On a year-over-year basis, new-home mortgage applications were down 5.9% in May, the Mortgage Bankers Association reported, citing its Builder Application Survey.
Single-family housing starts were up 4.2% from April and 49.8% from May 2020, at 1,098,000, according to the U.S. Census Bureau and Department of Housing and Urban Development.
Rising property values had homeowners cashing out of their existing residences to buy bigger homes in less-expensive areas last year.
The national year-over-year gain is the highest recorded since December 2005, Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indexes, said in a press release.
Transcendent Electra, a partnership between Transcendent Investment Management and Electra America, has $496 million of properties in contract process and closing and another $1 billion in the pipeline.
The NAHB attributed the monthly increase in its construction spending index to single-family construction and single-family improvements, both of which rose by 2% on a monthly basis. Multifamily construction, meanwhile, declined 0.3% after falling 0.9% in February.
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As the housing market heated up this summer, selling to an iBuyer became a less attractive option for many profit-minded homeowners.
An ongoing shortage of existing homes on the market has made newly constructed homes especially desirable.