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Report released Thursday shows the housing market continues to face headwinds.
Chairman said housing market may have to go through "a correction" to return to balance.
Economist: First-time homebuyers finding the door to homeownership 'closed for the season.'
Second consecutive increase followed a dip in August.
Time on market was 42 days, 5 days more than last year but 22 days less than typical pre-pandemic levels.
Realtor.com survey also found that 41% of home sellers accepted some contingencies in the contract.