The housing market is cooling down but not for a good reason: first-time homebuyers have been priced out

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Prospective buyers visit an open house in West Hempstead, New York. Raychel Brightman/Newsday RM via Getty ImagesExisting home sales fell in August, according to the National Association of Realtors.While the market seems to be cooling off, it's partly because prices are too high for many buyers.The median existing home jumped to $356,700 last month, a 14.9% increase from 2020.See more stories on Insider's business page.The housing market cooled off slightly last month, but that's not exactly good news for homebuyers. It's partly because prices remain too high for many would-be homebuyers.Existing home sales fell 2% compared to July after two straight months of increases, the National Association of Realtors said in its monthly report on Wednesday. It also showed that total sales dipped 1.5% from August 2020, from 5.97 million to 5.88 million.The dip in sales coincides with rising housing prices nationwide, which Lawrence Yun, chief economist at the NAR, said is causing many b
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