When it comes to the mortgage industry, it is helpful to monitor trends in housing demands and inventory. According to Fannie Mae’s Economic and Strategic Research group (ESR Group), the current market trend has shifted further towards the new home market.
Low inventory remains a challenge in the current market, meaning that new homes are selling faster than existing homes. This is largely due to the rising prices and an insufficient supply of homes. The shortage is caused by a number of factors, such as a limited construction labor, increased costs, and land scarcity. Consequently, homebuyers have limited options, and many are finding it difficult to afford a home.
Below are the key points in this summary:
• Shift in housing demand towards new homes
• Low inventory challenge
• Rising home prices
• Limited construction labor
• Increased costs
• Land scarcity
• Limited housing options
• Difficult for homebuyers to afford
You can read this full article at: https://www.housingwire.com/articles/housing-construction-looks-positive-despite-recession-projections/(subscription required)
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