According to new data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes in December 2023 in the U.S. increased 8.0% to a 664,000 seasonally adjusted annual rate from an upwardly revised reading in November 2023.
Based on the latest Zillow market report for November 2023, monthly costs for a new mortgage are falling, inventory is trending back toward normal, and price cuts are uncharacteristically common.
According to Redfin, a homebuyer must earn $114,627 to afford the median-priced U.S. home, up 15% ($15,285) from a year ago and up more than 50% since the start of the pandemic. That's the highest annual income necessary to afford a home on record.
According to an Associated Builders and Contractors analysis of data by the U.S. Census Bureau, national nonresidential construction spending increased 0.4% in August 2023. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.09 trillion.