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  • Price drops become less common as market stabilizes

    Price drops become less common as market stabilizes

    According to a new analysis from Redfin, price cuts were slightly less common in April 2026, as the housing market showed signs of stabilization and rising homebuyer demand. More than 35.4% of U.S. home sellers cut their asking price in April 2026, down slightly from 35.6% a month earlier on a seasonally adjusted basis. This is significantly down from a record high of 36.6% in August 2025.

    The decreasing commonality of price cuts is helping sellers regain some negotiating power. Buyers are slowly returning as the job market improves, becoming a bit more confident in their earnings. While buyers are still outnumbered by sellers, they are slightly less so than before, indicating a shift towards a balanced housing market.

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  • Mortgage rates average 6.51%

    Mortgage rates average 6.51%

    On May 21, 2026, Freddie Mac released the results of its Primary Mortgage Market Survey, showing the 30-year fixed-rate mortgage (FRM) averaged 6.51%. This is up from last week, when it averaged 6.36%. In May 2025, the 30-year FRM averaged 6.86%.

    “The 30-year fixed-rate mortgage averaged 6.51% this week,” said Sam Khater, Freddie Mac’s Chief Economist. “As rates fluctuate, aspiring buyers should remember that by shopping around for the best mortgage rate and getting multiple quotes, they can potentially save thousands.”

    The 15-year FRM averaged 5.85%, up from last week when it averaged 5.71%. A year ago at this time, the 15-year FRM averaged 6.01%.

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  • Brookfield receives approval for 12,000 homes on retired California Navy base

    Brookfield receives approval for 12,000 homes on retired California Navy base

    Brookfield Residential just received unanimous approval from the Concord City Council to redevelop the Concord Naval Weapons Station in Northern California. Brookfield’s master-planned community is expected to revitalize the San Francisco Bay Area with the proposed development of 12,000 new homes, businesses, schools, fire stations and around 800 acres of dedicated parks.

    Estimations are putting the cost of the project at $7 billion, with $628 million directly to the Navy.

    For over two decades projects to transform the site were sidelined. For example, in 2016, Lennar was chosen as the developer for the site before parting ways in 2020.

    Immediate cleanup of the site is the priority, with construction slated to begin in 2030. Brookfield Residential currently has two active communities in Northern California, Amoruso Ranch and Riversound. 

    “And for the first time, we have an agreement between the city, our master developer, and the Navy, over how much we’re going to pay the Navy for the 2,400 acres we’re going to develop on the former Concord Naval Weapons Station,” said base reuse director Guy Bjerke.

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Housing Economy >

  • Housing economist comments on core inflation report

    Housing economist comments on core inflation report

    The U.S. Bureau of Economic Analysis (BEA) released the April report for Personal Income and Outlays, outlining core inflation at 0.4% for the month and a 3.8%12-month inflation rate. This is an indication that on the next Fed decision on June 17, 2026 might continue March’s holding pattern.

    The BEA data does not relay one singular outcome for the housing market with a varying landscape across the U.S.

    “When inflation runs this hot, the Fed stays put and mortgage rates stay stuck in the mid-6s,” said Dr. Selma Hepp, Cotality‘s Chief Economist and regular contributor to Builder and Developer. “That freezes the national housing market in place. But a flat national number is hiding a lot behind the scenes. In fact, at a local level, many markets are hiding a complex landscape that is completely fractured from national numbers.”

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  • Home buying demand ticks up

    Home buying demand ticks up

    The housing market is showing signs of life; contract cancellations decreased in April 2026, indicating an uptick in homebuyers’ demand. Home-sale agreements were only down by -0.1 percentage points from March on a seasonally adjusted basis. This is tied with January for the lowest level of contract cancellations since September 2024, though the level has varied by less than half a percentage point over the last year and a half.

    Contract cancellations inched down this spring as homebuyers and sellers gained a clearer sense of housing-market conditions after several years of volatility. Additionally, the average 30-year fixed mortgage rate declined for three straight weeks in April, giving some buyers confidence in locking in a rate.

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  • Price drops become less common as market stabilizes

    Price drops become less common as market stabilizes

    According to a new analysis from Redfin, price cuts were slightly less common in April 2026, as the housing market showed signs of stabilization and rising homebuyer demand. More than 35.4% of U.S. home sellers cut their asking price in April 2026, down slightly from 35.6% a month earlier on a seasonally adjusted basis. This is significantly down from a record high of 36.6% in August 2025.

    The decreasing commonality of price cuts is helping sellers regain some negotiating power. Buyers are slowly returning as the job market improves, becoming a bit more confident in their earnings. While buyers are still outnumbered by sellers, they are slightly less so than before, indicating a shift towards a balanced housing market.

    Read Full Article

Industry Developments >

  • Brookfield receives approval for 12,000 homes on retired California Navy base

    Brookfield receives approval for 12,000 homes on retired California Navy base

    Brookfield Residential just received unanimous approval from the Concord City Council to redevelop the Concord Naval Weapons Station in Northern California. Brookfield’s master-planned community is expected to revitalize the San Francisco Bay Area with the proposed development of 12,000 new homes, businesses, schools, fire stations and around 800 acres of dedicated parks.

    Estimations are putting the cost of the project at $7 billion, with $628 million directly to the Navy.

    For over two decades projects to transform the site were sidelined. For example, in 2016, Lennar was chosen as the developer for the site before parting ways in 2020.

    Immediate cleanup of the site is the priority, with construction slated to begin in 2030. Brookfield Residential currently has two active communities in Northern California, Amoruso Ranch and Riversound. 

    “And for the first time, we have an agreement between the city, our master developer, and the Navy, over how much we’re going to pay the Navy for the 2,400 acres we’re going to develop on the former Concord Naval Weapons Station,” said base reuse director Guy Bjerke.

    Read More 

  • NAHB strives to tackle workforce gaps in housing

    NAHB strives to tackle workforce gaps in housing

    The National Association of Home Builders’ (NAHB) state and local teams met with mayors, city leaders, planners and builders to address workforce development challenges as part of the America’s Housing Comeback discussion series spearheaded by the National League of Cities and the American Planning Association. The discussion allowed city leaders to hear directly from builders about the mounting challenges they face with recruitment and retention, not only for trades professionals but also for public sector staffing.

    Ed Brady, CEO of the Home Builders Institute (HBI), and Emily Price, HBI senior vice president of development and partnership engagement, outlined how HBI programming strengthens city workforces.

    Danushka Nanayakkara-Skillington, NAHB associate vice president of forecasting and analysis, reinforced the message by providing data and insights on how labor market conditions and demographic trends affect housing development.

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  • Sumitomo Forestry Completes Acquisition of Tri Pointe Homes

    Sumitomo Forestry Completes Acquisition of Tri Pointe Homes

    Sumitomo Forestry announced the successful completion acquisition of Tri Pointe Homes. In closing of this transaction,  Tri Pointe Homes is now a wholly owned subsidiary of Sumitomo Forestry America and will cease trading on the New York Stock Exchange.

    Through the acquisition of Tri Pointe’s more than 160 active communities, the homebuilder expects to deliver around 15,000 units annually across 18 states. This makes Sumitomo Forestry of the highest-volume homebuilders in the nation. Sumitomo Forestry Group is engaged in a broad range of global businesses centered on wood, including forestry management, the manufacture and distribution of wood building materials, the contracting of single-family homes and medium- to large-scale wooden buildings, real estate development and wood biomass power generation.

    “Together with Tri Pointe Homes and our existing five U.S. homebuilders, we are well positioned to expand scale, enhance management efficiency and improve profitability toward our Mission TREEING 2030 goal of supplying 23,000 homes annually in the U.S. by 2030,” said Toshiro Mitsuyoshi, President and Executive Officer of Sumitomo Forestry.

    “Joining the Sumitomo Forestry Group marks an exciting new chapter for Tri Pointe Homes, building on the past 17 years of standalone growth delivering over 58,000 homes to U.S. families and communities,” said Doug Bauer, Tri Pointe Homes’ Chief Executive Officer. “With a shared strategic vision, values and culture, we are well positioned to accelerate our growth while continuing to deliver design-driven homes and exceptional customer experiences.”

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Market Research >

  • Construction employment increases in 32 states

    Construction employment increases in 32 states

    Construction employment rose in 32 states from April 2025 to April 2026, according to an analysis of new federal data released by the Associated General Contractors of America (AGC)on May 22, 2026. Texas added the most construction jobs, adding approximately 18,700 jobs, followed by North Carolina, Ohio, Louisiana, Illinois and Missouri. Louisiana had the largest percentage gain in the span of 12 months.

    “It’s encouraging to see construction employment increasing in many parts of the country,” said Ken Simonson, the AGC’s chief economist.

    In April 2026, Florida added the most construction jobs with 6,000, followed by Texas with 3,500, Massachusetts with 3,100, North Carolina with 2,700 and New Mexico with 2,600.

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  • March sees lowest saving rates since June 2022

    March sees lowest saving rates since June 2022

    According to the latest data from the Bureau of Economic Analysis, March 2026 saw the lowest personal saving rates since June 2022. On a year-over-year basis, personal income was 2.5% higher in March than in April 2025. As consumer spending outpaced income growth, the personal saving rate fell to 2.6%. This data point implies households are drawing more heavily on savings to support spending.

    Personal income was essentially unchanged in April 2026, following a 0.5% gain in March. Personal consumption expenditure rose 0.5% in April, following a 1% increase in March. Real spending, which was adjusted to remove inflation, increased 0.1% in April, with expenditure goods declining 0.2% and spending on services up 0.2%.

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  • Construction sees life in custom homebuilding

    Construction sees life in custom homebuilding

    The custom home market is not as heavily impacted by the interest rate cycle in comparison to other forms of homebuilding, making it a relative bright spot in residential construction. While overall single-family construction has been down 5% for the first four months of 2026, custom homebuilding is providing relief in the homebuilding.

    According to the National Association of Home Builders’ (NAHB) analysis of Census data from the Quarterly Starts and Completions by Purpose and Design survey, there were 36,000 total custom building starts during the first quarter of 2026. This is up 3% relative to the first quarter of 2025.

    Currently, the market share of custom builds, based on a one-year moving average, is 20% of total single-family starts.

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  • Housing affordability increases in Q1 2026

    Housing affordability increases in Q1 2026

    Housing affordability conditions for first-time and entry-level buyers are improving at a reasonable pace. According to the National Association of Home Builders’ (NAHB) Wells Fargo Cost of Housing Index (CHI), in Q1 of 2026 the income share needed to buy a new home dropped 4% from Q2 2025.

    Despite mortgage rate changes and overall economic uncertainty, this exhibits promising signs for housing affordability for everyday Americans. The trend continues to existing homes, where income share needed to purchase dropped from 37% in Q2 2025 to 32% in Q1 2026.

    “The U.S. data for the percentage of earnings needed to purchase a new home in the first quarter is based on a national median new home price of $403,200 and median income of $106,800, said Rose Quint, assistant vice president for survey research at NAHB. “The first quarter median new home price is down slightly from $405,300 in the fourth quarter of 2025.”

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  • HUD releases report on best homebuilding practices

    HUD releases report on best homebuilding practices

    The Department of Housing and Urban Development (HUD) released the State and Local Best Practices for Home Construction Report, a series of regulatory actions for state and local governments to increase efficiency and ease regulatory barriers to housing construction and affordability. The report provides a clear starting point for all state and local governments to begin or continue an active effort to remove unnecessary burdens to home construction. Best practices are sorted into three categories: Cut Home Construction Costs, Unlock Land for New Housing Supply and Accelerate Construction Timelines.

    “HUD is encouraging our state and local partners to take inventory of their regulations and policies and make changes that will lower the cost to build and enable more efficient housing supply growth,” said HUD Secretary Scott Turner. “These best practices are an initial list of recommendations to facilitate growth while respecting communities’ unique needs. Adding efficiency to local building processes will result in more affordable homeownership opportunities for all Americans.”

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  • Builder sentiment reports steady increase in May

    Builder sentiment reports steady increase in May

    The National Association of Home Builders’ (NAHB) Wells Fargo Housing Market Index (HMI) of Builder sentiment reported a modest gain in May, bouncing back after April’s decrease. The HMI posted a 37 for newly built single-family homes.

    NAHB cites the 21st Century ROAD to Housing Act could settle builders’ concerns while increasing housing supply.

    “The housing market remains soft as higher mortgage rates, rising gas prices and economic uncertainty related to the war in Iran continue to dampen buyer demand,” said NAHB Chairman Bill Owens. “However, efforts in the House to modify the 21st Century ROAD to Housing Act could increase the nation’s housing supply and help ease builder concerns.”

    Regionally, the Builder sentiment in Midwest registered a slight, one-point gain to 43 and the Northeast followed with a one point increase to 42. The South reported no change at 35, while the West dipped one point to 28.

    “Recent increases for long-term interest rates will continue to hold back home buyer demand,” said NAHB Chief Economist Robert Dietz. “Although some regional markets, including parts of the Midwest, are showing relative strength, the housing market continues to face significant affordability challenges.”

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  • Pending home sales see 1.4% increase

    Pending home sales see 1.4% increase

    According to a report from the National Association of Realtors (NAR), the spring housing market saw a slight bump in activity in April, as pending home sales increased by 1.4% since March. Pending sales increased in the Northeast, Midwest and West, but declined in the South. Year-over-year pending home sales rose in the Midwest, South and West, but declined in the Northeast.

    The report, released on May 19, 2026, follows the release of data indicating that the National Association of Home Builders/Wells Fargo sentiment index notched a 3-point gain in May.

    “Buyers are coming out with cautious optimism despite increasing economic uncertainty and a slight rise in mortgage rates,” said NAR Chief Economist Lawrence Yun. “Demand will easily be even higher once mortgage rates retreat to the levels they were at earlier this year.”

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  • Sumitomo Forestry Completes Acquisition of Tri Pointe Homes

    Sumitomo Forestry Completes Acquisition of Tri Pointe Homes

    Sumitomo Forestry announced the successful completion acquisition of Tri Pointe Homes. In closing of this transaction,  Tri Pointe Homes is now a wholly owned subsidiary of Sumitomo Forestry America and will cease trading on the New York Stock Exchange.

    Through the acquisition of Tri Pointe’s more than 160 active communities, the homebuilder expects to deliver around 15,000 units annually across 18 states. This makes Sumitomo Forestry of the highest-volume homebuilders in the nation. Sumitomo Forestry Group is engaged in a broad range of global businesses centered on wood, including forestry management, the manufacture and distribution of wood building materials, the contracting of single-family homes and medium- to large-scale wooden buildings, real estate development and wood biomass power generation.

    “Together with Tri Pointe Homes and our existing five U.S. homebuilders, we are well positioned to expand scale, enhance management efficiency and improve profitability toward our Mission TREEING 2030 goal of supplying 23,000 homes annually in the U.S. by 2030,” said Toshiro Mitsuyoshi, President and Executive Officer of Sumitomo Forestry.

    “Joining the Sumitomo Forestry Group marks an exciting new chapter for Tri Pointe Homes, building on the past 17 years of standalone growth delivering over 58,000 homes to U.S. families and communities,” said Doug Bauer, Tri Pointe Homes’ Chief Executive Officer. “With a shared strategic vision, values and culture, we are well positioned to accelerate our growth while continuing to deliver design-driven homes and exceptional customer experiences.”

    Read More 

  • U.S. home prices rose 0.2% in April

    U.S. home prices rose 0.2% in April

    U.S. home prices rose 0.2% month over month in April on a seasonally adjusted basis and climbed 2.1% year over year. The Redfin Home Price Index, which uses the repeat-sales pricing method to calculate seasonally adjusted changes in single-family home prices, found that, overall, improving homebuyer demand could fuel further price gains in the coming months.

    “An improving labor market is buoying homebuyer demand, which is keeping home price growth afloat,” said Redfin Senior Economist Asad Khan. “Even though prices are rising, buyers still have bargaining power because they’re outnumbered by sellers. If housing demand keeps climbing, sellers may regain some of that power, causing home prices to rise further.”

    In Montgomery County, Pa., home prices climbed 2.5% month over month on a seasonally adjusted basis in April; the biggest increase among the U.S. metropolitan areas.

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  • Mortgage rates average 6.37%

    Mortgage rates average 6.37%

    On May 7, 2026, Freddie Mac released the results of its Primary Mortgage Market Survey, showing the 30-year fixed-rate mortgage (FRM) averaged 6.37%. This is up from last week, when it averaged 6.30%. A year ago at this time, the 30-year FRM averaged 6.76%.

    “Recent data points to slightly better conditions for buyers with a boost in new-home sales, median new-home prices being down to their lowest level since July 2021, and higher inventory than in recent years,” said Sam Khater, Freddie Mac’s Chief Economist. “Together, these trends could modestly ease affordability pressures through the spring home buying season.”

    The 15-year FRM averaged 5.72%, up from last week when it averaged 5.64%. At the same time last year, the 15-year FRM averaged 5.89%.

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  • New York’s housing plan delivers record-breaking progress

    New York’s housing plan delivers record-breaking progress

    On May 5, 2026, New York Governor Kathy Hochul announced record-breaking progress toward the state’s five-year housing goal, with more than 22,000 affordable homes created or preserved during Fiscal Year 2025-26. This marks the highest single-year production for Hochul’s five-year housing plan.

    New York State Homes and Community Renewal has financed the creation or preservation of more than 81,000 affordable homes over the first four years of the housing plan, putting the state on track to meet its goal of 100,000 affordable homes ahead of schedule.

    “New York is tackling the housing crisis head-on by building more homes, faster and making our state more affordable for families,” said Hochul. “This record-setting year complements my Let Them Build initiative and shows what’s possible when we combine smart policy with strong investment. We’re going to keep pushing forward to ensure that every New Yorker has access to a safe, affordable place to live.”

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  • Home sales see an increase over two consecutive months

    Home sales see an increase over two consecutive months

    Sales of new U.S. single-family homes increased this year for two consecutive months, in February and March, just in time for the spring buying season. New home sales surged 7.4% to a seasonally adjusted annualized rate of 682,000 units in March. Sales ​increased to a rate of 635,000 units in February from 583,000 ​units in January, when they were weighed down by harsher weather conditions in the winter months.

    Despite the strong sales in March and February, new housing inventory remained high, indicating that the housing market remains in the homebuyer’s favor. With supply still elevated, the ​median new house price dropped 6.2% to $387,400 in March from a year earlier. Builders are continuing to offer incentives to attract homebuyers.

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  • Builders’ incentives prove successful, new home sales rise

    Builders’ incentives prove successful, new home sales rise

    New U.S. home sales increased in March after a slow start to the year. A main reason for the boost is the incentives offered by builders, according to Odeta Kushi, deputy chief economist at First American. Builders continued to adjust prices in March to attract homebuyers; a strategy that paid off. New single-family home sales were up 3.3% compared to a year ago and up 7.4% compared to February 2026.

    The median price for new homes sold in March was $387,400, down 6.2% compared to a year ago and down 5.3% from February.

    “Builders are adapting to the market — reducing prices, offering incentives and shifting to smaller homes — to meet buyers limited by affordability constraints,” said Kushi. “The housing market is showing some spring bounce, proving that demand is there, but only at the right price. Yet, that demand remains fragile and highly sensitive to affordability and economic uncertainty.”

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  • Incentives are driving potential buyers

    Incentives are driving potential buyers

    Two of the country’s largest homebuilders, D.R. Horton and PulteGroup are investing in incentives for buyers. Mortgage rate buydowns, covering closing costs and overall price cuts can help close the sale for potential buyers. Both builders saw a jump in orders in Q1 of 2026, 11% for D.R. Horton and 3% for PulteGroup.

    However getting these buyers to the door are costing the builders in earnings results. Net income attributable to D.R. Horton for its second fiscal quarter decreased 20%. While PulteGroup reported its home sale gross margin was 24.4%, compared with prior year gross margin of 27.5%. However, neither are planning on cutting these incentives soon.

    “New-home demand remains impacted by affordability constraints and cautious consumer sentiment, said D.R. Horton CEO Paul Romanowski. “Our sales incentives increased during the second quarter, and we expect incentives to remain elevated for the rest of the year, with the level dependent on demand, mortgage interest rates, and other market conditions.”

    “Our ability to offer low fixed-rate mortgages and other incentives is certainly helping solve the affordability riddle for some,” said PulteGroup CEO Ryan Marshall. “But this comes at a price, as incentives in the quarter reached 10.9% of gross sales price.”

    The use of these incentives may draw some short term headwinds, but they keep builder momentum in the market.

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  • Cotality releases May 2026 home price insights

    Cotality releases May 2026 home price insights

    Cotality released its May 2026 U.S. home price insights report on May 5, 2026. Despite year-over-year price growth continuing to slow, the report noted that, looking ahead to March 2027, data suggests a broader market rebound. As recent trends have shown, if mortgage rates ease, pent-up demand will likely break loose, sparking positive activity in the housing market.

    Home values increased for the second straight month, with a slight 0.3% uptick from February to March. Cotality Chief Economist Selma Hepp said in her report that the national housing market is currently caught in a crosscurrent of pent-up demand and affordability challenges.

    “The housing market is currently stuck in a holding pattern,” said Hepp. “Although housing inventories have been on the rise in many markets, broad discounting is still rare, keeping prices high. In fact, asking prices of newly listed homes continue to trend more than 2% above closing prices, suggesting that very few sellers are budging on their expectations.”

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  • Freddie Mac releases April fixed-mortgage rates

    Freddie Mac releases April fixed-mortgage rates

    According to Freddie Mac, the 30-year fixed-rate mortgage rate (FRM) averaged 6.34% in April, 16 basis points (bps) higher than March. The average 15-year rate also increased by 13 bps to 5.69%. Despite the recent increases, both the FRM and average 15-year rates remain 39 bps and 21 bps lower than a year ago, respectively.

    Mortgage rates increased last month as ceasefire negotiations remain inconclusive. At its latest meeting, the Federal Reserve (Fed) held the federal funds rate unchanged at 3.5% to 3.75%, as inflation remains elevated alongside continued economic expansion. In other news, the Fed announced that Jerome Powell’s term as Chair will end next month and that he will remain on the Board of Governors.

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  • Lennar introduces new luxury community Vinova

    Lennar introduces new luxury community Vinova

    Lennar, one of the nation’s leading homebuilders, introduces the grand opening of its new luxury master-planned community, Vinova. Homes in this community range from 2,652 to 3,805 square feet with four to five bedrooms and three-and-a-half to five-and-a-half bathrooms across two upscale collections. The community features elegant design choices, prioritizing indoor-outdoor living, open concept layouts and spa-inspired bathrooms.

    The builder’s distinct design choices are on display in this project, integrating its most popular features into the base price of the home. Lennar’s Vinova features Wolf® stainless-steel kitchen appliances, floor-to-ceiling tiled glass-enclosed showers and freestanding soaking tubs in owner’s suites giving the project a more tailored feel for potential buyers. Pricing at Vinova starts in the $1,400,000s.

    The community is located in one of  Southern California’s most desireable regions, Rancho Cucamonga, balancing accessibility to entertainment, good schools and convenient commutes.

    “Panoramic mountain views, trails right outside your door and sunshine nearly every day of the year are the hallmarks of life in Rancho Cucamonga,” said Mark Torres, Lennar Inland Empire Division President. “At Vinova, Lennar has built a community worthy of that extraordinary setting and one that delivers exceptional value for today’s homebuyer.”

    Photo credit: Lennar

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  • Rise in new home sales sparks life in housing market

    Rise in new home sales sparks life in housing market

    According to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built single-family homes rose 7.4% in March, to a seasonally adjusted annual rate of 682,000 units. The pace of new home sales is up 3.3% from 2025, marking a positive shift in housing market conditions.

    “An uptick in new home sales reflects improving demand conditions, supported by a modest pullback in mortgage rates and ongoing supply constraints in the existing home market,” said NAHB Chairman Bill Owens, a homebuilder and remodeler from Worthington, Ohio. “Builders are gradually increasing production, but elevated construction costs and labor shortages continue to limit the pace of expansion.”

    “Looking ahead, the rise in new home sales points to a modest strengthening in residential construction activity in the near term,” said Danushka Nanayakkara-Skillington, NAHB’s assistant vice president for forecasting and analysis.

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