WRE News August 17, 2023
Buyer
After seven consecutive months of rising optimism, builder confidence dropped in August as mortgage rates neared the 7% mark.
The National Association of Home Builders (NAHB)/Wells Fargo (NYSE: WFC) Housing Market Index (HMI) saw builder confidence in the market for newly-built single-family homes falling by six points this month to 50. All three major HMI indices posted declines: the index measuring current sales conditions fell five points to 57, the component charting sales expectations in the next six months dropped four points to 55 and the gauge measuring traffic of prospective buyers dipped six points to 34.
Looking at the three-month moving averages for regional HMI scores, the Northeast increased four points to 56, the Midwest and South were both unchanged at 45 and 58, respectively, and the West edged down a single point to 50.
“Rising mortgage rates and high construction costs stemming from a dearth of construction workers, a lack of buildable lots, and ongoing shortages of distribution transformers put a chill on builder sentiment in August,” said NAHB Chairman Alicia Huey, a custom home builder and developer from Birmingham, Alabama. “But while this latest confidence reading is a reminder that housing affordability is an ongoing challenge, demand for new construction continues to be supported by a lack of resale inventory, as many homeowners elect to stay put because they are locked in at a low mortgage rate.”
Stay up to date on the latest real estate trends.
Buyer
July 10, 2025
Mortgage application activity shot up like a firework during the week ending July 4, according to data from the Mortgage Bankers Association (MBA).
Seller
July 10, 2025
If you're a homeowner planning to move, you're probably wondering what the process is going to look like and what you should tackle first:
Lifestyle
July 10, 2025
If you are a regular House Beautiful reader, you have probably noticed that we editors consult professional organizers a lot.
Lifestyle
July 9, 2025
We’re living through a paradox.
Buyer
July 9, 2025
Now that summer’s here, you may be planning your next getaway.
Lifestyle
July 8, 2025
You never know how much stuff you have until you’re packing up your entire home to move to a new one.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today