Builders optimistic for the first time since May, reports National Association of Home Builders
Tagged: National Association of Home Builders (NAHB)
National Association of Home Builders reports growth in building permits in Q2 2024
New-home sales from January through July rose 2.6% compared to the first seven months of 2023
Matching a summer decline in sentiment, builders continue to grapple with high construction and development costs
Low affordability causing buyers to hesitate has led more builders to cut prices so as to bolster sales
Average effective rates on loans for land acquisition and speculative single-family construction were the highest they’ve been since 2018.
Census data for Q1 2024 indicates decreases in homeownership rate for people under 35 and over 65
But, industry experts say sales data obscure still-strong demand for new construction.
Newest data could help incentivize rate cuts later this year
As buyers anxiously await lower mortgage rates, home builders cut prices