Strong growth of single-family construction spending drove the increase, while spending on multifamily construction was flat, the National Association of Home Builders said.

“May’s strong increase in transactions — following April’s decline, as well as a sudden erosion in home affordability — was indeed a surprise. The housing market is attracting buyers due to the decline in mortgage rates, which fell below 3%, and from an uptick in listings.” — NAR chief economist Lawrence Yun

The 10-city composite index rose 1.9% on a monthly basis and 14.4% on a yearly basis, while the 20-city composite rose 2.1% monthly and 14.9% annually.    

The median age of construction workers is 41, the same as a typical worker in the national labor force, according to the National Association of Home Builders’ analysis of the most recent 2019 American Community Survey data.

In light of the increasing number of natural disasters in recent years, the foundation commemorated its 20th anniversary by launching Hope Rising, “a campaign designed to ensure the foundation can respond to disasters as quickly and effectively as possible.”

The real estate investment and land asset-management company has identified 17 near-term development opportunities and is in advanced negotiations to develop build-to-rent communities with about 2,500 units across the country.

Denying a mortgage to a woman because she is on or plans to be on maternity leave is against the law, but some lenders are accused of doing just that.

Located at 351 East Parker Rd., Green Park connects to Northline Park and is the first new residential development in the Northside/Northline/East Parker community.

New listings also lost their momentum during the week, lowering hopes that the limited supply of homes on the market would be replenished soon.

The seasonally adjusted estimate of new houses for sale at the end of May was 330,000, representing a supply of 5.1 months at the current sales rate, the U.S. Census Bureau and the Department of Housing and Urban Development reported.

The shortage of housing in America is more “dire” than previously expected, and the NAR’s new report puts pressure on lawmakers to provide additional public funding and policy incentives to fix this massive underbuilding gap.

The median existing-home price for all housing types rose to $350,300 in May, marking another new record.

Market competition has eased up recently, but seven in 10 buyers still face bidding wars, according to a new report from Redfin.

The annexed acreage will add about 1,400 homes to the master-planned community, as well as new amenities. Sales are expected to start in the fall of 2022.

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.

Inventory levels rebounded last month, finally showing signs of recovery following a year of historical declines.