Housing

Builders’ confidence in the market for new single-family homes grew as the National Association of Home Builders' housing market index rebounded to 58 in January from 56 in December.

Affordable housing got a boost this week when the City Council approved tax-exempt financing for a commercial real estate firm's purchase and renovation of a large apartment complex on the city's western edge.

Pending home sales dropped 0.7% to an index reading of 101.4 in November, after an unrevised 2.6% decline to 102.1 in October.

Home prices in 20 U.S. cities slowed in October for a seventh consecutive month, extending the longest streak since 2014, a sign of waning demand amid higher mortgage rates and elevated property values.

Existing home sales were up 1.9% to a seasonally adjusted 5.32 million-unit rate in November.

November housing starts rose by 3.2% to a 1.256 million annual rate, according to data released Tuesday by the Commerce Department.

Builders’ confidence in the market for new single-family homes fell in December as affordability issues remain.

Construction spending was down 0.1% in October, below the 0.4% gain expected.

Pending home sales fell 2.6% to an index reading of 102.1 in October, after a revised 0.7% rise to 104.8 in September.

Sales of new U.S. homes fell in October to the weakest pace since March 2016 as rising borrowing costs and elevated prices keep buyers out of the market.