According to the Associated Builders and Contractors trade association's analysis of data published by the U.S. Census Bureau, national nonresidential construction spending was down by 0.5% in June 2022.
According to the Mortgage Bankers Association's Purchase Applications Payment Index, U.S. homebuyer affordability was mostly unchanged in June 2022, with the national median payment applied for by applicants down slightly to $1,893 from $1,897 in May 2022.
Popular migration destinations where home prices soared during the pandemic are most likely to see the effects of a housing downturn amplified and home prices decline year over year if the economy goes into a recession.
According to the National Association of Home Builders latest NAHB/Westlake Royal Remodeling Market Index (RMI) for the second quarter, the index posted a reading of 77, declining 10 points compared to the second quarter of 2021.
Based on new data from national property broker Redfin, after years of tipping heavily in sellers' favor, the scales of the U.S. housing market are finally balancing out.
Posted on May 19, 2022