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Ellen Haberle, an economist with the national real estate brokerage Redfin, said that prices have been driven higher by a limited supply of houses on the market. She expects home sales to fall in September and October partly because the federal government shutdown likely scared off potential home buyers. Contingent Macro Advisors economists Maninder Sibia and Steven Wood said housing inventory was only 83 percent of normal levels. They expect the supply to increase as rising prices encourage home owners to put their houses on the market. The Case-Shiller 20-city index covers roughly half of U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The August figures are the latest available. They are not adjusted for seasonal variations, so the monthly gains reflect more buying activity over the summer.
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