News You Need To Know on Dec. 20, 2022

According to today’s census bureau report, weak demand has sour the homebuilders’ approach on the housing market, and it shows in residential construction activity in November.

While the number of new houses starting construction in November was only 0.5% below October, it was below November 2021 to 16.4%. This is higher than homes than economists, but this is the third month in a line that the remedy has declined.

While no one has a crystal ball that reflects the future of the market of new houses, 11.2% of the divers that have been taken from October to November, indicating that very few houses may be constructed in the new year.

If you feel that 2023 may be your year to buy a newly built house, you may have many challenges to contest elections. You may face a shortage of options, especially if you are looking for a single-family house in midwests, where the construction of a new house has dropped more than the national average. This is not to mention your interest on a hostage, it will probably be more than now, as the Federal Reserve has promised to continue to increase the interest rates.

The existing houses also cannot be a better condition. Tomorrow we will get a snapshot of that segment of the housing market when the National Association of Realtors released their November report. But economists estimate that November was the 11th month of the fall in the existing house sales, you can face a similar headwind in search of a home already existing.