Rising mortgage rates and continued home price growth are hurting affordability and fast becoming a toxic cocktail for the nation's homebuilders.
Sentiment among homebuilders dropped 8 points in November to 60 in the National Association of Home Builders/Wells Fargo Housing Market Index. That is the lowest reading since August 2016, but anything above 50 is still considered positive. The index stood at 69 in November of last year and hit a cyclical high of 74 last December.
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Top pizza makers will come together for a beautiful day out in the November sunshine at Margaret T. Hance Park for the annual Phoenix Pizza Festival! There will be live music, lots of local businesses to meet, and an interactive kid's craft zone.
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Over the past few years, two trends have emerged in the housing market:
A ‘normal’ housing market is defined by having a 6-month supply of homes for sale. According to the latest Existing Home Sales Report from the National Association of Realtors, we are currently at a 4.4-month supply.
...NAHB Economist Robert Dietz breaks down the ways the lack of skilled construction labor is affecting the housing market.
Among the benefits of firming economic growth—GDP increased at a 4.2% annualized rate in the second quarter of 2018, the fastest pace since 2014—is ongoing job creation and low unemployment. At 3.7%, the current unemployment rate risks being too low. Right now there are more open, unfilled jobs in the economy than there are unemployed persons to fill them.
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The lack of existing inventory for sale has forced many homebuyers to begin looking at new construction. When you buy a newly constructed home instead of an existing home, there are many extra steps that must take place.
To ensure a hassle-free process, here are 5 tips to keep in mind if you are considering new construction:
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Mortgage interest rates didn't begin their recent surge until the start of September, but home prices were already feeling pressure, as fewer people could afford what was for sale.
Nationally, prices rose 5.8 percent in August compared with August 2017, according to the S&P CoreLogic Case-Shiller home prices index. That is less than the 6 percent annual gain in July.
...Corn Maze and Fall Festival at Vertuccio Farms
