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.
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