Housing markets

A larger share of sellers were optimistic in May, but the percentage of enthusiastic buyers fell, according to Fannie Mae's Home Purchase Sentiment Index.

Government-backed activity, though, managed to grow, which helped to shrink purchase-loan sizes to their smallest in over two months, the Mortgage Bankers Association said.

Construction activity in smaller cities also saw a significant annual decline, according to the National Association of Home Builders.

Worries about unknown future expenses and the state of their own finances are also causing anxiety for over 80% of U.S. consumers, according to new research from BMO.

But scarce housing inventory has helped to bring home equity values back upward, offsetting some of the losses of late 2022.

Businesses in the first quarter lost money in 1 of every 7 home sales, a rate which approached a seven-year high, Redfin said.

But more potential owner-occupants are entering this market as a result of tight housing market conditions, Auction.com found.

It was the eighth consecutive quarterly decline of origination activity, according to a report published by Attom Data.

The 30-year average for both conforming and jumbo loans jumped more than 20 basis points, according to the Mortgage Bankers Association.

Prospective borrowers are looking at cross-country moves more often than a different domicile within their city's borders, the real estate platform found.

But there are regional variations in housing markets across the country, the Federal Housing Finance Agency said.

The decrease between February and April came in far smaller than typical seasonal trends, Redfin said.

U.S. pending home sales stagnated in April as high mortgage rates paired with limited inventory continued to curb buyer demand.

Manufactured units, down payment assistance and bond investments could help alleviate some of the issues facing aspiring homeowners, but inventory issues will persist, a panel of experts said.

The 30-year conforming average reached its highest point since March last week, while loan application volumes finished 35% below their levels from a year ago, a trade group said.

Purchases of new single-family homes increased 4.1% to an annualized 683,000 pace last month from a downwardly revised 656,000 rate in March, government data showed Tuesday.

The Mortgage Bankers Association sees the likelihood of a rise in sales activity later this year based on recent construction trends, in a turnaround from the 2022 market.

Contract closings decreased 3.4% last month to an annualized pace of 4.28 million, according to data released Thursday by the National Association of Realtors.

After dropping to a low of more than 40% last year, the recent rally in homebuilders represents a massive rebound from last June's slump and a testament to what appears to be a gradual recovery in home construction. 

Beginning home construction rose 2.2% to a 1.4 million annualized rate, according to government data released Wednesday.