Though some housing experts anticipate a market slowdown in response to elevated mortgage rates, the nation’s largest home builders are still reporting strong sales and resilience from impatient and determined buyers. Much like the nation’s top builder, D.R. Horton, Pulte, the third largest, is limiting sales to keep a healthy pace with heightened demand despite recent price hikes.
According to ForexLive, a supply and demand imbalance is sustaining home building activity in the midst of an affordability crisis. Even as mortgage rates reach new highs, a lack of available housing inventory is driving up demand and keeping home builders busy in every regional market.
According to Pulte:
"The demand that we saw in the first quarter was exceptionally strong, and that's continued into April."
"I think it's fair to say that the supply/demand dynamics of the first quarter were consistent with the trends the industry has been experiencing for the past year or more. In short, demand was strong, available inventory was scarce and the incoming supply is limited.”
Related Stories
Sales
Here Are the Biggest Reasons Why Americans Are Selling Their Homes
These are the biggest motivating factors among all generations for selling a home in today's market
Market Data + Trends
Pending Home Sales Are Slowing, but Experts Say the Market Is Turning a Corner
Home sales are falling amid mortgage rate volatility, but despite the slowdown, buyers are gradually mounting a market comeback
Market Data + Trends
Homebuyer Desperation Is Leading to a Rise in Real Estate Fraud
Real estate scammers are targeting budget-conscious buyers and wreaking havoc on the for-sale market, and experts say the situation could get worse as market dynamics continue to shift
