But don’t expect a construction boom anytime soon March 23, 2023, 4:08 pm By Logan Mohtashami If there’s one sector of the economy that benefits from the very low levels of total housing inventory, it’s the homebuilders, but for a reason you might not think. If national housing inventory were back to normal, we would have 2 to 2.5
Econ & Housing
PulteGroup (PHM) is in a newly-formed base as the housing market posts positive data. The homebuilder stock is Thursday’s IBD 50 Stocks To Watch pick. The strong housing market is bringing new life to homebuilder stocks. Housing Market Shows Improvement February new home sales came in at 640,00 vs. the 645,000 Econoday consensus, rising from a revised 633,000 in January.
Washington, DC CNN — Mortgage rates dropped again this week for the second week in a row amid lingering concerns about bank failures and uncertainty in the financial markets. The 30-year fixed-rate mortgage averaged 6.42% in the week ending March 23, down from 6.60% the week before, according to data from Freddie Mac released Thursday.
Higher mortgage rates and home prices, as well as increased construction costs contributed to lackluster new home sales in February, but signs point to improvement later in the year. Sales of newly built, single-family homes in February increased 1.1% to a 640,000 seasonally adjusted annual rate from a downwardly revised reading in January, according to
Tired of apartment living, Kristen Raabe decided two years ago she was ready to pursue a vital piece of the American dream: a home she could call her own. The 31-year-old schoolteacher proceeded to get a harsh lesson in Omaha’s critical shortage of affordable housing. She found few houses on the market in her price
But the worst of the storm might be behind us. At least for builders. On Wednesday, KB Home reported that its cancellation rate was 36% in the first quarter of 2023. On one hand, that’s still an elevated share of sales under contract being cancelled. On the other hand, it’s a deceleration from the 68%
By Evan WylogeMar 22, 2023 Where are America’s new homes? That question keeps boiling up to the surface, as buyers grapple with the current state of the housing market. High prices and soaring mortgage rates are driving affordability into the dirt. And lurking at the center of all buyer challenges is one towering and inescapable bugaboo: the
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