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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.
‘Renters are in a position to push for a better deal, and property managers are ready to give them one,’ Zillow Senior Economist Kara Ng said.
Home price gains continued to slow in the first quarter.
Many lenders don’t want to foreclose because they don’t want to become landlords, according to a corporate real estate adviser.
Georgia had the largest quarterly increase in such properties, followed by North Carolina and Indiana.
Redfin attributes the dip to buyers and sellers gaining a better sense of current market conditions.
Flint, Michigan, was named as the top affordable city.
The National Association of Realtors said buyers are entering the market with ‘cautious optimism’ amid economic uncertainty and rising mortgage rates.
The company’s net earnings fell by 4.2 percent year over year.
