Housing inventory

Contract signings on new single-family homes increased 0.6% to an annualized rate of 627,000 last month, according to government data released Thursday.

Sales of previously owned US homes fell in June to a nine-month low as potential buyers continued to bristle at record prices and high borrowing costs.

Horton shares surged as much as 14% after the company released results for the fiscal third quarter, the biggest intraday gain since April 2020.

Housing supply is returning to pre-pandemic levels, but the rise comes as new listings fall, pointing to subdued demand, leading real estate brokerages said.

New residential construction increased 4.6% to an annualized rate of 1.32 million homes last month, picking up after an almost 10% slide in May, according to government figures released Friday.

A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.

US purchases of new homes fell in May by the most in almost three years as rampant sales incentives fell short of alleviating affordability constraints.

The resale market looks set to languish for the foreseeable future without some letup in financing costs or downturn in prices.

Previous predictions of a "silver tsunami" that might add essential housing supply are ebbing as senior citizens see benefits of aging in place, Redfin said.

Confidence among US homebuilders fell to the lowest level since December 2022 in June, with potential buyers deterred by high mortgage rates and anxiety about tariffs and the economy.