3 Bedrooms | 2 Bathrooms | More Than 2,000 Sq. Ft. | Fenced Backyard | Optional Boating AccessPresented by Michael Downer, Broker Associate | Downing-Frye Realty | Quintessential NaplesMore Space,
Slower New Home Market May Benefit Buyers
Dated: November 21 2022
Views: 214
Each month, the National Association of Home Builders surveys to gauge builders' perceptions of the current market for newly-built single-family homes. Their monthly measure of home builder confidence is a closely watched housing market indicator, as home builders have a unique perspective on the market. In November, builder confidence fell from the month before. Jerry Konter, NAHB's chairman, says higher mortgage rates have slowed demand. "Higher interest rates have significantly weakened demand for new homes as buyer traffic is becoming increasingly scarce," Konter said. But slower demand may hold benefits for buyers still active in the market.
According to the survey, more builders offer incentives to bring in buyers. In fact, among participants, 59 percent said they're using incentives – including paying points and mortgage-rate buy downs. An increasing number of builders also reported lowering prices in November, with an average price reduction of 6 percent.
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