New Homes Market Update For 2023

The National Association of Home Builders Sentiment report measures how builders view the housing market in terms of current demand and future demand. A score above 50 indicates a favorable outlook. While in April of 2022, the builders' confidence was measured at 77, rising interest rates, inflation, and other factors cause the index to bottom out at 31 at the end of 2022, the January number rebounded to 35. Interest rates declined slightly and are moderating at the start of the year.

The Mortgage Bankers Association (MBA) expects 2023 housing starts to to be down slightly off of last year's levels. That said. projections in the future are for a rebound in 2024 to look more like 2022 levels.

There are opportunities for New home buyers to find deals in both amenities, buydowns and other incentives. Many buyers are finding that expanding their location search and working with a knowledgable agent can make all the difference.  

TREG’s New Home Division is committed to serving our clients at the highest level, regardless of their needs, and pairing them with the right builders, right communities, and right homes for their lifestyle. If you want to work with the local pros, then there’s one clear choice, we’re a Hampton Roads Original® and we love where we live. Contact us today to see how we can help you make your new home dreams a reality!