{"id":35917,"date":"2022-05-20T14:16:43","date_gmt":"2022-05-20T14:16:43","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/?p=35917"},"modified":"2022-05-20T14:26:51","modified_gmt":"2022-05-20T14:26:51","slug":"homebuilding-slows-as-buyers-hesitate","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/homebuilding-slows-as-buyers-hesitate\/","title":{"rendered":"Homebuilding Slows as Buyers Hesitate"},"content":{"rendered":"

\"Home<\/p>\n

\n

Rising mortgage rates and ongoing supply chain disruptions are pressing on new-home costs and taking a toll on construction, homebuilders report.<\/h2>\n

Single-family housing<\/a> starts fell for the second consecutive month, dropping 7.3% in April to a seasonally adjusted annual rate of 1.10 million, the Commerce Department reported this week.<\/p>\n

\u201cLower single-family construction starts in April reflects our recent builder surveys showing notably weaker confidence in the single-family market, as rising mortgage<\/a> rates and building material<\/a> costs are driving more potential buyers out of the market,\u201d says Jerry Konter, chairman of the National Association of Home Builders. Building material costs are up 19% over a year ago.<\/p>\n

Still, housing starts were nearly 15% higher than a year ago. But the gain was driven mostly by multifamily construction. That sector, which includes apartment buildings and condos, rose 15.3% to an annualized 624,000 pace, the highest pace in nearly 40 years, the Commerce Department reports.<\/p>\n

\u201cBuilders are responding to higher mortgage rates and are chasing rising rents, with fewer home buyers and more renters being forced to renew their leases,\u201d Lawrence Yun, chief economist of the National Association of REALTORS\u00ae, said in a statement in reaction to the latest new-home data. \u201cEven before the rise in interest rates, apartment vacancy rates were at historic lows and rents were accelerating. Some degree of a return to the office is also fueling back-to-city living where high rises are concentrated.\u201d<\/p>\n

Robert Dietz, NAHB\u2019s chief economist, says they are predicting flat conditions\u00a0in new-home construction for the remainder of the year and a decline in 2023 as housing affordability challenges from higher mortgage rates and construction continue to batter the sector. Single-family permits, a gauge of future construction, fell 2.3% on a year-to-date basis so far in 2022.<\/p>\n<\/div>\n

Realtors <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Rising mortgage rates and ongoing supply chain disruptions are pressing on new-home costs and taking a … Homebuilding Slows as Buyers Hesitate<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":28016,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[4751,1403,2890,12908,5863,5879,5864,5880,5865,5866,5881,5867,5882,5868,5869,5870,5871,5872,543,347,5873,5874,5875,5876,5877,5878,344,1329,408,1295,41,818,479],"class_list":["post-35917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-buy","tag-construction","tag-home","tag-home-building-center","tag-home-building-contractors-near-me","tag-home-building-e","tag-home-building-exhibition","tag-home-building-experience","tag-home-building-ideas","tag-home-building-insurance","tag-home-building-on-a-budget","tag-home-building-savings-bank","tag-home-building-warranty-nsw","tag-home-building-washington-indiana","tag-home-building-wheatley","tag-home-building-woodstock","tag-home-building-worksheet","tag-home-buying-guide","tag-home-loan","tag-homebuilding-renovating","tag-homebuilding-show","tag-homebuilding-show-birmingham","tag-homebuilding-show-nec","tag-homebuilding-steps","tag-homebuilding-stocks","tag-housing","tag-loan","tag-mortgage","tag-mortgage-rate","tag-property","tag-real","tag-realtor"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/01\/Home-Loan.jpg?fit=1024%2C864&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3906,"url":"https:\/\/amazingproperty.com.ng\/blog\/builders-reveal-their-top-areas-of-innovation\/","url_meta":{"origin":35917,"position":0},"title":"Builders Reveal Their Top Areas of Innovation","author":"Amazing Property","date":"April 27, 2017","format":false,"excerpt":"Home builders say that big data and analytics is not just a buzzword but also the top area of innovation in home building over recent years, according to a new survey by BUILDER. This includes the process of leveraging consumer data to determine patterns, trends, and preferences to make more\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2412,"url":"https:\/\/amazingproperty.com.ng\/blog\/nars-yun-this-is-how-to-slow-rising-rates\/","url_meta":{"origin":35917,"position":1},"title":"NAR's Yun: This Is How to Slow Rising Rates","author":"Amazing Property","date":"March 23, 2017","format":false,"excerpt":"The Federal Reserve has made two swift rate hikes in just four months and vows of more to come. But there\u2019s a way to slow the pace of interest-rate hikes: Build more homes, Lawrence Yun, the chief economist for the National Association of REALTORS\u00ae, writes in his new column at\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4101,"url":"https:\/\/amazingproperty.com.ng\/blog\/the-housing-market-is-outperforming\/","url_meta":{"origin":35917,"position":2},"title":"The Housing Market Is Outperforming","author":"Amazing Property","date":"May 2, 2017","format":false,"excerpt":"The housing market has been off to a roar this spring. In fact, the market is performing so strongly that the National Association of REALTORS\u00ae has upgraded its forecast for the year. 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