Housing inventory

The popular notion that any downturn this year will be mild by historical standards as firms seek to "hoard" labor is about to be put to the test.

The National Association of Realtors' index of contract signings to purchase previously owned homes dropped 5.2% in March to 78.9, according to data released Thursday.

Purchases of new single-family homes increased 9.6% to an annualized 683,000 pace last month from a downwardly revised 623,000 rate in February, government data showed Tuesday.

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

The median selling price of a previously owned home clocked in at $375,700 in March. That's 0.9% below its year-ago level, marking the largest decline since 2012, data from the National Association of Realtors showed Thursday.

Contract closings decreased 2.4% last month to an annualized pace of 4.44 million after an outsize jump in February, according to data released Thursday by the National Association of Realtors.

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U.S. homebuilder sentiment rose for a fourth month in April as limited resale inventory helped drive demand for new houses, suggesting the residential real estate market is slowly recovering.

Purchases of new single-family homes increased 1.1% to an annualized 640,000 pace after a 633,000 rate in January, government data showed Thursday.

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.