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.
Housing construction weakened in January as ongoing affordability conditions fueled by high mortgage rates and building material costs challenged the market, said Alicia Huey, chairman of the National Association of Home Builders.
The quarterly KBMI gauges the pulse of the market among nearly 500 NKBA members in four key segments: designers, manufacturers, builders, and retailers.
Members of the National Association of Home Builders (NAHB) elected four senior officers to top leadership positions within the federation at the conclusion of this week’s NAHB Winter Leadership Meetings.
Following a brief uptick in new home sizes in 2021, the average size of a new home dropped slightly from 2,525 square feet to 2,480 square feet in 2022, and the percentage of new homes with 3+ full bathrooms and 3+ car garages dipped to 33% and 17%, respectively.
Hash comes to Southwind Building Products from his role as vice president of hard surface at Shaw Industries, and he previously held senior roles at Zickgraf Hardwood and Armstrong.
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.
NAHB Chairman Jerry Konter said the rise in builder sentiment means that cycle lows for permits and starts are likely near, and a rebound for home building could be underway later in 2023.
