Housing inventory

U.S. pending home sales stagnated in April as high mortgage rates paired with limited inventory continued to curb buyer demand.

Purchases of new single-family homes increased 4.1% to an annualized 683,000 pace last month from a downwardly revised 656,000 rate in March, government data showed Tuesday.

Contract closings decreased 3.4% last month to an annualized pace of 4.28 million, according to data released Thursday by the National Association of Realtors.

After dropping to a low of more than 40% last year, the recent rally in homebuilders represents a massive rebound from last June's slump and a testament to what appears to be a gradual recovery in home construction. 

Beginning home construction rose 2.2% to a 1.4 million annualized rate, according to government data released Wednesday.

The share of job seekers who relocated to take up a new position fell to 1.6%, the lowest level on record, in the first quarter of 2023, according to a quarterly survey that's been carried out by executive coaching firm Challenger, Gray & Christmas, Inc. for decades.

The National Association of Home Builders/Wells Fargo gauge jumped five points to 50, extending a streak of increases to five months, figures showed Tuesday.

The median price slipped 0.2% in February from a year earlier to $363,000, according to the National Association of Realtors.

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. 

Sales of previously owned homes rose in February by the most since mid-2020, snapping a record year-long slide tied to rising interest rates and affordability constraints.

Less than one-third of households would be able to afford 2022's median-priced new home, according to the National Association of Homebuilders.