This information is coming from my lender at HomeTrust/Kelly Frey
Housing Starts fell 14.4% in May, to a 1.549 million annual rate. The monthly decline was due to both single-family and multi-unit starts, and for the year, single-families are down 5.3%, multi-units down 3.3%.
Builders are cautious about future demand thanks to rising mortgage rates–plus, projects in their pipelines are now at the highest level since 1970 and construction has slowed from a lack of workers and supply-chain issues.
Silver lining department: Freddie Mac notes, “Higher mortgage rates will lead to moderation from the blistering pace of housing activity…coming out of the pandemic, ultimately resulting in a more balanced housing market.”
If you are interested in purchasing or selling your home, give me a call. Mary Cockbur/505-639-2090
