U.S. housing data revealed permits and home completions rose in August, while housing starts dropped month-over-month and year-over-year. Jessica Lautz, National Association of REALTORS Deputy Chief Economist and Vice President of Research, provides insights into homebuilder and consumer sentiment, between supply conditions in the housing market and mortgage rates above 7%. "At least we're not looking at last year's really strong demand, that frenetic activity that was going on in the real estate market where we had actually had 5.5 offers for every... [listing]," Lautz states. "If you're a consumer you have an opportunity to tour a home. — you are buying it at a higher interest rate, you may have the opportunity to refinance that in the future. So that could be the silver lining." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
U.S. homebuilder confidence fell to a five-month low, citing supply and worker shortages amid rising material costs. Yahoo Finance Housing Reporter Dani Romero outlines how homebuilders are attempting to balance home prices in September by slashing prices.
Goldman Sachs analysts expect home prices to increase 1.8% this year.