Multifamily Drives Down Permits, New Construction
Multifamily activity drove down overall housing permits and new construction last month, though there was an increase in completed apartment buildings. Construction activity in the Northeast was exceptionally strong.
4-Month Low for Home Builder Confidence
Slowing buyer traffic drove U.S. home builder confidence to the lowest level in four months, though the degree of confidence still remains solid. The Midwest deteriorated most.
Millennials Ascend to Top Home-Buying Group
The nation's real estate agents and brokers are reporting that millennials are finally starting to make the transition from renters to owners en masse.
Pending Home Sales Plunge to 3-Year Low
With the Northeast leading the way, the inventory of single-family properties that were under contract last month fell to the lowest level in over three years.
CO, NV & NY See Big Home Price Gains, Seattle Most
While Washington's largest city continues to dominate home-price gains, Colorado, Nevada and New York are all showing signs of strength.
Jobs Driving Rising Mortgage Rates
Conventional wisdom suggests that rising interest rates on home loans will drive some prospective home buyers from the market.
Northeast Leads New Home Sales Slump
New home sales in the Northeast led a national month-over-month decrease last month. While opinions vary on why sales were down, the outlook is optimistic. The supply of new homes for sales was the greatest since 2014.
Dismal Month for Existing Home Sales
Monthly sales of pre-owned homes fell to the lowest level in two years, while the annual rate was down from a year earlier by the most in three years.
Housing Starts Strongest Since 2016 on Multifamily
As multifamily dragged down completed construction, it was responsible for pushing up new housing permits and driving housing starts to the highest level since 2016.
Northeast Holds Back Builder Confidence
Increased sales expectations among home builders offset diminished confidence about current sales conditions. The Northeast was the only region with deterioration.