The single-family housing market continued to show signs of softening in March as permits and starts declined due to rising mortgage interest rates and ongoing supply chain bottlenecks.
Rapidly rising interest rates combined with ongoing home price increases and higher construction costs continue to take a toll on builder confidence and housing affordability.
Business remains strong for most remodelers at the beginning of 2022,, however, a few are starting to report that customers are reluctant to move forward on projects due to the delays and higher costs caused by supply chain problems.
Higher mortgage rates and construction costs pushed new home sales lower in February even as demand remains solid due to a lack of existing home inventory.
The Career Connections grant program is designed to support local events introducing young people to career opportunities in the residential skilled trades.
The combined share of younger millennial (23 to 31 years old) and older millennial buyers (32 to 41 years old) rose to 43% in 2021, up from 37% the year prior.
The February pace for apartment construction was the best since January 2020 and NAHB said the multifamily sector should to continue to show strength as the economy reopens.
