The seasonally adjusted estimate of new houses for sale at the end of July was 378,000, representing a supply of 6.1 months at the current sales rate.
The increase was driven by a 21.6% month-over-month spike in the rate of new multifamily construction. Single-family housing starts, meanwhile, slid 2.8%.
September’s reading of 76 was up one point from August, despite lingering challenges with labor and the building-material supply chain, the National Association of Home Builders reported, citing the latest NAHB/Wells Fargo Housing Market Index.
Month over month, home sales were down 3.5%, and the median sale price declined 1.2% to $335,000.
The Justice Department’s original complaint against the National Association of Realtors, filed Nov. 19, 2020, alleges that the association enforced rules and policies that illegally hampered competition in residential real estate services.
A decline in new home listings has had little impact on the market as far as demand is concerned, according to a recent Redfin report.
Over the past year, outer suburbs, or exurbs, have experienced a particularly intense boom. It’s those distant areas which saw the sharpest increase in interested buyers, according to Realtor.com.
You might be surprised by the results of this survey.
“The bright spot in an otherwise underwhelming report comes from the increase in the overall number of permits issued, which can signal how much home construction is in the pipeline.” — First American deputy chief economist Odeta Kushi
After a Black real estate agent and his client were detained by police while viewing a house, the National Association of REALTORS® took a strong stance against the “deeply disturbing” incident of “racial profiling.”