Housing inventory

Despite a slow return of housing inventory, purchase application numbers dipped in a week where interest rates finished higher, the Mortgage Bankers Association said.

The sales pace is now at the low end of the range seen over the past year, suggesting limited momentum amid a lack of affordability.

A national measure of prices rose 6.3% from a year earlier, less than the 6.5% gain in March, according to data from S&P CoreLogic Case-Shiller.

The income needed to afford a typical apartment is the highest since 2022.

Sales of existing homes in the U.S. fell for a third straight month in May while prices set another record, underscoring persistent affordability challenges that hobbled the important spring selling season.

New home construction in the US slumped in May to the slowest pace in four years, as higher-for-longer interest rates sap the housing industry's momentum from earlier this year.

U.S. homebuilder sentiment unexpectedly declined in June to the lowest level this year as mortgage rates near 7% limited prospective-buyer interest and weighed on the demand outlook.

While not-in-my-backyard activists have long fought new developments, local officials and business groups across the South say they've seen a heightened level of anger since the pandemic-era growth.

Home inventory on the market increased in May, but stubbornly high mortgage rates and home prices are leading to slow sales in many areas, according to reports from Redfin and Zillow.

Contract closings decreased 1.9% from a month ago to a 4.14 million annualized rate, according to National Association of Realtors data released Wednesday.

Housing starts increased 5.7% to a 1.36 million annualized rate after downward revisions to prior months, according to government data released Thursday.

The National Association of Home Builders/Wells Fargo index of housing market conditions fell by 6 points to 45 in May, the lowest level since the start of the year.

Of about 1,400 resale agents nationwide surveyed by John Burns Research & Consulting, two-thirds said listings showed deficiencies in at least four different areas, including outdated kitchens and bathrooms.

While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.

New single-family home sales increased 8.8% to a 693,000 annual pace last month, the fastest since September, government data showed Tuesday.

Residential starts decreased 14.7% in March to a 1.32 million annualized rate, the lowest since August, government data showed Tuesday.

The National Association of Home Builders/Wells Fargo index of housing market conditions held at 51 in April, still the highest since July but breaking a string of four straight monthly gains, according to data released Monday.

Since the launch of vacant-loan sales, a majority have come from properties located in 10 states, HUD reported.

In the four years since February 2020, rents have risen overall by approximately 28%, Corelogic found.

Even with the recent pickup, builder sentiment may remain below its longer-term average until borrowing costs fall more significantly.