The National Association of Home Builders is reporting this week higher mortgage rates and home prices, as well as increased construction costs all contributed to lackluster new home sales in February 2023.
According to the National Association of Realtors, U.S. existing-home sales reversed a 12-month slide in February 2023, registering the largest monthly percentage increase since July 2020. Month-over-month sales rose in all four major U.S. regions. All regions posted year-over-year declines.
According to CoreLogic's latest Single-Family Rent Index, U.S. annual single-family rent growth continued to slow year over year in January 2023, declining for the ninth straight month to 5.7%.
The National Association of Home Builders is reporting this week that U.S. single-family production remained at an anemic pace in February 2023, as builders continue to wrestle with elevated mortgage rates, high construction costs and tightening credit conditions that threaten to be exacerbated by recent turmoil in the banking system.
According to a new CBRE survey, U.S. capitalization rate expansion is likely to continue in the short-term for most real estate asset types, but could peak later this year and should decrease in 2024 as the end of the Federal Reserve's rate-hiking cycle is anticipated.
Posted on March 10, 2023
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