Housing inventory

Residential starts increased 3.9% last month to a 1.45 million annualized rate, according to government data released Wednesday.

The National Association of Home Builders/Wells Fargo gauge decreased six points to a three-month low of 50. The figure was below all estimates in a Bloomberg survey of economists.

The cohort is outperforming the broader market — up more than 50% year-to-date versus the S&P 500's 18% gain. 

Homeowners with higher rates willing to sell in the next few years are mitigating the pricey housing market by purchasing points or pursuing smaller properties.

The sector is well-positioned for further volume growth into next year, analysts led by Anthony Pettinari said in a note to clients Monday.

Purchases of new single-family homes fell 2.5% to an annualized 697,000 pace after a downward revision to the prior month, government data showed Wednesday.

"I do believe you'll begin to see some improvement, or increases, in new housing as we head into the back half of the year," Chief Financial Officer Jim Peters said in an interview. "We're hearing optimistic stuff from the builders we deal with."

The nation's most flood-prone counties experienced a net influx of about 400,000 people in 2021 and 2022, Redfin found.

Contract closings declined 3.3% to a 4.16 million annualized pace, roughly in line with economists' forecasts, National Association of Realtors data showed Thursday.

Residential starts fell 8% last month to a 1.43 million annualized rate, according to government data released Wednesday.