National News

New-home sales drop 6% in May as median-sales prices increase again
New-home sales drop 6% in May as median-sales prices increase again

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.

NAR: U.S. housing market is short 5.5 million homes
NAR: U.S. housing market is short 5.5 million homes

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.

70% of homebuyers still facing bidding wars
70% of homebuyers still facing bidding wars

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

Housing market simmers down, but pending sales are still up
Housing market simmers down, but pending sales are still up

Although pending sales are up 29% from last year, they are starting to slow down, dropping 9.7% from their peak four weeks ago.

Housing starts rise in May, but building permits fall
Housing starts rise in May, but building permits fall

Single-family housing starts were up 4.2% from April and 49.8% from May 2020, at 1,098,000, according to the U.S. Census Bureau and Department of Housing and Urban Development.

Could zoning changes help boost supply and balance the market?
Could zoning changes help boost supply and balance the market?

With high costs slowing construction and potentially lowering homeownership for many, easing zoning rules may be the most effective way to increase the supply of new housing.

COVID and a booming housing market have fueled a record number of Realtors
COVID and a booming housing market have fueled a record number of Realtors

The COVID pandemic has caused a shakeup in where, and how, many people work. That has helped propel a thriving housing market.

Asian-American homeownership grows but shows disparities between different ethnic groups
Asian-American homeownership grows but shows disparities between different ethnic groups

The number of Asian-headed households grew 83% in the past two decades, but economic inequality and inequity between different Asian ethnic regions is still an issue.

Pending home sales slide in April on tight inventory
Pending home sales slide in April on tight inventory

Year over year, however, pending home sales were up 57.1%, the NAR said, citing its monthly Pending Home Sales Index.

COVID savings fuels millennial down payments
COVID savings fuels millennial down payments

First-time homebuyers found their long-term plans changed due to COVID.

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