By the Numbers
July saw the NAHB/Wells Fargo Housing Market Index post its second-largest monthly drop ever, as worries about housing affordability dampened builder sentiment.
What does the latest S&P CoreLogic Case-Shiller Index reveal about Houston real estate?
The increase ends a six-month string of monthly declines, the National Association of REALTORS® said.
New-home inventory rose to 444,000 homes in May from 437,000 homes in April, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
Meanwhile, existing-home sales slid 3.4% from April to a seasonally adjusted annual rate of 5.41 million, according to the National Association of REALTORS®.
The number of homes for sale in May rose 16.3% month over month and 2.2% year over year. Months’ supply of inventory rose to 0.9 from 0.8 in April and fell from 1 in May 2021.
New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report.
Nationally, the index posted its highest annual increase ever.
Nevertheless, home prices are expected to continue rising through the end of the year, according to the National Association of REALTORS®.
The rate of new single-family home sales fell 16.6% from March’s revised number, while the median sales price jumped to $450,600 from March’s revised median house price of $435,000.