By the Numbers
Low inventory and high demand are buoying builder sentiment in the face of several headwinds.
The drop in the pace of new-home construction follows a significant surge the month before, according to government statistics.
Despite the declining rate of increase, home prices have risen for the last 136 months, CoreLogic said.
New and active listings, meanwhile, rose from their May levels.
Transactions that do go through are typically seeing multiple offers, NAR Chief Economist Lawrence Yun said.
A third consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index lends new evidence to claims that previous declines could be behind the market.
Demand for newly built homes has remained strong as high interest rates keep many would-be sellers of existing homes off the market.
At the same time, the median existing-home price for all housing types slid 3.1% year over year to $396,100.
The larger-than-expected increase comes as homebuilder sentiment rose for the sixth month in a row.
At the end of 2022, Atlanta had 1,834 build-to-rent units in operation, a 380% increase from the 382 available five years earlier, RentCafe said.
Spring selling season returned in full force, as home sales bounced back following a slide in April, Georgia MLS reported.
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.
Despite solid demand, a dearth of homes for sale kept transaction numbers muted in the association’s most recent report on pending sales.
A shortage of existing inventory continues to drive buyers to new construction.
At the same time, days on market slid to 11 days from 18 a year ago, indicating “homes are selling even faster than before,” the group’s president said.
Multiple-offer situations have returned with the spring buying season while distressed and forced sales are “virtually nonexistent,” the National Association of REALTORS® said.