It's that time of year again when we bring you an economic update from the National Association of Home Builders. Danushka Nanayakkara, Assistant Vice President for Forecasting and Analysis at the NAHB, joins us to share the details of where the housing market is headed as we close out 2023 and head into 2024. We tackle the big questions surrounding interest rates, supply and demand, regional market differences, and whether a recession is still on the horizon.
Show highlights include:
2:30 Automotive to home building
4:15 The pulse: taking a recession off the table for now
5:25 Increases in costs and interest rates
11:00 What could the new mortgage rate be in the future?
12:34 Inflation and home prices
14:35 Locked into low interest rates and unable to move
16:50 The income gap and the shrinking middle class
19:30 Will wages continue to rise?
21:50 Demand will stay strong because of millenials
26:40 Multi-generational family living and the hurdles for creating affordable housing
32:55 What should builders/remodelers do in their business to prepare now
36:35 Regional differences seen at the national level
38:50 What's coming up next?
40:05 How to get in touch
You can learn more about Danushka at https://eyeonhousing.org/author/dnanayakkara/.
Social media:
LinkedIn- https://www.linkedin.com/in/danushka-nanayakkara-234a2223/
Or hit us up through our Contact Page at https://buildernuggets.com and we'll make a personal introduction.
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