Posted 12/20/2023, 6:14:00 PM
Falling rates to drive 'golden age' for new home construction in 2024 amid ongoing short supply of existing homes
- Home builders will see a "golden age" in 2024 due to rising demand for new construction.
- Falling mortgage rates in 2023 have triggered greater demand for customized new homes.
- Homebuilders are offering discounts like mortgage rate buydowns to attract buyers.
- The existing home market will remain frozen as the supply-demand imbalance worsens.
- Lower mortgage rates are incentivizing new home construction, but won't unlock much existing home inventory.