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Housing Market: “Housing remains stuck in a painful stalemate: Limited supply keeps prices high and elevated mortgage rates keep buyers sidelined,” NAA’s George Ratiu told Multi-Housing News. “Sellers, in turn, are reluctant to cut enough to restore affordability. The result is a market with fewer deals, slower activity and an affordability crunch that monetary policy cannot quickly fix.” Read more.
Deeper Dive: Read NAA’s digest of the Federal Reserve’s decision to leave rates unchanged.
New Construction: “New residential construction in February and March underscored the challenges of the current housing market, where builders are walking a precarious line to meet the need for more affordable supply within the constraints of rising inflation and interest rates,” said Ratiu in the latest economic indicators blog. “Home builder sentiment has been in the doldrums for a year, as slow foot traffic and sales push almost two-thirds of construction companies to offer sales incentives.” Learn more.
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