Homebuilders

Construction activity in smaller cities also saw a significant annual decline, according to the National Association of Home Builders.

Purchases of new single-family homes increased 4.1% to an annualized 683,000 pace last month from a downwardly revised 656,000 rate in March, government data showed Tuesday.

The Mortgage Bankers Association sees the likelihood of a rise in sales activity later this year based on recent construction trends, in a turnaround from the 2022 market.

After dropping to a low of more than 40% last year, the recent rally in homebuilders represents a massive rebound from last June's slump and a testament to what appears to be a gradual recovery in home construction. 

Beginning home construction rose 2.2% to a 1.4 million annualized rate, according to government data released Wednesday.

An index tracking the industry is up 28% so far this year coming off of one of its worst years since 2018.

Fannie Mae researchers found housing costs decelerating for the fourth straight quarter, but limited inventory may be driving hopeful buyers to look for opportunities in the new-construction market.

Homebuilders are rising as much as 1.7% Tuesday after data showed previously owned home sales snapped a yearlong slide, rising in February by the most since mid-2020. 

Residential starts rose 9.8% last month to a 1.45 million annualized rate, the fastest in five months, according to government data released Thursday

The National Association of Home Builders/Wells Fargo gauge rose 2 points this month to a six-month high of 44, figures showed Wednesday.