There’s Going to Be More Affordable Housing

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With mortgage rates at an all-time high, home builders are being forced to lower prices in an attempt to revive struggling sales.

The National Association of Home Builders/Wells Fargo Housing Market Index revealed on Thursday that builder confidence regarding the market for recently constructed single-family homes fell for the 4th consecutive month. In November, the index reached its lowest point in over a year, as high prices are driving away potential buyers.

The Federal Reserve’s rate hikes to combat skyrocketing inflation have created a high-interest rate environment that is putting pressure on the industry. Rate increases have contributed to higher borrowing costs for residential and commercial real estate, including construction.

While the average percentage of builders who lowered prices remained at 6% in November, the percentage of builders who did so to draw in customers increased to 36% from 32% in the previous 2 months.

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