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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.
New listings increased 2.5 percent for residential homes and 14 percent for townhouse/condo homes. Pending sales decreased 1.4 percent for residential homes and 0.8 percent for townhouse/condo homes. Inventory decreased 22.1 percent for residential homes and 20.1 percent for townhouse/condo homes.
Median sales price increased 6.8 percent to $260,000 for residential homes but decreased 0.4 percent to $184,200 for townhouse/condo homes. Days on market decreased 37.8 percent for residential homes and 41.9 percent for townhouse/condo homes. Months supply of inventory decreased 30 percent for residential homes and 34.6 percent for townhouse/condo homes.
In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped seven percent 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.