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Builders apply the brakes amid canceled contracts

Housing Wire

However, for the first time in recent modern-day history — due to supply chain issues and other factors — housing completion data has lagged behind housing permits and starts. For the builders, they have a new problem: they had homes under contract and then mortgage rates jumped in the biggest fashion ever recorded in history.

Contracts 537
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The nation’s housing market is on a correction course

Housing Wire

Rising interest rates and a slowing economy overall are already taking some of the air out of the rapid home-price appreciation the housing market has experience over the past year, according to the recently released Federal Reserve Beige Book for July. Freddie Mac projects that home-price growth will average 12.8%

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New home sales fall to lowest pace in a year

Housing Wire

above where they were a year ago, when COVID-related procedures froze the new home market in place. Related supply chain issues have resulted in a big jump in the price of a new home over the past year. A new home sale occurs when a sales contract is signed or a deposit is accepted. . 9% from April to 5.8

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Homebuilders growing very concerned about affordability

Housing Wire

Homebuilder confidence continued to rise in October despite increasing affordability issues due to rising material prices and ongoing shortages, according to the latest National Association of Home Builders (NAHB) and Wells Fargo Housing Market Index (HMI) report released on Monday. Policymakers must focus on fixing the broken supply chain.

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Despite lack of supply, existing home sales rise 6.7%

Housing Wire

Homebuyers flocked to what little inventory existed in January, with existing-home sales rising 6.7% The supply of homes for sale fell to a record low, down 16.5% months of supply; a healthy market generally has between four and six months of supply. from the prior month to a seasonally adjusted annual rate of 6.5

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“It’s crazy”: Homebuilders big and small struggle to finish projects

Housing Wire

Then there are the global supply chain issues, which have frustrated small-time homebuilders like Noel and the heads of publicly traded builders alike. Owing to a historic inventory crunch, new construction is playing a more prominent role in the housing inventory landscape in decades. In December 2021, 34.1%

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Inside Zillow’s misadventures in iBuying

Housing Wire

After 25 days on the market, there were no takers for the 1,400-square-foot home and Pellegrini counseled his client about potentially lowering the listing price. 18 press release that cited labor and supply chain constraints and said its home purchase program hit “operational capacity.” Antonio Pellegrini was stunned.