A lack of existing inventory that continues to drive buyers to new home construction, coupled with strong demand and mortgage rates below last fall’s cycle peak helped push builder sentiment above a key marker in March.

The buying group shared the progress the first 50 retailers made with the new retail selling solution and revealed its plans for the next phase of expansion. 

Tight lending standards and the high cost of development loans continue to impede the financing of new multifamily projects.

Builder confidence in the market for newly built single-family homes climbed seven points to 44 in January, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). 

Glimpses of optimism are emerging in the construction and design industry, with some easing of interest rates and businesses reporting slight improvements in quarterly activity at the end of the year.

Pending home sales dropped 1.5% in October, according to the National Association of Realtors. The Northeast posted a monthly gain in transactions while the Midwest, South and West all recorded losses.

At the recent grand opening, Luiz Brito, CEO, Portobello America, talked about the new U.S. facility and its impact on the local economy, how they moved forward during the pandemic, and what’s in store for 2024.

The National Retail Federation today forecast that holiday spending is expected to reach record levels during November and December and will grow between 3% and 4% over 2022 to between $957.3 billion and $966.6 billion.

Despite mortgage rates that are at a 23-year high, new home sales posted a double-digit percentage gain in September because of a lack of inventory in the resale market.

Despite elevated mortgage rates averaging above 7%, single-family starts posted a solid gain in September as more buyers are turning to new homes because of a dearth of inventory in the resale market.