Pending home sales and housing starts are down. Meanwhile, mortgage rates hover above 6.5%.
Builders are facing elevated costs and — in some markets — weak demand, believe it or not.
Would-be buyers are worried about inflation — and watching their 401(k)s dwindle.
New residential building permits are down. High prices on building materials could further slow new construction.
Multifamily housing was a big part of the increase. But there is still high demand for single-family homes.
The National Association of Homebuilders reported its third straight month of improvement in its homebuilder confidence index, even though permits for new housing construction were down nearly 8% year over year.
Builders are shying away from multifamily homes because of supply and cost issues. But single-family homes are cheaper and faster to build.
Housing starts surged nearly 15%, blowing expectations out of the water. What does that mean for the future of the housing market?
Most new homes are going up in the South and states like Utah and Nevada, where homes are generally more affordable than on the coasts.
Sawmill Timberdoodle Farm has been investing in new equipment and looking into providing services along with its products, its co-owner says.
