article thumbnail

2023 industry recession to be deeper than first forecast

Construction Enquirer

this year after economists at the Construction Products Association sharply downgraded forecasts for the second time. Falling private new housing combined with recent government delays to major infrastructure projects has prompted the spring forecast downgrade from a previously forecast 4.7% fall in output. in 2023 and 1.2%

article thumbnail

When Can Buyers Expect an Improvement in Housing Affordability?

Pro Builder

For a median-income household buying a median-priced home, the mortgage payment as a share of income rose to 28.5% in May 2020, the group said. Mortgage rates will go back down to 5.75% by the end of 2023, the Capital Economics researchers forecast in the report. in October 2022 from 13.3%

Housing 97
professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How a Housing Shortage and High Prices Are Hurting the Middle Class

Pro Builder

Fast-rising home prices and a meager housing supply are hurting middle-class and first-time buyers incapable of expanding their budgets to keep up with a 30% year-over-year price surge since the start of the COVID-19 pandemic in early 2020, according to Realtor.com. .

Housing 52
article thumbnail

Are We in Another Housing Bubble? Not Yet, Experts Say

Pro Builder

Home prices were already rising before the COVID-19 pandemic struck in early 2020, but with even greater demand and lower inventory over the past two years, the median existing house price has surged to over $350,000, according to The Washington Post.

Housing 52
article thumbnail

2020 Builder of the Year: True Homes—a Culture Like No Other

Pro Builder

2020 Builder of the Year: True Homes—a Culture Like No Other. Wed, 12/02/2020 - 12:30. True Homes is Pro Builder 's 2020 Builder of the Year, in large part because of the home builder's purpose-driven company culture, which is yielding truly amazing results. Mike Beirne, Senior Editor. And it works.

article thumbnail

Housing Outlook: Is This a Recession … or Not?

Pro Builder

In September, the HMI stood at 46, after peaking at 90 in late 2020, and it was 83 in January of this year —for the HMI, anything below 50 indicates poor market conditions. Another important indicator of industry health is the rate of single-family housing starts, which increased by 13% in both 2020 and 2021. Census Bureau.

Housing 98
article thumbnail

Living Now: America at Home Study Concept Home

Pro Builder

When the COVID-19 pandemic put most of the nation under mandatory stay-at-home orders, economic forecasters hypothesized about the impact it would have on restaurants, small business, travel and hospitality, and live events. Teri Slavik-Tsuyuki. Barnaby: The America at Home Study Concept Home Step by Step.

America 98