Construction of new U.S. homes rebounded 7% in September to an annual pace of 1.36 million units after a sharp 1.5% drop in the prior month.
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New housing policy “helps more people qualify for homeownership,” as well as boost supply of affordable housing, federal official says.
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Mortgage rates are over 7.5% as of mid-October, but expect rates to fall to 6.1% by the end of 2024, according to a forecast by the Mortgage Bankers Association.
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Also known as backyard cottages or garage conversions, some states are encouraging their construction to ease housing shortages.
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With rates at their highest in more than two decades, home buyers are looking for any way to lower their monthly payment.
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Mortgage demand dropped to the lowest level since 1996 as rates surged across the board due to a recent jump in Treasury yields.
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The number of new apartments starting development has fallen dramatically this year, a consequence of higher interest rates, declining rents and what in some places looks like overbuilding.
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“Increased housing inventory and better interest rates are essential to revive the housing market,” Lawrence Yun of the National Association of Realtors says.
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The 30-year mortgage rate hit it highest level since December 2000, and the jumbo rate rose to a 12-year high.
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New-home sales fall 8.7% as buyers react to persistently high mortgage rates.
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