Price discounts for new homes are drying up as demand rebounds, homebuilders say
Homebuilders are growing less likely to offer discounts on new homes, as their optimism about the housing market edged higher for a fourth month., the share of builders reducing prices was 30% in April.
The average price reduction in April was 6%, the same as in February and March, but lower than the 8% seen in December, NAHB added. Although builders are still contending with shortages in material supply, the NAHB's overall homebuilder confidence reading rose to 45, ascontinue to slide down and boost demand. That's as sales expectations in the next six months increased to 50, a level not reached since June 2022.
."Builders note that additional declines in mortgage rates, to below 6%, will price-in further demand for housing."has slid to 6.4% from last year's peak of 7%. And earlier worries that March's banking turmoil may cut lending to home builders has yet to manifest.
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