January 2024
After several months of low sentiment from home builders, January has finally seen a turn of the tide, according to the National Association of Home Builders monthly index. While still not quite feeling overly optimistic about the future, we did see a 7 point increase from home builders and the first monthly increase since August of 2023.
Home builder confidence has surged due in large part to falling interest rates that have brought buyers back to the market and boosted builders’ future sales expectations. Mortgage interest rates dropped from around 8% in mid-October to the 6% range by the end of last year. The drop in interest rates made home buying more affordable for buyers, allowing builders a bit more optimism about their prospects for future growth.
In additional good news for buyers, builders are still reducing prices to encourage sales, providing even more opportunities for buyers to make a move now.
Brandon Williams
Branch Manager
brandon@cmghomeloans.com
(360) 488-2007 | (425) 750-1278
2204 Riverside Drive #100, Mount Vernon, WA 98273
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NMLS# 439752 | BRANCH NMLS# 2477188 | CORPORATE NMLS# 1820
