Declines in both single- and multifamily starts pushed nationwide housing production down 6.5 percent in May to a seasonally adjusted annual rate of just over 1 million units.
Almost two-thirds (65.5 percent) of new and existing homes sold nationwide in the first quarter of the year were affordable to families earning the U.S. median income of $63,900.
Of the approximately 350 metro markets nationwide, 56 returned to or exceeded their last normal levels of economic and housing activity, which represents a net gain of nine metros year-over-year.
Sales of newly built, single-family homes rose 6.4 percent to a seasonally adjusted annual rate of 433,000 units in April, according to data from HUD and the U.S. Census Bureau.