In the second quarter of 2023, the building of single-family homes showed signs of slow-down across the country, due to a number of market factors.
Mortgage rates rose during the quarter, causing several prospective buyers to shy away from investing in the mortgage market. This has resulted in a decrease in housing demand, which developers must respond to. Furthermore, labor and material shortages have made it difficult for construction companies to complete projects on time. The combination of higher mortgage rates and a shortage of labor and materials has resulted in an overall decrease in home builds across the country.
Key points:
– Mortgage rates rose in the second quarter, resulting in decreased housing demand
– Labor and material shortages hinder the progression of new home builds
– Overall decrease in single-family home builds due to market conditions
You can read this full article at: https://www.housingwire.com/articles/single-family-construction-slows-across-the-country-in-q2/(subscription required)
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