Home sales rebound from summer dip as prices climb

(KYMA, KECY/ CNN) - Although astronomical home prices and insane competition among buyers seemed to be coming to an end, you can think again.

The market cooled off a bit over the summer, but then rebounded last month. In September, sales of existing homes were up 7% compared to the previous month.

Sales were down t2.3% from a year ago, but that was when there was an atypical, pandemic-driven surge and with low inventory getting worse, prices continue to climb.

The median sale price for an existing home is $352,800--which is up 13.3% from last year. That marks nine and a half years of year-over-year price increases.