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Constructing Homes on Vacant Lots Could Ease US Housing Shortage, Zillow Says
US Markets

Constructing Homes on Vacant Lots Could Ease US Housing Shortage, Zillow Says

The US housing market faces a long-running supply shortage, and building homes on empty for-sale lots could be one way of shrinking that gap, Zillow Group (Z, ZG) said Tuesday.More than 300,000 empty lots smaller than 5 acres were listed for sale on Zillow in June, reflecting 17.4% of all for-sale listings across the nation, according to the real estate marketplace.Building a single home on each would shrink America's housing shortage by 6.3% to roughly 4.44 million homes, Zillow said.The solution represents the "lowest-hanging fruit" in tackling a supply crisis that has developed over the last two decades, Zillow Senior Economist Kara Ng said."The challenge is making it feasible to build," Ng added. "Loosening zoning rules, streamlining permitting and expanding access to financing would reduce the cost and uncertainty that hold construction back, turning available lots into much-needed homes."Florida, Texas, and California top the list of states with the highest number of empty lots. Vacant parcels make up more than one-third of all for-sale listings in North Dakota, South Dakota, and Alaska, according to the report.Rural markets held the highest concentration of empty lots and are the least expensive on a per-acre basis, compared to suburbs and urban areas, Zillow said.Price: $32.20, Change: $-0.84, Percent Change: -2.53%

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Sectors

Sector Update: Tech Stocks Rise Late Afternoon

Tech stocks were higher late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 1% and the State Street SPDR S&P Semiconductor ETF (XSD) rising 2.3%.The Philadelphia Semiconductor index climbed 2.2%.In sector news, Jeff Bezos' Blue Origin is raising about $10 billion in its first external funding round, valuing the rocket company at about $130 billion, news outlets reported. The reports said Bezos is expected to invest $2 billion, while Coatue Management plans to contribute about $4 billion. The remaining $4 billion has attracted strong investor demand and is expected to come from several major investors, CNBC reported.In corporate news, Alibaba (BABA), ByteDance, and DeepSeek may receive permission from China to buy a limited volume of Nvidia (NVDA) H200 chips to offset a shortage due to increasing demand for AI chips, The Information reported. Nvidia shares rose 3.8%.Apple (AAPL) said Wednesday Broadcom (AVGO) will produce chips to be used in Apple's products in a deal likely worth more than $30 billion. Apple shares rose 1.1%, and Broadcom jumped 5.5%.Zillow (Z) and Rocket's (RKT) Redfin are headed to trial in August in the Federal Trade Commission's challenge to their apartment-listing partnership after the US District Court for the Eastern District of Virginia declined the government's request for an early ruling, Bloomberg reported. Zillow shares fell 1.9%, and Rocket shed 3.3%.Amazon.com-backed (AMZN) Anthropic's Claude Code was flagged by China's National Vulnerability Database over an alleged security "backdoor" risk in versions 2.1.91 through 2.1.196, Reuters reported. The agency advised users to uninstall the affected versions or upgrade to the latest release and urged organizations to strengthen network monitoring to help prevent unauthorized data transfers, the report said. Amazon shares were down 1.4%.

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Wire

Market Chatter: Zillow, Redfin to Face FTC Trial Over Apartment-Listing Partnership

Zillow Group (Z, ZG) and Rocket Companies' (RKT) Redfin are headed to trial in August in the Federal Trade Commission's challenge to their apartment-listing partnership after the US District Court for the Eastern District of Virginia declined the government's request for an early ruling, Bloomberg reported Wednesday.US District Judge Anthony Trenga said at a hearing in Alexandria the case involves too many disputes to decide before a trial, which is scheduled to begin Aug. 24 and last two weeks, according to the report.At Wednesday's hearing, FTC lawyer Allyson Maltas said the deal between Zillow and Redfin reduced competition for internet listing services on apartment rentals, the report added."The FTC asked the court to partially resolve this case before Zillow has the opportunity to present its full evidence at trial - evidence that will demonstrate the pro-competitive effects of this partnership for renters and housing providers. We are pleased with the court's decision today, and look forward to presenting the full record at trial next month," Zillow said Wednesday in a statement.Rocket Companies did not immediately respond to a request for comment by.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $31.66, Change: $-1.13, Percent Change: -3.43%

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Housing Recovery Stalls in May as New Listings, Sales Fall Annually, Zillow Says
US Markets

Housing Recovery Stalls in May as New Listings, Sales Fall Annually, Zillow Says

New US home listings and sales dropped on an annual basis in May amid elevated mortgage rates, halting a market recovery, Zillow Group (Z, ZG) said Thursday.New for-sale listings fell 4.1% year over year to 422,956 units last month, while sales declined 2.9% to 341,929 units, according to the real estate marketplace.Although new listings have historically peaked in May or June, sellers pulled back last month. While sales rose on a monthly basis in May, they fell off the historic trend line. Mortgage rates rose past 6.5%, Zillow said."May housing results were disappointing for those hanging on to hope of a stronger year for sales," Zillow Chief Economist Mischa Fisher said.The mortgage payment on a typical home dropped 3.1% annually to $1,861 in May, while home values rose 0.8% sequentially to $368,720, the report showed.Active inventory increased 1% year over year last month, extending a streak of annual gains to 30 consecutive months, though the growth rate decelerated, Zillow said."Inventory is rising, but weekly data suggests it could flatline in the next four weeks." Fisher said. "A June peak for options home shoppers have to choose from would be early on the calendar, possibly foreshadowing slower sales in the second half of the year."On Wednesday, a report by the Mortgage Bankers Association showed that mortgage applications in the US fell in the week ended May 29."The prospect of easing energy prices given the evolving situation in the Middle East brought mortgage rates slightly lower last week," Joel Kan, the MBA's deputy chief economist, said at the time. "The retreat in rates, however, did not lead to an increase in mortgage applications."Price: $35.63, Change: $+0.12, Percent Change: +0.32%

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US Markets

New Home Listings Growth Outpaces Sales For First Time in 2026, Zillow Says

New for-sale home listings in the US grew at a faster rate annually than sales for the first time this year as elevated mortgage rates stalled recovery, Zillow Group (Z, ZG) said Wednesday.New listings rose 2.1% year over year to 426,356 units in April, while sales eased 0.4% to 323,631 units, according to the real estate marketplace. Active inventory increased 3.7% last month, putting the total number of for-sale homes at 1.3 million."The spring rebound we anticipated at the start of the year and that produced the stronger sales figures in March was put on pause in April by higher rates," Zillow Chief Economist Mischa Fisher said. "Still, someone who held off in 2025 hoping conditions would improve has seen that improvement."Last week, the average interest rate for 30-year fixed mortgages with conforming loan balances of $832,750 or less increased to 6.45% from 6.37% sequentially, a report by the Mortgage Bankers Association showed Wednesday.The monthly mortgage payment on a typical home in the US dropped 3.4% annually to $1,829 last month, while home values rose 0.7% to $366,712, Zillow said.The share of listings with a price reduction was 23.5% in April, down one percentage point from a year earlier, but up 0.9 percentage point sequentially.Despite the recent rise in mortgage rates, buyers who waited out the market of 2025 are entering on slightly better terms this spring, with more options, improved affordability and a little more decision time, according to Zillow."With more homes to choose from and lower monthly costs than a year ago, the math has shifted in favor of buyers even if the moment may not feel like it," Fisher said. "There's still plenty of reason for optimism that we will see a quick rebound if rates cooperate."On Tuesday, government data showed that new-home sales in the US grew past Wall Street's estimates for March, driven by a demand surge in the Northeast region.Price: $44.82, Change: $+1.28, Percent Change: +2.94%

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US Markets

Pending Home Sales Post Biggest Decline in 3 Months Amid High Mortgage Rates, Redfin Says

US pending home sales declined the most in three months during the four weeks ended April 5 as mortgage rates jumped to the highest level since September, Redfin said Thursday.Pending sales fell 2.4% year-over-year to 87,473 units as the weekly mortgage rate jumped to 6.46%, according to the online real estate brokerage."The Iran war and the turmoil it's causing in the markets are the reason mortgage rates are rising," Redfin Data Journalist Dana Anderson said. "The war is also contributing to widespread economic uncertainty, sidelining many would-be homebuyers."The ceasefire that was announced on Tuesday sent oil prices down and rallied markets, and it could help bring mortgage rates back down into the low-6% range."Sales plummeted by more than 15% each in Providence, Rhode Island, Houston and New York, while West Palm Beach, Florida, led the gains.New listings fell 2.6% year-over-year to 101,059 during the four week period, the largest decline in a month."While new listings are losing steam, it's still a strong buyer's market almost everywhere in the country," Anderson said.Newly pending listings grew in March at the fastest pace for the month since 2021 despite an increase in mortgage rates, Zillow Group (Z, ZG) said Monday.Rising mortgage rates and a 2.2% annual increase in home-sale prices -- the biggest in a year -- have pushed the monthly mortgage payment to $2,750, up 0.2% from a year earlier, according to the Redfin report.

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US Markets

Weekly Mortgage Applications Decrease Amid Elevated Rates, Economic Uncertainty

Mortgage applications in the US fell last week amid elevated rates and continued macro uncertainty, the Mortgage Bankers Association said Wednesday.The market composite index, which measures loan application volume, dropped 0.8% for the week through Friday on a seasonally adjusted basis. Without adjustments, the index decreased 1% week over week."Higher mortgage rates and continued economic uncertainty weighed down on mortgage applications again last week," said Joel Kan, the MBA's deputy chief economist. "Many potential refinance borrowers have been frozen out by the sharp increase (in mortgage rates) over the past month."In late March, mortgage rates jumped to 6.38% from 5.98% at the end of the previous month, real estate marketplace Zillow Group (Z, ZG) said earlier this week, citing Freddie Mac data.Late Tuesday, the US and Iran agreed to a two-week ceasefire. The war, which began at the end of February, spread across the Middle East and curtailed shipments through the crucial Strait of Hormuz, driving up energy prices.The average interest rate for 30-year fixed mortgages with conforming loan balances of $832,750 or less fell to 6.51% from 6.57% a week ago, the MBA reported Wednesday. For loan balances higher than that amount, the rate dropped to 6.54% from 6.59%. For 15-year loans, the rate edged higher to 5.90% from 5.89% week to week.The refinance index moved down 3% on a weekly basis, with the pace of refinance applications at its lowest level since December, according to Kan.The seasonally adjusted purchase index rose 1% from a week earlier. Without adjustments, the index increased 1% sequentially, and was 7% lower than a year earlier, representing its first annual decline since January 2025, Kan said."Overall purchase activity has also been adversely impacted by current conditions," Kan said. "However, certain loan types and geographic segments are faring better than others because of lower rates on (adjustable-rate mortgage) and (Federal Housing Administration) loans, as well as growing housing inventory in some local markets."Fixed-rate mortgages with 30-year terms backed by the FHA fell to 6.22% from 6.25% the week before. The share of FHA loans, which are often used by first-time home buyers and can involve smaller down payments, inched lower to 19.3% of total applications from 19.5%, according to the MBA.Price: $41.84, Change: $+1.05, Percent Change: +2.57%

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