Housing Market Roundup, July 6 2022

Here is a summary of recent housing, market and economic reports that have come across the MBA NewsLink desk:

Pending Home Sales Edge Higher

Pending home sales broke a six-month skid last month with a slight 0.7 percent rise from April.

May New Home Sales Jump 11%

May new home sales proved to be a solitary bright spot in a month of otherwise disappointing housing reports, rising by nearly 11 percent from April, HUD and the Census Bureau reported Friday.

May Housing Starts Plunge Amid Market Volatility

Housing starts fell sharply in May, HUD and the Census Bureau reported Thursday, as continued market volatility and higher interest rates took a toll on both consumers and home builders.

Fed Brings Out the Big Guns

Following weeks of gloomy economic news and rising inflation, the Federal Open Market Committee pulled out nearly all the stops on Wednesday, hiking the federal funds rate by 75 basis points for the first time in nearly 30 years.

Pending Home Sales Fall 6th Straight Month

Pending home sales fell by nearly 4 percent in April—the sixth consecutive monthly drop—the National Association of Realtors reported Thursday.

April New Home Sales Fall to 2-Year Low

New home sales in April suffered double-digit percentage losses for the second consecutive month, falling to their lowest level since June 2020, HUD and the Census Bureau reported Tuesday.