Mortgage rates rose throughout most of last year but have since fallen to below year-ago levels. That should help make all homes more affordable.
The nation's homebuilders are feeling positive about their business, but not as much as they did a year ago.
"Builders report the market is stabilizing following the slowdown at the end of 2018, and they anticipate a solid spring home buying season," said NAHB Chairman Greg Ugalde, a homebuilder and developer from Torrington, Connecticut. Weak affordability has been the biggest problem in the new home market, as builders have largely focused on move-up homes rather than cheaper entry-level products. The median price of a new home sold in January was down nearly 4 percent annually, according to the U.S. Census. That was not necessarily because builders were lowering prices, but because a larger share of entry-level homes sold that month. Sales in January fell to a three-month low.
Builders say they continued to have trouble building lower-priced homes, however, due to shortages of skilled labor and buildable lots.
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