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The problem is more acute in California and New York, leading to underbuilding of affordable housing and resident outflows, NAHB chief economist says.
The S&P 500’s rally in the first half of this year was concentrated in AI and energy.
May sales were down 7.3 percent from April and 6.8 percent from a year earlier, according to the Census Bureau.
It marked the highest share in more than 15 years.
Fewer prospective homeowners said they are waiting for market conditions to improve before purchasing.
The bipartisan bill is the first major housing legislation passed by Congress in decades.
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.
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.
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.
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.
Growth in median capital gains for investor-sold homes also slowed significantly, according to Redfin.
