New US residential construction declined in May to the slowest pace since the onset of the pandemic as an elevated inventory of homes for sale and high mortgage rates sapped the motivation to build.

New home sales rose 18.7% year-over-year in October, but median prices fell 8% as builders increased incentives.

The affordability gap between buying newly constructed homes and existing homes declined in the third quarter as builders look to capitalize on the uptick in demand with incentives. The price per ...