Housing inventory

A gauge of U.S. pending home sales fell unexpectedly in February for a fourth straight month as limited inventory continued to restrict a real estate market that’s now facing another challenge — rising borrowing costs.

Contract closings decreased 7.2% in February from the prior month to an annualized 6.02 million, figures from the National Association of Realtors showed Friday.

The builder reported better-than-expected quarterly orders as the record shortage of existing-home listings pushed buyers toward newly built properties.

All indicators show that the renting market is heating up, as would-be buyers of houses increasingly turn to rentals because they can’t find — and can’t afford — their dream houses.

The monthly mortgage payment for homes in the median asking price range hit a new high, up 31% from before the pandemic, according to Redfin.

Sales of previously owned homes unexpectedly increased to a one-year high as buyers rushed in ahead of a surge in mortgage rates, further depleting tight inventories to a record low.

New U.S. home construction fell in January for the first time in four months, indicating pandemic-related labor absences and winter weather tempered recent progress on building activity.

For first-time buyers, mortgage payments jumped to 25.6% of household incomes in the fourth quarter, the worst affordability level in three years, according to the National Association of Realtors.

Lumber futures have recouped recent losses and risen by the exchange maximum of $45 for six consecutive sessions, touching $1,204.90 per 1,000 board feet Wednesday, the highest in three weeks.

Makers of everything from decks to porches and outdoor lighting are lagging behind the broader stock market this year, joining a selloff in homebuilder shares as casualties of a rising-rate environment.

The National Association of Realtors' vice president of demographics and behavioral insights offers a few predictions ahead of what is typically real estate's busiest season.

While increased activity in rentals is influencing current numbers, interest in homeownership among Gen Z could help fuel growth later this decade.

A measure of home prices in 20 U.S. cities jumped 18.3%, down from 18.5% in October, the S&P CoreLogic Case-Shiller index showed Tuesday. It marked the fourth straight month that home-price appreciation has cooled off ever so slightly.

The deal gives Blackstone a portfolio of 42 garden-style apartment communities totaling more than 12,600 units in 13 states, including Texas, Arizona, Florida, Colorado and Georgia.

Contract closings decreased 4.6% in December from the prior month to an annualized 6.18 million, figures from the National Association of Realtors showed Thursday.

KKR & Co. is acquiring a lending platform that caters to home-flippers, giving the investing giant an opportunity to eventually invest $1 billion a year in small real estate loans.

New U.S. home construction unexpectedly strengthened in December to the fastest pace in nine months, led by apartment projects and suggesting builders found some success navigating shortages of materials and labor.

Deals by investors — including a smaller portion of flippers — helped push up prices more than 20% on average, squeezing out normal buyers, according to an analysis by Mark Zandi, chief economist for Moody’s Analytics.

The tech industry’s attempts to simplify the process of selling a house depend on flipping properties to some of the biggest names in global finance.

A chaparral-covered patch of land in southwest Riverside County could soon become a testing ground for a new housing concept.