In May, single-family housing authorizations grew 25.88% year over year. However, housing starts have lagged permit volumes, which has slowed growing the housing stock. Prolonged inventory shortages and sky-high home prices have pushed homebuyer sentiment to record lows. Meanwhile, remodeling activity grew across most major metros, with Philadelphia and Chicago experiencing the most substantial growth year over year, up 85.54% and 40.43%, respectively.
For more information on the health of the U.S. housing stock, download the full report.
The BuildFax Housing Health Report leverages U.S. property condition and history data to provide insights into macro- and microeconomic trends affecting the housing market.