Redfin reported last week that the single-family home market still has room to ease, though the "cooldown appears to be tapering and the number of homes with a price drop fell from its record high.

More indicative is that the average home sold for less than its list price for the first time since March 2021 and mortgage purchase applications and pending sales both had large year-over-year declines, Redfin said.

July's new listings and the total inventory of homes also plummeted.

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