Builders apply the brakes amid canceled contracts
We all need to hope that builders can get the multifamily units onto the market for next year to drive rent inflation lower and lower.
We all need to hope that builders can get the multifamily units onto the market for next year to drive rent inflation lower and lower.
Buyer sentiment data shows that potential new homeowners are chilling out about purchasing in this seller’s market.
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However, homebuilder Jerry Konter noted that single-family production is running well below a one million-unit rate, indicating ongoing weakness in the housing market as high construction costs and elevated interest rates continue to present affordability challenges. “Even though single-family starts are up on a monthly basis, permits indicate that the housing market will slow down … [Read more…]
A slowing housing market led homebuilders to pull back, starting just 1.53 million housing units in 2022, down 3% from 2021.
The Census Bureau’s housing starts report for December shows that housing completions are still too slow and we are running out of time.