Builders are finding success in an unusual way during the current housing market downturn. With a lack of existing homes available for purchase, newly-built homes are becoming increasingly important. This has caused new home prices to rise since many homeowners are opting to stay put rather than trading up to a new home at a higher interest rate. In May, the National Association of Home Builders/Wells Fargo Housing Market Index reported a five point increase in builder confidence. This marks the fifth consecutive month of gains, and the first time since July that builder sentiment hasn’t been negative. The index noted that current sales conditions rose by five points to 56, sales expectations increased by seven points to 57, and buyer traffic climbed two points to 33. With supply shortages of building materials and tightening credit conditions for real estate development and construction, it remains to be seen how long homebuilders will continue to benefit from the market’s current state.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
