The sharp increase in mortgage interest rates as well as rising building material costs caused home builder confidence for the construction of new single-family homes to fall every single month in 2022 per the National Association of Home Builders (NAHB). However, it has now increased for 3 consecutive months (Jan-March 2023) but comparing their index of builder confidence, it’s at the lowest levels since May 2013.
I also share the latest report from the US Census Bureau for permits authorized, housing starts, units under construction and the number of units completed. For example, as of February 2023 there was a new record number of units under construction for buildings with 5+ units (data that goes back to the 1970’s).
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.6% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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*** Jason Walter, CPA (lic 103885) Sacramento real estate agent and native Realty ONE Group Complete (DRE 01923240) [email protected]
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Disclaimer: Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
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