Verisk Report Shows Mixed Signals for Housing Market
New construction growth edged higher in January, but homebuilder confidence fell for the first time in four months.
The combination of expensive building materials, persistent labor shortages, and expected rises in mortgage rates point to continued housing affordability challenges, according to the latest Housing Health Report from Verisk.
While new construction growth edged higher in January, homebuilder confidence fell for the first time in four months as inflation concerns mounted.
“Housing affordability is expected to remain a dominant trend in 2022," said Jonathan Kanarek, Managing Director, property intelligence solutions at Verisk. "While strong consumer demand and the acute housing shortage support the need for new construction, the combination of higher building material costs, worsening labor shortages, and rising mortgage rates point to another competitive housing market year.
"It will be interesting to see how the housing market reacts to rising mortgage rates. Home price growth may slow, but it will likely still be a tough market for buyers as inventory remains scarce.”
Click here to download the full report.
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