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This Week In Real Estate – March 19, 2023

Central Oregon Real Estate - This Week In Real Estate

Builder Confidence Rises For The Third Straight Month.

Builder confidence in newly built single-family homes rose for the third consecutive month in March, according to the National Association of Home Builders/Wells Fargo Housing Market Index that was released, this week in real estate. Single-family housing starts increased 1.1% while single-family permits rose 7.6% last month, respectively. Mortgage applications grew for the second week in a row, up 6.5% this week from last week’s 7.4% increase according to the Mortgage Bankers Association. Below are a few newsworthy events from the second week of March that influence our business:

U.S. Single-Family Housing Starts, Building Permits Rebound in February.

U.S. single-family homebuilding and permits for future construction rebounded in February. Single-family housing starts, which account for the bulk of homebuilding, increased 1.1% to a seasonally adjusted annual rate of 830,000 units last month, the Commerce Department said on Thursday. The housing market has been choked by the Federal Reserve‘s most aggressive interest rate hiking cycle since the 1980s to tame inflation. But the worst of the housing market downturn could be over. With both single- and multi-family homebuilding rising, overall housing starts surged 9.8% to a rate of 1.450 million units last month, the highest level since September. Single-family building permits increased 7.6% to a rate of 777,000 units. They had declined for 11 straight months. Full Story…

Mortgage Demand Rises Despite Volatile Interest Rates.

Demand for mortgages increased for the second straight week, despite some volatility in mortgage rates. Total application volume rose 6.5% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Despite rates being higher, mortgage applications to purchase a home rose 7% for the week. Applications to refinance a home loan increased 5% from the prior week. Full Story…

Home Builder Sentiment Rises For Third-Straight Month Amid Tight Inventories.

Confidence among U.S. homebuilders rose slightly in March, the third-straight month builders have increased their optimism about the U.S. housing market. Builder sentiment in March climbed across all regions in the Northeast, Midwest, South, and West. “Even as builders continue to deal with stubbornly high construction costs and material supply chain disruptions, they continue to report strong pent-up demand as buyers are waiting for interest rates to drop and turning more to the new home market due to a shortage of existing inventory,” said NAHB Chairman Alicia Huey. The group’s measure of current sales conditions increased in March and the gauge of upcoming buyer traffic also advanced, marking the strongest traffic read since September of 2021. Full Story…

Originally compiled & posted by Jason Waugh on the Berkshire Hathaway HomeServices Northwest Real Estate company blog.

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Mitch Darby

I am a real estate broker, architect (both licensed in the State of Oregon), and life-long Oregonian. If you are looking to buy or sell, I can help! I have Northwest Knowledge and am proud to be associated with Berkshire Hathaway HomeServices - Real Estate's Forever Brand!

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