The pace of new multifamily construction, however, jumped, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Chicago Mayor Lori Lightfoot took her affordable housing plan a step further in late June, requesting an additional $69 million in funds — this comes after a $1 billion investment in the program from the city in December.
New-home inventory rose to 444,000 homes in May from 437,000 homes in April, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report.
The rate of new single-family home sales fell 16.6% from March’s revised number, while the median sales price jumped to $450,600 from March’s revised median house price of $435,000.
“Builders are responding to higher mortgage rates and are chasing rising rents, with fewer homebuyers and more renters being forced to renew their leases.” — NAR Chief Economist Lawrence Yun
Low inventory and rising interest rates have reduced prospective homebuyer purchasing power.
Affordability and supply-chain issues continued to weigh on the sales of new single-family residences.
“More groundbreaking is welcome news for a supply-starved housing market.” — First American deputy chief economist Odeta Kushi
Structured Development has officially launched the second phase of Harrison Row Townhomes, an affordable townhome community in East Garfield Park.