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

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

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.

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.

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

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.

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

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

Higher income, backed up by lower mortgage rates, has expanded the reach of the average homebuyer, but an increased demand for homes has concurrently driven up prices, negating two of the three main factors in First American Financial Corp.’s Real House Price Index.  

Existing-home sales slid for the third month in a row in April, declining 2.7% from March to a seasonally adjusted annual rate of 5.85 million, according to the National Association of Realtors.

The limited inventory that has plagued the housing market continued, although at an abated pace.

Americans believe it’s a much better time to sell a home than to buy one, according to Fannie Mae’s latest survey of home purchase sentiment.

Whether they’re still weary of going to a gym full of people or just looking to work off those extra pandemic pounds in privacy, homebuyers are increasingly prioritizing home exercise rooms.

The number of buyers who locked in mortgage rates for second homes spiked to 178% year over year in April, according to a report from Redfin.

The employment numbers for March were revised down as well. The most recent data indicate a 770,000 increase in jobs for the month, compared to the previously reported increase of 916,000.

“This is a sign that the competitive purchase market, driven by low housing inventory and high demand, is pushing prices higher and weighing down on activity.” — Mortgage Bankers Association Associate Vice President of Economic and Industry Forecasting Joel Kan