Housing inventory

With mortgage rates retreating and inflation abating, short sellers who'd been capitalizing on the three-month slump in homebuilder stocks may need to prepare for a rebound toward year-to-date highs.

The National Association of Home Builders/Wells Fargo gauge decreased six points to 34 this month, according to data out Thursday.

Median housing costs came in higher in every region of the country, but several cities that saw the most growth two years ago continue to see declining values, the National Association of Realtors said.

Bigger metro areas Austin, Phoenix and Atlanta each added at least 16,000 units over the past year, increasing their inventories by as much as 5.6%. Rents consequently fell in each market.

Voters in one of the U.S. most expensive markets are poised to approve a ballot measure tripling the supplemental property tax that funds programs to support affordable housing.

The U.S. Department of Agriculture program should also allow existing manufactured home sales to be financed, they said.

For the first time in about 15 months, more new listings came on the market in August on a year-over-year basis, Redfin said.

The National Association of Realtors' index of contract signings increased 1.1% from a month earlier to 72.6, the group reported Thursday.

The single-family rental giant struck a deal to manage homes for another major landlord at a time when scarce inventory of properties for sale is making it hard to expand.

Contract closings decreased 2% from a month earlier to a 3.96 million annualized pace, National Association of Realtors data showed Thursday.

Residential starts increased 7% last month after falling by the most in over a year in August, according to government data released Wednesday.

The triple threat of tight supply, elevated prices and historically high mortgage rates continues to weigh on sales, even as home builders are offering incentives to potential buyers.

Contract closings decreased 0.7% from a month earlier to a 4.04 million annualized pace, National Association of Realtors data showed Thursday.

On average since 1970, new home sales volumes decline 7% month-over-month in September and 13% quarter-over-quarter in the final months of the year, according to analysts. 

Loan applications for single-family constructions jumped for the seventh month in a row, with increasing interest coming from first-time buyers, according to the Mortgage Bankers Association.

But some of the noise beneath the data suggests a possible transition might be underway, according to analysts.

Purchases of new single-family homes increased 4.4% to an annualized 714,000 pace after downward revisions to prior months, government data showed Wednesday.

The share is the largest on record for a second quarter, according to data from Redfin.

While the share is slightly lower than at the start of 2023, the market is not expected to slip back to lower pre-pandemic levels, CoreLogic said.

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