The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4% in 2021 so far, according to Apartment List.
- Single Family Closed Sales were down 8.9 percent to 2,966.
- Townhouse-Condo Closed Sales were up 15.6 percent to 717.
- Adult Communities Closed Sales were up 12.7 percent to 71.
- Single Family Median Sales Price increased 9.7 percent to $515,510.
- Townhouse-Condo Median Sales Price increased 13.8 percent to $330,000.
- Adult Communities Median Sales Price increased 19.5 percent to $436,000.
In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department. Single-family home construction declined 4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13%. Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of materials.