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Home Price Cuts Slow as Housing Market Takes a Turn

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Home builders appear to be feeling more confident about the housing market amid mortgage rate declines.

Home builders are stepping back from cuts in prices as a way to attract buyers, buoyed by confidence that declining mortgage rates will boost the housing market, according to the National Association of Home Builders /Wells Fargo Housing Market Index .For the fourth month in a row, builder confidence went up and at 51 in March was the highest level since July 2023. Part of the reason that they are feeling bullish about the housing market is due to an increase in demand.

'With the Federal Reserve expected to announce future rate cuts in the second half of 2024, lower financing costs will draw many prospective buyers into the market,' NAHB chief economist Robert Dietz said in a statement.The anticipation of more buyers ready to explore opportunities to own homes has made builders pull back on slashing prices, a strategy they deployed in the past to spark sales.

 

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