Housing markets

Sales of previously owned U.S. homes rose for the first time in five months in June as housing inventory improved slightly, illustrating the strength of housing demand.

As the distribution of at-risk housing markets spread across more states quarter-over-quarter, vulnerable clusters remained around Chicago, New York and Philadelphia, an Attom Data report finds.

The meager increase suggests the largest boost in inventory possible would likely still leave the backlog of homes on the market at historic lows.

More units sold above asking price as skyrocketing home values pushed consumers out of the single-family market, according to Redfin.

As rising home valuations force first-time home buyers out of the market, expect to see non-owner-occupied loans to increase.

Initial home construction rose 6.3% last month to a three-month high, according to government data released Tuesday.

The adverse market fee change could contribute to an increase in refinance volume, adds Mortgage Bankers Association economist Mike Fratantoni.

Forgoing traditional mortgages by buying homes outright is turning into a 2021 trend, and businesses are stepping in to facilitate these purchases.

Confidence among U.S. homebuilders pulled back in July to an 11-month low as builders contend with elevated materials prices and ongoing supply shortages.

The GSE forecasts $4 trillion in production this year because refinance activity is stronger than expected.

In states where it is legalized, cannabis sales tax revenues led to greater home value appreciation through community reinvestment, according to an analysis by Clever Real Estate.

Competition amongst those shopping for homes fell for the second straight month as surging prices pushed consumers to the sidelines and inventory saw modest gains, according to Redfin.

Local mortgage and real estate professionals give insight on the metro areas projected to experience the highest appreciation over the next year, according to Zillow.

Still, the average time a property is on the market is at an all-time low, with more than half going into contract within two weeks.

Renters will need to reserve an additional $369 per month to keep up with rising listing prices over the next year, according to Zillow.

But some local markets in the Midwest and oil regions are seeing a lag compared to nationwide annual gains, Veros Real Estate Solutions found.

The dynamic between housing market players diverged to an even greater degree amid intense demand and surging home prices, according to Fannie Mae.

A Virginia-based builder announced a line of manufactured housing that features clean energy technology, reduced waste and “plug-and-play” assembly.

The cost of renting a home is soaring in cities across the U.S., squeezing the finances of low-income households and posing a threat to the consensus that pandemic inflation will soon fade away.

After lumber futures skyrocketed to an all-time high in mid-May, prices fell by more than half at the end of June.