From the WSJ:
The turbocharged housing market slowed in August as near record asking prices are giving buyers pause, easing some of the frenzy that gripped the market only a few months ago.
August existing-home sales posted a 2% decline from July, the biggest monthly decline since April, the National Association of Realtors said Wednesday. Sales last month also slid 1.5% from a year earlier, the first year-over-year decrease since June 2020.
Home sales surged in the second half of last year and first half of 2021 after pandemic-related lockdowns pushed the normally busy spring selling season into the fall and winter. As lockdowns lifted, buyers raced to find more space for their families to work and attend school from home, and wealthy households invested in vacation properties.
Now, the house-buying frenzy is showing signs of abating. Families have resettled and are sending their children back to school. More workers are starting to return to their offices.