In October 2022, an article in the Wall Street Journal discussing the housing market observed that “U.S. existing home sales fell for an eighth straight month in September. . . . Despite the sharp decline in sales, home prices are rising.”

a. From this information, can we tell whether the demand curve for housing, the supply curve for housing, or both curves shifted?

b. If we assume that both curves shifted, can we tell whether each shifted to the right or to the left? Use a demand and supply graph to illustrate your answer.