Despite the monthly increase, listings stayed near all-time lows, down 59.8% from 15,281 listings in May 2020. 

Housing inventory, meanwhile, remained significantly below year-ago levels in May.

Longer-commute areas continued to claim the largest market share in single-family homebuilding, but the construction growth rate was strongest in places with shorter commuting times, the National Association of Home Builders said, citing its quarterly Home Building Geography Index.

Of the 99 million residential properties in the U.S., approximately 1.4 million (or 1.4%) are vacant this quarter, with “zombie” home rates increasing both quarterly (21%) and annually (5.6%).  

Special questions added to the National Association of Home Builders’ monthly builder survey found 90% or more of respondents had experienced shortages of plywood, oriented strand board, framing lumber and appliances, with most other materials also hard to come by. 

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

The amenity-rich community offers one-, two- and three-bedroom apartments, and one-bedroom rents start at $1,147, while two-bedrooms start at $1,504.

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

“Demand is robust throughout the country, but homebuyers continue to be held back by the lack of homes for sale and rapidly increasing home prices.” — MBA Associate Vice President of Economic and Industry Forecasting Joel Kan

The median sales price of new homes sold in April was $372,400, up from $334,200 in March and $310,100 a year ago. 

Nationwide, the seasonally adjusted housing index rose 2% month over month in February and 13.2% year over year, up from a monthly increase of 1.2% in February. 

Housing records continue to be broken, but despite the strong numbers, data could indicate homebuyer demand is reaching a peak.

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.  

The short supply continued to drive increases in the price of homes, with the median existing-home price for all housing types rising 19.1% year over year to $341,600.

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

An analysis of 10 years of home sales found the spring and summer months offer the most gains for sellers, particularly the month of May.