Housing inventory

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Burns Research & Consulting, two-thirds said listings showed deficiencies in at least four different areas, including outdated kitchens and bathrooms.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.