Articles Tagged with ''housing market''

Builder confidence plunged in July as high inflation and increased interest rates stalled the housing market by dramatically slowing sales and buyer traffic.

Some customers are showing a reluctance to go forward with projects due to the higher costs and delays associated with material shortages, as well as higher interest rates, according to NAHB. 

After posting four consecutive monthly declines on rising mortgage rates and worsening affordability conditions, new home sales posted a solid gain in May as some buyers rushed into the market in advance of the Federal Reserve’s June interest rate hike.

Home renovation activity and spend have reached the highest rates reported since 2018, but momentum may be slowing.

Sales of newly built, single-family homes in May increased 10.7%, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

Existing-home sales retreated for the fourth consecutive month in May. Month-over-month sales declined in three out of four major U.S. regions, while year-over-year sales slipped in all four regions, according to the National Association of Realtors.

Rising interest rates and ongoing building material supply chain disruptions that raise construction costs continue to act as significant headwinds on the housing market.

According to a new report by the Harvard Joint Center for Housing Studies, the surge in the prices of gas, food, and other necessities are affecting housing affordability, especially now that most pandemic emergency government supports have ended.

Single-family growth rates have slowed over the past year due primarily to rising construction and building material costs. 

Existing-home sales recorded a third straight month of declines, slipping slightly in April, according to the National Association of Realtors.