Articles
Existing-Home Sales Declined 2.4% in April, Prices Hit Record High
Total existing-home sales slid 2.4% from March to a seasonally adjusted annual rate of 5.61 million in April, according to the National Association of Realtors. Year-over-year, sales dropped 5.9% (5.96 million in April 2021). Read More
Home Builders Warn of Upcoming Housing Affordability Drop
Housing affordability posted a modest gain for average conditions in the first quarter of 2022 as a strong jump in national median income helped to offset a gradual rise in interest rates. However, home builders warn of current deteriorating conditions as a sharp jump in mortgage rates in March and April coupled with ongoing building material supply chain disruptions, labor shortages and high inflation drive up housing costs. Read More
Nonresidential Construction Material Costs Rise 21 Percent in April
Prices of materials and services used in new nonresidential construction leaped nearly 21 percent in April from year-ago levels, according to an analysis of government data by the Associated General Contractors of America. Read More
Builder Confidence Declined in May for Fifth Straight Month
Builder confidence in the market for newly built single-family homes fell eight points to 69 in May, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). This is the fifth straight month that builder sentiment has declined and the lowest reading since June 2020. Read More