Fewer homes hit the market in September, constraining the red-hot housing market amidst the fourteenth straight month of double-digit price gains.

A new report from Redfin shows that while median home sale prices increased 14% year-over-year to $376,800 in September, closed home sales and new listings both fell from a year earlier, by 5% and 9% respectively. And that translates into sour grapes for would-be buyers in virtually all of the markets Redfin tracks.

"The severe lack of inventory is restricting home sales," said Redfin Chief Economist Daryl Fairweather. "Even though plenty of people bought homes last year, many homebuyers waited while the pandemic went from bad to worse and remote-work policies were finalized. The homebuyers who are just beginning their search are finding that the well has run dry. But I am hopeful that as it becomes easier to get building materials, we will finally have a strong year for new construction in 2022. That's what the market needs more than anything."