"Rising mortgage rates over the past several weeks have impacted demand as many buyers take a wait-and-see approach. A modest move in rates shows up immediately with buyer behavior and conversion, so that's the hesitation point for commitment and conversion."
"The year started with hopes for housing momentum growth, but risks with respect to the Iran war, energy costs and declines for consumer confidence have slowed the market."
"According to NAHB, current sales conditions fell four points, sales expectations for the next six months dropped seven points, and traffic from prospective buyers declined by three points."
"In Utah, a high-growth market is performing markedly better than Washington right now, indicating that not all markets are created equal."
Consumer confidence has reached a record low due to rising mortgage rates, higher gas prices, and inflation fears. Jackson Su noted that while there was an active start to the year, demand has been affected as buyers adopt a wait-and-see approach. The NAHB reported declines in sales conditions, expectations, and buyer traffic. Additionally, 36% of builders reduced prices, and 60% used sales incentives. Despite initial hopes for growth, market risks have slowed momentum, with varying performance across different regions, such as Utah outperforming Washington.
Read at www.housingwire.com
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