Applications for loans to purchase homes rose 2% to its highest level since April.

The single-family building market has moved off the unsustainably hot pace of construction of last fall and has reached a still hot but more stable level of activity

Single-family permits issued year-to-date nationwide reached 681,949 compared with 525,623 for the year to date ended in July

Most of the renters are Millennials and Gen Zs looking for housing options that better suit their budgets, as 55% of suburban renters are younger than 45 with median household earnings around $50,000.