Housing markets

The so-called core personal consumption expenditures price index barely rose in November and trailed policymakers' 2% target by one measure, reinforcing the central bank's pivot toward interest-rate cuts next year.

Purchases of new single-family homes decreased 12.2% to a 590,000 annual pace last month, a one-year low, government figures showed Friday.

Median homes in the top three cities in this ranking are being sold on average 12 days faster than the year before.

Even if lower rates boost inventory and shift sales from new to existing homes, these companies are well-positioned to deal with the change, analysts said.

The effects of expected lower mortgage interest rates are boosting a lot of different facets of the housing market.

Indicators are starting to align, that with falling interest rates and prices, buyers and sellers will return to the housing market in 2024, a trio of interested parties commented.

Contract closings increased 0.8% from a month earlier to a 3.82 million annualized rate, according to the National Association of Realtors, and ahead of estimates of 3.78 million units.

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

Loans for new homes are up 22% while overall purchase volume is down 20%, the Mortgage Bankers Association found.

Construction of single-family houses jumped 18% to the highest level since April 2022, while starts of multifamily projects increased 6.9%.