According to a new report by the Harvard Joint Center for Housing Studies, the surge in the prices of gas, food, and other necessities are affecting housing affordability, especially now that most pandemic emergency government supports have ended.
Strong demand is still keeping multifamily developers fairly optimistic in many parts of the country, but high construction costs and their impact on affordability are making some developers increasingly cautious, NAHB said.
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the new residential sales statistics for March 2022.
Pending home sales dropped in March, signifying five straight months that contract activity has declined, according to the National Association of Realtors.
The spike in firm billings in March may reflect a desire to beat the continued interest rate hikes expected in the coming months, according to AIA Chief Economist Kermit Baker, Hon. AIA, PhD.