The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the new residential sales statistics for November 2021.

Existing-home sales rose in November, denoting three consecutive months of increases, according to the National Association of Realtors. Three of the four major U.S. regions reported growth in monthly sales, while the fourth region held steady in November.

New home sales posted a solid gain last month, driven by strong buyer demand, low existing home inventory and buyers' anticipation of future higher mortgage rates.

Single-family and multifamily housing production accelerated in November, due to strong demand for new construction.

From February 2020—the month before the pandemic caused projects to be halted or canceled—to last month, construction employment decreased in 32 states and increased in only 18 states and D.C. 

Total construction starts fell 14% in November to a seasonally adjusted annual rate of $867.8 billion, according to Dodge Construction Network.

The National Association of Home Builders (NAHB) reported that the labor market continues to tighten, especially for the construction industry where 2.2 million more workers are needed to keep up with the booming demand for homes amid the labor shortage.

The suburban shift for single-family home buying precipitated in large part by the onset of the COVID-19 pandemic last year continues but new data reveals that higher density markets are making a comeback as well.

A lack of skilled construction labor is a key limiting factor to expand home construction and improve housing inventory and affordability, according to The HBI Construction Labor Market Report based on research from the National Association of Home Builders. 

The Federal Housing Administration (FHA) announced new loan limits for calendar year 2022 for its Single Family Title II forward and Home Equity Conversion (reverse) Mortgage (HECM) insurance programs.