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The share of rental listings priced below $1,000 a month also reached its highest level since May 2022.
The forecast was issued as homeownership rates edge higher among Gen Z and millennials despite affordability challenges.
As inventory rises and price growth cools, buyers in some markets are more willing to walk away from contracts and keep shopping.
The National Association of Realtors says contract signings climbed from April levels, led by gains in the Northeast and Midwest.
This month, 35 percent of builders cut prices of their homes put for sale.
The national median asking rent declined by 1.5 percent year over year.
The sharp decline in new starts was led by a steep dip in new multifamily construction, which tumbled 40.2 percent month over month.
Indiana’s homebuilding keeps moving at a healthy pace, while New York is building at less than half the rate its population requires.
California has 105 cities where starter homes cost more than $1 million.
Florida had the highest foreclosure rate, followed by South Carolina, Maryland, and Nevada.
Mortgage rates have risen since late February, which combined with high home prices, have made homes less affordable.
Builders say rising compliance costs are slowing construction and making the housing affordability crisis worse.
The average 30-year fixed mortgage rate rose 9 basis points to 6.6 percent.
Homeowners fearing large tax liabilities are choosing to ‘wait it out,’ slowing efforts to ease the housing shortage, real estate professionals say.
Several Sun Belt metros led the nation in seller imbalance, with Nashville topping the list of buyers’ markets.
Purchases exceeded expectations and matched the fastest pace since December 2025, even as prices rose, the National Association of Realtors said.
The report examined foreclosure rates, affordability, underwater mortgages, unemployment, and wages tied to homeownership risk.
New listings also hit their highest May level since 2022, according to Realtor.com.
It marks Berkshire’s first major purchase under new CEO Greg Abel.
The bipartisan legislative initiative aims to bolster supply for middle-class families.
