Housing markets

Between 2020 and 2022, both companies benefited from locked-down consumers that took on renovations.

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.

Sun Belt cities saw the greatest annual decline in transactions over the third quarter, with Atlanta's number down to half of its level at the same time in 2022, Redfin 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 top five cities have an average median residential price per square foot of $148.

Direct-to-consumer lenders and iBuyers could be beneficiaries of any rule changes, analysts say.

Homebuilders and real estate investment trusts outperformed the broader market as investor appetite shifts toward more defensive, cash-producing sectors.

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

The cost of properties nationwide rose by 0.6% from July, according to the Federal Housing Finance Agency's monthly index.