Real Estate Market News December 2023

National Real Estate News
From List Reports

Builder confidence
Throughout 2023, the low inventory of affordable, pre-owned homes for sale has pushed buyers towards new homes. But high mortgage rates have hurt new home demand too. With the recent fall in mortgage rates, buyer traffic and builder confidence is now recovering, and builders are ramping up construction of single family homes (73% of recent housing starts). [Source: NAHB & Census Bureau]

All about mortgage rates
In just two months, average 30-year mortgage rates have dropped nearly 1.5% to 6.64%. This is one of steepest falls in recent history. [Source: Mortgage News Daily] While rates are still double what they were back in 2021, the change is more important than the level when it comes to buyer sentiment. The drop in rates has shaved a few hundred dollars off the typical monthly mortgage bill.