Builder sentiment in the market for single-family homes fell in December to the lowest level in 10 years as high mortgage rates decimate the housing market.
In this aerial view, completed and under construction new homes at a site in Trappe, Maryland, on Oct. 28, 2022.December's reading was below the median expectations among economists for an increase to 34 from last month's recording of 33.
"In this high inflation, high mortgage rate environment, builders are struggling to keep housing affordable for home buyers," said NAHB Chairman Jerry Konter, a homebuilder and developer from Savannah, Georgia. "Our latest survey shows 62% of builders are using incentives to bolster sales, including providing mortgage rate buy-downs, paying points for buyers and offering price reductions.
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