The larger-than-expected increase comes as homebuilder sentiment rose for the sixth month in a row. 

There are nearly 40% fewer homes for sale now than before the pandemic began

Homes affordable to middle-income buyers — defined as households earning up to $75,000 — fall in the $256,000-to-$320,000 range. But of the over one million U.S. homes on the market at the end of April, less than a quarter of all listings were within that price range.

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. 

Multiple-offer situations have returned with the spring buying season while distressed and forced sales are “virtually nonexistent,” the National Association of REALTORS® said.

Single-family permits also posted a gain, indicating even more new homes are headed to today’s supply-constrained housing market. 

Homebuilder optimism was buoyed by continued shortages of new housing inventory, the National Association of Home Builders reported. 

Homebuyers in their 40s and younger are still planning to buy homes, even though most believe the market favors homesellers.

Interest rates on mortgages of all types declined last week, spurring an uptick in borrowing, the Mortgage Bankers Association reported. 

The need for more space is common among all self-storage users: 40% of survey respondents listed this as their primary reason for renting storage space.

High demand drove multiple offers on about a third of pending sales, while 28% of homes sold above list price, the National Association of REALTORS® reported. 

U.S. government data shows builders increased the pace of single-family home construction while slowing the pace of multifamily starts. 

The National Association of Home Builders/Wells Fargo Housing Market Index rose for the fourth month in a row in April as the construction industry remained “cautiously optimistic.”     

New listings are still in short supply, falling 21.8% from last year.