Builder confidence in the U.S. housing market has hit a new low as rising mortgage rates continue to plague the construction sector.
Builder confidence in the U.S. housing market has hit a new low as rising mortgage rates continue to plague the construction sector.
Image Credits: Unsplash
Image Credits: Unsplash
The National Association of Home Builders (NAHB) confidence index has dropped for the third straight month, hitting its lowest level since January.
The National Association of Home Builders (NAHB) confidence index has dropped for the third straight month, hitting its lowest level since January.
Image Credits: Unsplash
Image Credits: Unsplash
Soaring mortgage interest rates have made it increasingly challenging for builders to secure construction loans, leading to a decline in construction activity.
Soaring mortgage interest rates have made it increasingly challenging for builders to secure construction loans, leading to a decline in construction activity.
Image Credits: Unsplash
Image Credits: Unsplash
Builders are resorting to price cuts and sales incentives to stimulate sales, with 32% of builders reporting price reductions - the highest this year.
Builders are resorting to price cuts and sales incentives to stimulate sales, with 32% of builders reporting price reductions - the highest this year.
Image Credits: Unsplash
Image Credits: Unsplash
Higher interest rates have deterred potential homebuyers, particularly younger ones, resulting in lower levels of buyer traffic.
Higher interest rates have deterred potential homebuyers, particularly younger ones, resulting in lower levels of buyer traffic.
Image Credits: Unsplash
Image Credits: Unsplash
The decline in builder confidence varies by region, with the Northeast, Midwest, South, and West all experiencing different degrees of decline.
The decline in builder confidence varies by region, with the Northeast, Midwest, South, and West all experiencing different degrees of decline.
Image Credits: Unsplash
Image Credits: Unsplash
Experts emphasize the necessity of boosting housing production to address inflation and affordability challenges, helping both the housing market and the overall economy.
Experts emphasize the necessity of boosting housing production to address inflation and affordability challenges, helping both the housing market and the overall economy.