The larger-than-expected increase comes as homebuilder sentiment rose for the sixth month in a row. 

There are nearly 40% fewer homes for sale now than before the pandemic began

The Federal Reserve on Wednesday halted its streak of 10 consecutive rate hikes since March 2022.

Phoenix ranked as the fourth-most cost-effective city in the world, rising over every international city on the list other than No. 2-ranked Bucharest.

Homes affordable to middle-income buyers — defined as households earning up to $75,000 — fall in the $256,000-to-$320,000 range. But of the over one million U.S. homes on the market at the end of April, less than a quarter of all listings were within that price range.

The first quarter of 2023 shows some serious agent fluctuation at many of the country’s biggest brokerages.

These new homes are envisioned as “missing middle housing,” such as medium and large apartment buildings.

A second consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index could indicate a reversal of the negative trend that began last year. 

The incoming executive has held similar roles at BlueLinx Corp. and Extended Stay America. 

Despite solid demand, a dearth of homes for sale kept transaction numbers muted in the association’s most recent report on pending sales. 

Ample residential, industrial and commercial construction makes the Southwest city a hub for real estate development, beat out by only Texas cities.

A shortage of existing inventory continues to drive buyers to new construction. 

Multiple-offer situations have returned with the spring buying season while distressed and forced sales are “virtually nonexistent,” the National Association of REALTORS® said.

The hire follows the December 2022 firing of the homebuilder’s senior vice president for field operations, who had been tapped to become COO on Jan. 1. 

Single-family permits also posted a gain, indicating even more new homes are headed to today’s supply-constrained housing market. 

Homebuilder optimism was buoyed by continued shortages of new housing inventory, the National Association of Home Builders reported.