Across the region, price trends continued to rise, with many markets seeing new highs. Listing inventory expanded over the summer but remained well below pre-pandemic levels. Sales volume slowed compared to the frenzied levels of 2021 before mortgage rates spiked but remained above pre-pandemic levels. The market is coming off of one of the largest housing booms of the modern era, pivoting to more typical activity levels. However, the lack of listing inventory persists as a market condition even with the higher cost of financing. Bidding wars remained a part of the market landscape in the third quarter but with a lower share of sales.
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