Articles Tagged with ''housing market''

Existing-home sales fell in June as the median sales price climbed to the highest price ever recorded for the second consecutive month, according to the National Association of Realtors. All four major U.S. regions posted sales declines.

Mortgage rates that averaged 7.06% in May per Freddie Mac, the highest monthly average since last November, put a damper on new home sales last month.

Persistently high mortgage rates are keeping many prospective buyers on the sidelines, and home builders are also dealing with higher rates for construction and development loans, chronic labor shortages and a dearth of buildable lots.

While single-family construction expanded in the first quarter despite higher mortgage rates, multifamily construction for 2024 is experiencing a notable slowdown primarily because financing conditions.

Confidence in the market for new multifamily housing declined year-over-year in the first quarter of 2024, according to results from the Multifamily Market Survey (MMS) released by the National Association of Home Builders (NAHB). 

More professionals anticipate business growth than declines in the second quarter of 2024.

Sales of newly built, single-family homes in February edged 0.3% lower to a 662,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

Single-family housing starts surge to highest level in nearly two years, driven by pent-up demand and moderating interest rates.

A lack of existing inventory that continues to drive buyers to new home construction, coupled with strong demand and mortgage rates below last fall’s cycle peak helped push builder sentiment above a key marker in March.

Tight lending standards and the high cost of development loans continue to impede the financing of new multifamily projects.