Affordability declined in 49 of the 50 major markets according to the May 2021 First American Real House Price Index. 

With the increased number of professionals working remotely, today’s homebuyers are putting less of a premium on commute time and more on affordability.

The nationwide housing inventory shortage that has driven growth in prices and demand in Houston and other major markets may be beginning to ease, according to RE/MAX’s  National Housing Report for June.

The U.S. Census Bureau and the Department of Housing and Urban Development reported that the median sales price slid to $361,800 from $380,700 in May.

At the same time, the median existing-home price for all housing types in May was up 23.4% on an annual basis, as every region in the country registered price increases.

Meanwhile, the seasonally adjusted purchase index declined 6% from the previous week, the Mortgage Bankers Association reported.

Privately owned housing units authorized by building permits in June came in at a seasonally adjusted annual rate of
1,598,000, down 5.1 % from the revised May rate of 1,683,000, but 23.3% above the year-ago rate of 1,296,000.

Houston made up 20% of the top-selling master-planned communities in the country, with Texas making up 30% of the list. Read more to see which communities made the cut.

July’s reading of 80 was down one point from June, but still signaled strong demand for housing, the National Association of Home Builders said.

During the four-week period ended July 11, the average weekly share of homes for sale with a price drop passed 4% for the first time since September 2020.