“Buyers (remain) motivated by limited inventory in many areas and the potential for higher rates,” Credit Suisse analyst Susan Maklari wrote in a client note.
Related: Leveraging up the Homebuilders ETF Trade
The average sale price of single-family homes rose 7.7% to $393,000 in the first quarter, which helped support companies like Lennar as home construction firms benefited from the shortage.
For more information on the housing market, visit our homebuilders category.