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Rep. Maxine Waters has reintroduced a legislative package addressing affordable housing, preventing homelessness, and reducing the gap in homeownership.

While mortgage rates fell for a third consecutive week, limited supply and continued affordability issues are handcuffing prospective buyers, as overall mortgage activity rose just 0.5% over last week’s total.

“U.S. housing starts in May came in above consensus expectations at a seasonally adjusted annual rate of 1.63 million, which is 21.7% above the revised April estimate of 1.34 million and 5.7% above the May 2022 rate of 1.54 million,” said First American Economist Ksenia Potapov.

“Applications for purchase loans were up on a monthly basis and increased annually for the fourth consecutive month," said Joel Kan, MBA’s VP and Deputy Chief Economist. "Our estimate of new home sales also jumped in May, up 16% to the fastest pace of new home sales in 15 months.”

The Housing Choice Voucher homeownership program could help reduce the racial homeownership gap in the U.S., allowing households with a voucher to use it for mortgage payments rather than rent, advancing homeownership opportunities for Black non-Hispanic households.

According to RentCafe's June Rental Activity Report, the top four most popular cities for renters are located in the Midwest, while Kansas City, Missouri, was named the most sought-after city by renters nationwide.

Amid larger macroeconomic uncertainties, the total homeownership rate can be attributed to the strong growth in the below-median income homeownership rate, which has sharply increased since 2016.

For the first time in nearly 11 months, solid demand, a lack of existing inventory, and an improvement in supply chain efficiency have all contributed to an uptick in home builder confidence nationwide.

Nominations have opened for the 2023 Women in Housing Leadership Awards, set to be presented this September at the 20th Annual Five Star Conference and Expo at the Hyatt Regency in Dallas, Texas.

"Lack of inventory remains the biggest challenge for homebuyers," said Nick Bailey, RE/MAX President and CEO. "With the vast majority of homeowners having a mortgage rate under 5%, we're not seeing as much move-up activity as usual."