A report from Redfin shows that 29% of single-family homes for sale in the U.S. were new constructions in the third quarter of 2022.

Data from the PEW Trust shows that investment companies make up approximately a quarter of the entire single-family home market across the U.S.

October’s 4.6% monthly drop follows a 10.2% decline in September, the National Association of REALTORS® reported. 

Nationally, home prices and inventory, rents and mortgage rates will increase, while real estate transactions will decrease, according to Realtor.com.

Housing prices were down in all 20 cities tracked by the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.

New-home sales rose 7.5% month over month, while the median price of a new house surged to $493,000 from $455,700 in September and $427,300 a year ago, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.   

The pace of new single-family home sales, meanwhile, fell 6.1% from September to 598,000. 

The median existing-home price rose for the 128th month in a row, extending its record-breaking streak of increases. 

The number of homes under construction rose during the month, as homebuilders continued to work through a large backlog of homes. 

The largest single-week decline in conventional mortgage rates since July brought the first increase in home-loan applications since September, the Mortgage Bankers Association said. 

Looking ahead, CoreLogic expects national year-over-year appreciation to slow to 3.9% by September 2023. 

September is the fourth month in a row to see declining sales activity. 

A 30-year fixed-rate mortgage rose to 7.08% this week from 6.94% a week ago, Freddie Mac reported. A year ago, the average mortgage carried a 3.14% rate. 

Mortgage rates continued to weigh on homebuyers in September, following a brief uptick in new-home sales in August.  

At the same time, mortgage applications declined 1.7% on a seasonally adjusted basis on a week-over-week basis, according to the Mortgage Bankers Association. 

In Chicago, home prices posted an 11.3% year-over-year gain in August, compared to a 12.7% gain in July. Month over month, prices fell 0.5%.