Homebuilders. They’re just like you.
Soaring costs are not only keeping potential homebuyers out of the real estate market, they’re also pushing homebuilders to the sidelines despite an ongoing housing supply shortage.
The housing market isn’t working for most Americans. Mortgage rates are the highest they’ve been since the mid-2000s housing bubble, making homes unaffordable for many of the buyers who’ve already delayed their home searches throughout the pandemic. Sales have slowed, homeowners are staying put, and prices are still near record highs.
As more buyers put their homeownership dreams on pause, builders are putting their construction efforts on hold as well. In September, residential homebuilding slowed as housing starts decreased 8.1% from August levels, according to a report from the US Census Bureau that was released on Wednesday.
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https://www.businessinsider.com/housing-market-homebuilder-sentiment-down-starts-falling-mortgage-rates-inflation-2022-10
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