A new study by Boulder Home Source analyzed data from Zillow for the past five years, across all 50 states to determine which state had seen the smallest rise in house prices.
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.
Housing construction weakened in January as ongoing affordability conditions fueled by high mortgage rates and building material costs challenged the market, said Alicia Huey, chairman of the National Association of Home Builders.
Members of the National Association of Home Builders (NAHB) elected four senior officers to top leadership positions within the federation at the conclusion of this week’s NAHB Winter Leadership Meetings.
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.
NAHB Chairman Jerry Konter said the rise in builder sentiment means that cycle lows for permits and starts are likely near, and a rebound for home building could be underway later in 2023.
While new home sales received a slight bounce in November from moderating mortgage rates, the housing market continues to struggle because of ongoing supply chain disruptions, elevated construction costs and challenging affordability conditions.
NAHB reports that multifamily units under construction is reaching a near 50-year high, and multifamily permit growth is weakening. Single-family housing starts continued to fall in November.
