Key Takeaways
- Data released by the National Association of Home Builders shows that homebuilder sentiment fell to levels not seen since 2012 (ignoring a brief blip in 2020).
- Demand for current housing inventory has decreased, even with a shortage of affordable housing. Builders struggle to create new properties at prices people can afford because of the inflationary pressures they face.
- The struggle is expected to continue throughout 2023, but there is a potential light at the end of the tunnel in 2024.
It’s no secret that the housing market has been on a wild ride over the past year. On the one hand, that might be a good thing. Home prices were out of control, and Federal Reserve interest rate hikes have fulfilled the goal of slowing that inflationary trend in this sector.
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