Markets & Economy

Real estate market recap, May 18-22

The big news in real estate markets, recapped for your convenience

Here's what happened this week in the real estate market: Builder confidence in the market for newly built single-family homes slid two points in May to a level of 54, but still posted a nine-point increase from a year ago, according to the National Association of Home Builders/Wells Fargo Housing Market Index. "We've found that rising rents do not appear to be playing a significant role in motivating renters to buy a home," said David Brickman, EVP of Freddie Mac Multifamily, in a statement; Freddie Mac research showed that most renters are not looking to buy homes despite rising rent. "This contradicts what some in the housing market think as they expect more renters ought to be actively looking to purchase a home. We believe rising rents are primarily a sign of increased demand rather than a signal that home purchases will be increasing." The Re/Max National Housing Report clocked higher home sales in April 2015 than in any other April since the report began in 2008. Pr...