Housing markets

Applications to purchase newly constructed properties increased for the ninth consecutive month on an annual basis, as the inventory shortage for existing homes continues.

The National Association of Home Builders/Wells Fargo gauge decreased six points to 34 this month, according to data out Thursday.

With a scarcity of listings driving high home prices, both repeat and new purchasers are putting the most money down in decades, the report found.

The top five cities have an average down payment of $51,920.

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.