US homebuilder confidence rose in December, as falling mortgage rates led to improved sales conditions and increased prospective-buyer traffic. The NAHB builder confidence index exceeded estimates, with the Midwest and South seeing the largest boost in sales conditions. Mortgage rates are expected to fall to about 6.6% in 2024, with prices dropping 1% as new listings enter the market. The housing market appears to have passed peak mortgage rates, which should spur home buyer demand in the coming months. December's housing starts surpassed expectations, with a 14.8% rise from October, while building permits met forecasts but dipped 2.5% month-on-month. Single-family units hit a peak, and construction of SF houses jumped 18% to the highest level since April '22. The unexpected jump in housing starts is a positive sign for the housing market, with experts predicting a 4-5% increase in home construction next year due to continuing falling interest rates.
“Housing's hard landing is probably over now that mortgage rates have tumbled by more than 100bps .. The rolling recession in the industry is turning into a rolling recovery. That .. increases the odds that the economy-wide Godot recession will be a no-show in 2024 ..” @yardeni https://t.co/g1z7eQZYF5
Mortgage rates set to plunge after better than expected fall in inflation https://t.co/bAMa23yetR #mortgage #inflation
Housing market gets positive sign https://t.co/MVeZufu5Dn
The Census Bureau says U.S. companies broke ground on a surprisingly high number of houses in November. https://t.co/1zNWDsJrOX
New-home construction surged in November as the nation continues to grapple with a housing shortage. https://t.co/jBbHNSx9Yu
Housing starts crushed estimates today as single family starts soared 18% MoM. While single family permits are up 23% YoY, multifamily is down 20% YoY. Read more in tonight's Closer: https://t.co/3vafp7M4Ot https://t.co/JallaFPOgs
Housing starts unexpectedly surge in November as mortgage rates fall (Fox Business) Housing starts surged 14.8% last month to an annual rate of 1.56 million units, the highest level since May, according to new Commerce Department data released Tuesday. That is well above… https://t.co/YdLviB8E3O
“We’re predicting a 4% or 5% increase in home construction next year and that is largely due to what we believe will be continuing falling [interest] rates," NAHB CEO Jim Tobin says. "We’re really looking to accelerate into the second half of 2024 with home construction.” https://t.co/aX3Cqrtl1f
Mortgage Rates Could Soon Drop to 6.5%. The Bond Rally Helps. https://t.co/VbzNs8sF0w
A pleasant surprise this morning as housing starts rose 4% in November. We like to see new homes coming to the market! 🏡. Builder confidence improved 3 points and buyer traffic in new homes has recently increased! In addition to this good news, a Fed representative publicly… https://t.co/NL10XHcBke
Home building surges in good sign for the housing market https://t.co/uymCBYyIxj
"If this year was the year of rates and AI, next year will be the year of re-fi." Marathon Asset Management CEO @Bruce_Markets sees opportunities ahead for lending in 2024 as interest rates move lower. https://t.co/hWcbhYHRY4
Data released Tuesday revealed a far more robust market for new homes than anticipated. https://t.co/3svf9N18dy
It's getting easier to buy a house as new-home construction sees a surprising jump https://t.co/cLu1ca4ApA
New Home Construction Unexpectedly Rises To 6-Month High As Slipping Mortgage Rates Boost Housing Market https://t.co/xA2RsRcbvW https://t.co/TGOFUHAPO5
"Residential starts increased 14.8% last mo to a 1.56M annualized rate. The med. forecast in a survey of economists called for a 1.36M pace. Construction of SF houses jumped 18% to the highest level since April '22, while starts of MF projects increased 6.9%." up, up, up $BXC
Mortgage rates will fall to 6% by the end of 2024, but home-buying sentiment will remain subdued, per MW.
Dec housing starts surpass expectations at 1.56M, a 14.8% rise from Oct. Single-family units hit '22 peak. Building permits meet forecasts at 1.46M but dip 2.5% m/m. Economists see permits rising, buoyed by lower yields and increased builder confidence after mortgage rate drop. https://t.co/OxqnIDG4cN
HUGE unexpected jump in housing starts reported today Supply is coming Will the demand be there, and at what mortgage rate and price point? https://t.co/XUZEYJvSWi
November housing starts (blue) +14.8% m/m vs. -0.9% est. & +0.2% prior (rev down from +1.9%); building permits (orange) -2.5% vs. -2.2% est. & +1.8% prior (rev up from +1.1%) https://t.co/Yeo9jYR5MD
Holy housing starts Batman. I told you all housing would moon with some interest rate relief. https://t.co/D3SZp20irv
US #housing starts just came 15% higher than economists thought. Dont say there was no sign. 🇺🇸 #homebuilders net orders on single-units led the way. You're welcome 😇 https://t.co/1tbJtWNPvr https://t.co/JnnOgBRTSs
⚠️BREAKING: *U.S. NOVEMBER BUILDING PERMITS FALL -2.5% TO 1.460M; EST. 1.470M; PREV. 1.498M *HIGHEST SINCE AUGUST 2023 🇺🇸🇺🇸 https://t.co/C5sfSq4P6a
Homebuilder sentiment improved for the first time in 5 months with the NAHB Housing Market Index rising to 37 (vs. 36 est) from 34. https://t.co/pFKkiAJX2c
More palatable mortgage rates might inspire a more active housing market in 2024, but don't expect a big shift. https://t.co/5iW950ORVh
'The housing market appears to have passed peak mortgage rates for this cycle and this should help to spur home buyer demand in the coming months.' - NAHB Chief Economist Robert Dietz https://t.co/blnSXA6Ks2
Mortgage rates are dropping. Here's what to expect in 2024 if you want to buy a home, experts say https://t.co/eRwbEgAWbo
Early read on the December new home market: lower interest rates compared to the past couple of months are spurring stronger-than-expected activity
New Construction Is a Housing Market Bright Spot. It Could Get Even Better for Builders. https://t.co/ixJf04K2dm
This is the latest sign that falling mortgage rates may resuscitate the housing market https://t.co/Uhu05zKbDx
🇺🇸🏠 The share of builders slashing prices in December remained unchanged at 36%, tying last month for the highest portion since November 2022. Builders based in the Midwest and South saw the largest boost in sales conditions on a monthly basis, both increasing by 4 points. https://t.co/0gN3wxxrzR
December's NAHB builder confidence rose to 37, exceeding estimates. Traffic index and sales expectations improved, sales conditions remained steady. NE region saw gains, amidst a housing shortage and 36% of builders reducing prices. Mortgage rate declines could boost activity. https://t.co/sIXCnqMkQh
30-year mortgage rates are now down to 6.62%. I’m a big believer in the power of psychological numbers, & I think if we get anywhere below 6% by this spring — even if it’s 5.99999% — it will really boost home sales.
Mortgage rates will fall to about 6.6% in 2024 and prices will drop 1% as new listings find their way onto the market, per Redfin.
US homebuilder sentiment improved in December for the first time in five months as falling mortgage rates led to a pickup in prospective-buyer traffic and sales expectations https://t.co/OIB6FREYIR
🇺🇸 US HOMEBUILDER CONFIDENCE BRIGHTENS AS INTEREST RATES EASE - NAHB U.S. homebuilder confidence rose in December, indicating easing interest rates may be bolstering sales conditions for builders who had struggled to attract prospective buyers amid the highest borrowing costs in… https://t.co/4pS81YhhJA
The downward trend leads to an optimistic outlook in the housing market for 2024. https://t.co/6BeRl4ZwS7