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Fewer housing permits equate to further inventory, affordability challenges

Housing Wire

Bureau of Labor Statistics from 2013 to 2023. This has the potential to add even more economic pressure for prospective buyers looking for homes in these parts of the country, the analysis stated. The total number of homes under construction fell by 9% in 2023 while the number of permits dropped 11% year over year.

Inventory 425
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New home sales plunge 18.2%, but demand stays strong

Housing Wire

to a seasonally adjusted annual rate of 775,000 in February — the sharpest month-over-month decline since 2013, according to estimates by the U.S. The home can be in any stage of construction: not yet started, under construction or completed. Census Bureau and the Department of Housing and Urban Development.

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New-home mortgage applications surged nearly 40% annually in October: MBA

Housing Wire

Home builders have been able to temper this high-rate environment by offering buyers rate buydowns and other incentives,” Joel Kan, MBA’s vice president and deputy chief economist, said in a statement. “We FHA applications reached highest share of new-home applications since 2013 In October, FHA applications represented 26.3%

Mortgage 464
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Housing starts data lags reality of higher mortgage rates

Housing Wire

Census Bureau released their new residential construction report for April, showing a miss on the estimate and a negative revisions data line, which I believe is lagging behind the current market reality. We simply cannot finish homes in America promptly, and now that mortgage rates are over 5%, some buyers won’t be able to purchase a home.

Mortgage 481
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How to grow housing supply in 2021

Housing Wire

months, builders will halt the rate of growth for new construction plans as they did in 2018 and again for a brief period this year. months, the builders are ok with construction as long as new home sales grow. In 2013/2014, when the economic data was improving, mortgage rates rose. If supply goes over 6.5 Hard pass.

Inventory 544
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Builders are feeling cautiously optimistic thanks to lower mortgage rates

Housing Wire

The NAHB/HMI report is based on a monthly survey of NAHB members, in which respondents are asked to rate both current market conditions for the sale of new homes and expected conditions for the next six months, as well as traffic of prospective buyers of new homes. Builders are continuing to offer a variety of incentives.

Mortgage 410
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Home prices soared 10.4% in December

Housing Wire

Finally, lumber and other building materials are still scarce, forcing construction companies to delay projects and prevent an inventory build-up. Of course, this is all fantastic news for anyone looking to sell their home in 2021. December 2020’s 10.4%

Inventory 464