Housing Market Is "Going To Be Tough Going Forward" | Ivy Zelman
Thoughtful Money with Adam Taggart
Affordability Fluctuates but Shows Promise
Affordability in the housing market is gradually improving as mortgage rates decline, specifically from above 7% to 6.55%. However, current affordability levels remain about 20% above historical trends for existing homes and approximately 10% above for new homes. Builders are implementing incentives, such as mortgage rate buy downs, to enhance affordability. Despite the slight improvement in rates, some builders haven't seen an uptick in demand, primarily due to prior commitments at lower rates. The overall sentiment is mixed, with builders attempting to navigate the market dynamics amid a slight pullback in home starts.
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