Mortgage buydowns on the rise as builders try to entice more buyers
Builder confidence continued its downward spiral in November, and builders are now turning to mortgage buydowns to bring in buyers.
Builder confidence continued its downward spiral in November, and builders are now turning to mortgage buydowns to bring in buyers.
Single-family building in large metro outlying counties and exurban areas has waned in the last 12 months, according to the NAHB HBGI for the third quarter of 2022.
With December marking 12 consecutive months of declines in builder confidence, builders are looking to incentives to drive sales.
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…]
After a year of declines, homebuilder sentiment started off 2023 with a modest increase, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) report, released Wednesday. In January, builder confidence in the market for newly build single-family homes rose four points from Decemberâs reading, to an index value of 35. The NAHB/HMI […]