In response to unprecedented housing demand, the construction industry faced insurmountable challenges, necessitating an unrealistic 300% increase in new builds to stabilize prices.
As of September 2024, U.S. home prices rose 53.4% since January 2020, while mortgage rates surged over 7% in 2022, marking the steepest drop in housing affordability.
Homebuyers are exploring options like assumable mortgages to navigate elevated rates, but despite potential, actual assumptions remain very low due to market conditions.
Mortgage rate buydowns have become a significant strategy for builders to attract buyers in a market where traditional mortgage assumptions have failed to take off.
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