in most cases at a slower rate than a month ago.

At the same time, the increase in interest rates drove fewer borrowers to refinance their loans, according to the Mortgage Bankers Association.

“There simply aren’t enough homes for sale relative to the demand fueled by millennials armed with low mortgage rate-driven house-buying power.” — First American Deputy Chief Economist Odeta Kushi

The month also saw a slight shift in inventory, even though shortages continued.

The median existing-home price for all housing types in September was $352,800, up 13.3% on an annual basis, as every region in the country registered price increases.

September was another month for the record books in Massachusetts real estate as the median sales price for single-family homes and condos grew from last year and inventory levels continued to shrink.

Homebuyer demand remained consistent in September and despite another decrease in listings, there are indications the marketing is softening and sales prices may start to moderate. 

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

The number of closed sales fell 12% month over month, while active inventory rose 5.6% to 7,362. Median sales prices dropped 4.8%, but that’s still up 7.3% from September 2020. 

Climate change will negatively impact the already-stunted housing inventory in the U.S., according to a recent Redfin report.

Lack of inventory continues to restrict home sales as fewer homes sold in September, and closed home sales dropped.

Cape Cod’s housing market remained historically strong in September, despite declines from last year.

While the past year has been unprecedented in terms of economic change and a global pandemic, most U.S. home sellers’ experiences were similar to past years, according to Zillow’s latest consumer housing trends report.