Single-family housing authorizations increased in May, but the pace of year-over-year growth has slowed in recent months in step with declining homebuilder sentiment. Affordability challenges posed by rising mortgage rates, high home prices, and expensive building materials have weakened buyer demand. It is likely the housing market will remain at a slower pace than what was seen at the beginning of the year.
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The report leverages U.S. property condition and history data to provide insights into macro- and microeconomic trends affecting the U.S. housing market.