Builders continue losing confidence in single-family homes
In October, homebuilder confidence in single-family homes dropped to its second-lowest level since 2012. According to Realtor.com, with interest rates passing 7%, homebuilders are becoming increasingly concerned about their ability to sell new construction single-family homes.
- Homebuilder sentiment in the single-family home market fell to 38 in October (any number below 50 is considered negative)
- October marks the 10th consecutive month of weakening confidence
- Multi-family home construction is up 28.6% YoY in response to changing demand
What the market needs most right now is more inventory. Whether builders are adding more single-family properties or multi-family units, as long as supply is increasing, that’s good for the market and for future buyers. We hope to see this multi-family push continue into 2023. It creates great opportunities for all of us agents.
If you are looking to buy or sell, we would love to assist, please fill out the form below.
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