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Home Builder Sentiment Rises as Existing Home Inventory Falls

Pro Builder

The National Association of Home Builders/Wells Fargo Housing Market Index rose one point to 45 in April, and although anything below 50 is considered negative, the latest reading is the highest since September, CNBC reports. Builders said one-third of housing inventory is new construction, compared with historical norms of around 10%.

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Home Prices Could Continue to Rise Into 2023, Says Bank of America

Pro Builder

Home Prices Could Continue to Rise Into 2023, Says Bank of America. The Federal Reserve is preparing to increase mortgage rates to tame elevated inflation, but higher rates still won’t be enough to stop another year of strong price growth in the housing market, Fortune says. Bank of America predicts that home prices across the U.S.

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Has the Housing Market Bottomed Out? Prices Rise for First Time in 7 Months

Pro Builder

Has the Housing Market Bottomed Out? Prices Rise for First Time in 7 Months ldeakins Wed, 04/12/2023 - 11:40 After months of price corrections in the nation's most popular housing markets, U.S. rise in home prices from January to February and a 4.4% annual increase in U.S. home prices. annual increase in U.S. home prices.

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The U.S. Needs 5.5 Million More Units to Close Housing Gap

Pro Builder

Million More Units to Close Housing Gap. With the release of a new report that found the housing market needs 5.5 million more units, the National Association of Realtors (NAR) is calling on lawmakers to green-light housing investments in an infrastructure package. housing markets needs 2 million single-family homes, 1.1

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These Oversupplied Metros Could See Major Price Drops by Late 2024

Pro Builder

Formerly red-hot housing markets such as Seattle, Phoenix, San Francisco, and Austin, Texas, have seen substantial increases in inventory, and as a result, each metro is expected to see a double-digit price correction by late 2024. Read more Housing Markets Market Data + Trends Housing Markets

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Mortgage Banks Reported Negative Profits for the First Time Ever in 2022

Pro Builder

Negative profits in 2022 are likely a result of slower housing activity caused by higher financing costs coupled with elevated home prices, leading to lower purchase and refinance volume. The 2022 deficit represents a 113% decrease from the previous year's average income of $2,339 per mortgage.

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Home Builders Remain Optimistic Despite Market Headwinds

Pro Builder

A lack of existing inventory is shifting buyer demand toward the new-home market, and that trend could pick up steam if interest rates stabilize in the months ahead. “A A significant amount of housing demand exists on the sidelines,” says NAHB Chairperson Alicia Huey. Single-family home construction posted a modest 1.1%