Demand for newly built homes has remained strong as high interest rates keep many would-be sellers of existing homes off the market. 

At the same time, the median existing-home price for all housing types slid 3.1% year over year to $396,100. 

Goldberg’s retirement comes after 30 years of service with NAR and four decades of real estate experience.

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

The Federal Reserve on Wednesday halted its streak of 10 consecutive rate hikes since March 2022.

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.

The first quarter of 2023 shows some serious agent fluctuation at many of the country’s biggest brokerages.

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. 

The incoming executive has held similar roles at BlueLinx Corp. and Extended Stay America. 

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.

The hire follows the December 2022 firing of the homebuilder’s senior vice president for field operations, who had been tapped to become COO on Jan. 1. 

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.