Housing markets

The rate of increase cooled for the 14th straight month in June, dropping over 10% year over year, according to CoreLogic.

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.

Contract closings are at a 4.07 million annualized pace, close to the slowest rate since 2010.

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.

Sen. Robert Peters, D-South Shore and Rep. Debbie Meyers-Martin, D-Matteson will spearhead the endeavor.

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

The National Association of Home Builders/Wells Fargo gauge decreased six points to a three-month low of 50. The figure was below all estimates in a Bloomberg survey of economists.

Loans to buy newly constructed properties increased by 0.2% from June and was up 35.5% compared to the year prior, the Mortgage Bankers Association found.

But that was offset by a decrease in most other residential construction materials, the National Association of Home Builders said.