Although high construction costs and elevated interest rates continue to hamper housing affordability, builders expressed cautious optimism in March as a lack of existing inventory is shifting demand to the new home market.
Buyer incentives, along with stabilizing mortgage rates during the month of January, increased the pace of new home sales for the month. However, in a sign of current market weakness, sales are down 19.4% compared to a year ago.
The resilient flooring category, which is nearing $7 billion in sales annually, is showing no signs of slowing down in 2023 despite some broader economic headwinds, according to panel of resilient flooring exerts who spoke at The International Surfaces Event in Las Vegas.
Single-family housing starts posted a double-digit percentage gain in December, but production is running well below a rate of 1 million units annually, indicating ongoing weakness in the housing market as high construction costs and elevated interest rates continue to present affordability challenges.
This free, 30-minute event takes place January 31 at 11:30 am. at The International Surface Event and will answer the most-asked questions retailers have about resilient flooring.
Join Paul Murfin, president of Taylor Adhesives, as he discusses a range of topics with host Seth Gladden, director of marketing, including a look forward with his analysis of the industry's business climate—Tuesday January 17 at 11:30 AM EST.
While new home sales received a slight bounce in November from moderating mortgage rates, the housing market continues to struggle because of ongoing supply chain disruptions, elevated construction costs and challenging affordability conditions.
