Housing inventory

U.S. new-home construction sank at the start of the year by the most since the onset of the pandemic, indicating the recovery in the housing market will be gradual as many buyers await a further decline in mortgage rates.

The National Association of Home Builders/Wells Fargo gauge of housing market conditions rose by 4 points to 48 this month, according to data released Thursday.

Purchases of new single-family homes increased 8% to a 664,000 annual pace last month, after an upward revision to November's figure, government data showed Thursday.

Home buyers appear to place the highest priority on affordability, with cities in the Midwest and Northeast taking the majority of top spots on Zillow's list.

The National Association of Realtors' index of contract signings to purchase previously owned homes was unchanged at 71.6, the lowest in data back to 2001.

Industry leaders share their thoughts on some of the forecasts that fizzled.

The government is moving forward with a catalog of pre-approved home designs to reduce the cost and time it takes to build housing. The idea dates back to the 1940s when thousands of soldiers returned from the Second World War and needed a place to live.

Toll Brothers Inc. stock rose as the homebuilder's executives pointed to "solid" demand in recent weeks as mortgage rates pulled back from two-decade highs. 

The National Association of Realtors' index of contract signings to purchase previously owned homes declined 1.5% to 71.4, the lowest in data back to 2001, the group reported Thursday.

A national gauge of prices rose 0.7% in September from August, according to seasonally adjusted data from S&P CoreLogic Case-Shiller.