Multifamily construction, meanwhile, rose on a monthly basis. 

Looking ahead, the CoreLogic Home Price Insights report predicts home prices will dip by 0.1% in October on a month-over-month basis.      

The S&P CoreLogic Case-Shiller U.S. National Home Price Index hit a new record in August, marking the 15th month in a row of new highs. 

The median price of a new home sold during the month was also up, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Sales slid 1% compared to August, the National Association of REALTORS® said. 

Multifamily starts, meanwhile, declined, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development said.    

October’s increase comes as inflation slows and mortgage rates decline. 

At the same time, the median-sales price declined from August, according to the RE/MAX National Housing Report. 

The latest reading of the National Association of REALTORS® Pending Home Sales Index shows a return to month-over-month growth after a decline in July.    

The 716,000 per-year rate of new-home sales topped the consensus estimate of 700,000. 

The 2.5% decline followed a 1.3% increase in July, according to the National Association of REALTORS®. 

Specifically, prices rose 4.3% annually after growing by 4.7% in June. 

July’s seasonally adjusted annual rate of 739,000 represented a 10.6% jump from June’s upwardly revised rate of 668,000. 

The pace of home sales increased 1.3% from June after months of decreases, the National Association of REALTORS® said.      

The combination of rising inventory and price reductions in Chicago and nationwide is creating a more buyer-friendly market.

The National Association of REALTORS® said its Pending Home Sales Index rose 4.8% month over month.