A brief excerpt:
Read these comments. These are clear signs of a slowdown.
Some homebuilder comments courtesy of Rick Palacios Jr., Director of Research at John Burns Real Estate Consulting (a must follow for housing on twitter!):
…
#Dallas builder: “Interest lists are shrinking or buyers are truly pausing.”
…
#SanAntonio builder: “Traffic has been cut in half since the hike in rates.”#Raleigh builder: “Investor activity has slowed dramatically.”
…
Allentown builder: “Double hit of higher home prices and higher mortgage interest rates clearly has reduced the number of qualified buyers. Our waiting list is almost zero as of April 30th.”#Philadelphia builder: “Between higher interest rates and higher sales prices, along with high gas prices and a volatile stock market, we’re seeing a pullback in our sales.”
#Tampa builder: “We’ve seen a significant shift in buyer behavior in the last 30 days. Florida was on fire and pricing has really come to a high point, and people are not willing to pay the prices anymore.”
#Indianapolis builder: “Traffic has significantly declined and people have paused on moving forward with purchases.”
There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/