The share of baby boomers has surpassed millennials and now makes up the largest generation of home buyers, according to the latest study from the National Association of Realtors.
The combination of an unsettled economy and high interest rates is causing investors and property owners to take a closer look at their plans for construction projects, according to AIA Chief Economist Kermit Baker.
Builder sentiment has been edging higher in the early part of 2023 as a significant amount of housing demand exists on the sidelines and resale inventory is limited.
Mohawk announces the release of its inaugural residential soft surface design trends report, Renewed Transformation. Serving as a guide to drive the conversation of design innovation between retailers and consumers, the report theme is a direct reflection of the ups and downs consumers have experienced since 2020.
Although high construction costs and elevated interest rates continue to hamper housing affordability, builders expressed cautious optimism in March as a lack of existing inventory is shifting demand to the new home market.
Buyer incentives, along with stabilizing mortgage rates during the month of January, increased the pace of new home sales for the month. However, in a sign of current market weakness, sales are down 19.4% compared to a year ago.
The resilient flooring category, which is nearing $7 billion in sales annually, is showing no signs of slowing down in 2023 despite some broader economic headwinds, according to panel of resilient flooring exerts who spoke at The International Surfaces Event in Las Vegas.
Single-family housing starts posted a double-digit percentage gain in December, but production is running well below a rate of 1 million units annually, indicating ongoing weakness in the housing market as high construction costs and elevated interest rates continue to present affordability challenges.