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US single-family housing starts fall to 8mth low
United States single-family homebuilding fell to an eight-month low in May as elevated mortgage rates and higher construction costs continued to pressure the housing sector, increasing the risk that residential investment could remain a drag on economic growth during the second quarter. Data released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development on Tuesday showed that weakness in both single-family and multi-family construction pushed overall housing starts to their lowest level in six years. Builders also continue to face shortages of labour and available building lots, limiting their ability to address a persistent housing shortage that has contributed to affordability challenges across the country. Residential investment, which includes homebuilding activity, has now contracted for five consecutive quarters. The weak outlook was reinforced by a National Association of Home Builders (NAHB) survey released on Monday, which showed builder confidence deteriorated further in June. Single-family housing starts, which account for the majority of residential construction, fell 1.9% in May to a seasonally adjusted annual rate of 882,000 units. The reading marked the lowest level sin
Reports
US builder confidence falls on housing costs
Confidence among United States homebuilders weakened further in June as elevated mortgage rates, rising construction costs and affordability challenges continued to weigh on the housing market. The NAHB/Wells Fargo Housing Market Index (HMI), which measures builder confidence in the market for newly built single-family homes, fell to 35 in June from 37 in May, slightly below market expectations of 36. The decline marked the 14th consecutive month that builder sentiment has remained below 40, the longest such stretch since the housing downturn associated with the foreclosure crisis in 2011 and 2012. The survey showed current sales conditions falling two points to 38. Sales expectations for the next six months were unchanged at 45, while prospective buyer traffic remained at a subdued 25. Industry leaders said a shortage of available housing, combined with regulatory hurdles and labour constraints, continues to hamper efforts to increase supply. “With the nation short about 1.2 million homes, builder sentiment will remain soft until barriers are eased and conditions improve for home building,” said NAHB Chairman Bill Owens, a home builder and remodeler from Worthington, Ohio. “Congress can help by passing the ma
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US existing home sales hit 5mth high
United States existing-home sales rose sharply in May, reaching their highest level since December as improving affordability and stronger buyer activity helped support the housing market despite elevated mortgage rates. According to the National Association of Realtors' Existing-Home Sales report, sales increased 3.2% from April and were also up 3.2% compared with the same month a year earlier. On a regional basis, monthly sales gains were recorded in the Northeast, Midwest and South, while activity was unchanged in the West. Compared with a year earlier, sales increased in the Midwest, South and West but declined in the Northeast. “More Americans are on the move, with home sales rising to the highest level since December. This is great news for the housing market and the economy,” said NAR Chief Economist Dr. Lawrence Yun. “Improving affordability is helping drive this momentum. Even with mortgage rates ticking up compared to earlier in the year, they remain lower than a year ago and are essentially at the long-term historical average. Income gains are also outpacing home price growth by a small margin in most parts of the country.” Yun also highlighted the financial strength of homeowners, noting that distressed
Reports
US existing home sales rise slightly in April
United States existing home sales remain relatively steady in April, as affordability remains an issue. According to the National Association of Realtors Existing Homes Report, existing home sales rose 0.2% month-over-month in April to 4.02 million units. Analysts polled by Reuters had forecast home resales would rise to a rate of 4.05 million. There was also no change in home sales year-over-year, even as the median existing home price rose 0.9%. This marks the 34th consecutive month of year-over-year price increases. Month-over-month sales increased in the Midwest and the South, were unchanged in the Northeast, and declined in the West. On a year-over-year basis, sales rose in the South, were flat in the West, and fell in both the Northeast and Midwest. This also comes as mortgage rates are lower than a year ago, and average income growth is outpacing home price gains. “Despite mixed macroeconomic signals—including a record-high stock market and historically low consumer confidence—home sales were modestly boosted by the continued improvement in housing affordability,” NAR chief economist Lawrence Yun said. Yun also said inventory remains tight, but offers are still being made. “Multiple offers, though no
Reports
US median home prices slid to a 4yr low in March
United States home sales in March grew more than expected as the median selling price slid to a more than 4-year low. According to the United States Census Bureau, new single-family sales increased 7.4% from February to an annualised pace of 682,000, the fastest pace of the year. The median estimate from Bloomberg was 652,000. The median price of new houses also dropped 5.3% below the February price and 6.2% below the March 2025 price to US$387,400. Around 22,000 homes priced between $300,000 and $400,000 were sold, the most in that category in nearly five years. The South was the nation’s biggest home-selling region, increasing 11.1%. The pickup in sales suggests a gradual improvement in affordability since the middle of last year, which is slowly generating more demand. Homebuilders, who have been using a combination of incentives and price cuts, saw a pickup in prospective buyer traffic in March after severe winter weather had limited buyer demand earlier this year. However, this also comes as mortgage rates have risen from a recent low at the end of February, which could hamper homebuying activity in the coming months.

Reports
Home value growth eases in Australia
Cotality’s national home value index rose by just 0.3%, marking its slowest pace of growth since January 2025, driven by declines in Sydney and Melbourne. Sydney home values are 1% lower than their November peak, while Melbourne values are 1.9% lower than their November 2025 cyclical high and 2.3% lower than the March 2022 peak. Every capital city recorded a slower pace of growth during April, but conditions remain highly diverse. Perth values rose 2.1% in April, adding more than A$21,000 to the median dwelling value. Brisbane, Adelaide and Darwin also saw growth slow, but from a high base, with values still rising by more than 1% month-on-month in each city. Cotality research director Tim Lawless said the housing market has been losing momentum from late last year as affordability and serviceability constraints weighed on demand. “Now we have the additional downside pressure of higher interest rates, sentiment has fallen off a cliff, and rising inflation is set to drive the cost of debt even higher,” he said. Softer housing conditions are a result of a slowdown in buyer demand. Estimates of capital city home sales over the past three months were 5.4% lower than a year ago and 7.4% below the previous five-y
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US pending home sales improve slightly in March
United States pending home sales improved slightly in March 2026, despite higher mortgage rates. They increased by 1.5% month-over-month and 1.1% year-over-year, according to data from the National Association of Realtors (NAR) Pending Home Sales report. Month-over-month pending home sales rose in the Northeast and South, and declined in the Midwest and West. Year-over-year pending home sales rose in the South, and declined in the Northeast, Midwest and West. “Contract signings rose in March despite higher mortgage rates, pointing to pent-up housing demand,” NAR Chief Economist Lawrence Yun said. “A greater supply of inventory will help translate that demand into more home sales. “Demand sensitivity to mortgage rates is greatest among first-time buyers, particularly younger buyers. “As a result, boosting supply and new-home construction should focus on smaller, more affordable homes.” At the same time, mortgage rates began to soar due to the conflict in the Middle East. The 30-year fixed mortgage rate averaged 6.38% at the end of March, according to data from mortgage finance agency Freddie Mac. It averaged 5.98% at the end of February before the war started. The NAR also reported that existing home s
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Australian housing profitability hits 20-year high
Australian home resale gains reached their highest level in more than two decades during the December quarter, according to a fresh report from Cotality. The 102,000 resales analysed in Cotality’s Pain & Gain report, 95.9% record a profit. This is a slight jump from the 95.6% recorded in the last quarter and the strongest result since 2005. The median gain also reached a record A$365,000 while the median loss edged higher to $45,000. Cotality's head of research, Gerard Burg, said these results come from gains that have been built over time and reflect the accumulation of value growth over recent years. “Most sellers have held their property for close to a decade, so the results we’re seeing now are a product of sustained value growth rather than short-term market movements,” Burg said. Properties with higher ownership periods were more likely to record a profit. Properties that sold at a profit had a median hold period of 9.2 years, while those that recorded a loss had a median of 8.2 years. “Shorter ownership periods remain the key risk factor for losses, particularly for those who purchased closer to recent market peaks,” Burg said. “The longer a property is held, the more likely it is to absorb cyclical
Reports
US existing home sales unexpectedly up 1.7% in Feb
United States existing home sales unexpectedly rose in February as mortgage rates continued to drop, though prices could soon increase if demand begins outpacing slow inventory growth. Sales were up 1.7% in February to a seasonally adjusted annual rate of 4.09 million units, according to the National Association of Realtors (NAR). This is above Reuters-polled economists’ forecast of 3.89 million units, but a 1.4% decrease year-over-year. “Housing affordability is improving, and consumers are responding,” said NAR chief economist Dr Lawrence Yun. “Still, there is a long way to go to return to pre-pandemic levels of transaction activity. There are more than 6 million more jobs than in 2019, yet home sales per year are down by one million.” “Despite the modest gain in home sales, actual housing demand remains muted relative to wage growth and job gains,” Yun said. “Wage growth is now outpacing home price growth by almost four percentage points. Mortgage rates are also measurably lower compared to a year ago.” NAR’s affordability index rose, reaching 117.6 in February. This is the highest reading since March 2022, surpassing the 117.1 seen in January and February 2025’s 103.1. Mortgage rates continued to slide last mont