U.S. housing supply jumped to 7.8 months at the current sales rate in August, the highest measure recorded since March 2023, as the inventory of completed homes for sale continued to climb, hitting its highest level since April 2020.
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Fall in Housing Permits Gives Way to Rise in Multifamily Construction
HUD and the Census Bureau reported housing starts dipping 9.6% below their revised June estimate, as erratic mortgage rates, supply chain concerns, and high prices mount to create housing affordability challenges.
Read More »‘Delta Dip’ in Mortgage Rates Drives Homebuying Power Upward
A drop in rates and an uptick in household income both contributed to increased buying power in July.
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