Business, Finance & Tech
New home construction in the US fell in December
(CNN) — US home building fell in December, as the housing market continued to slow.
December housing starts, a measure of new home construction, dropped by 1.4% from November, and were down 21.8% from a year ago, according to data released Thursday by the Census Bureau.
But after mortgage rates declined modestly in December, builders have begun to feel more optimistic that conditions may improve in 2023.
Housing starts had big drops in May and July last year, when rising mortgage rates pushed many prospective home buyers to the sidelines. Starts bounced back slightly in August, but have been falling since then.
Building permits, which track the number of new housing units granted permits, also fell in December, down 1.6% from the revised November rate, and were down 29.9% from a year ago.
“The combination of slightly reduced mortgage rates and discounts and specials on for-sale pricing may bring more buyers to the market, especially after the historically slow holiday season is over — and as spring buying season approaches,” said Kelly Mangold of RCLCO Real Estate Consulting. “Inflation is also beginning to decline, and the job market remains relatively strong — so it will be interesting to track how the housing market continues to react in the early part of 2023.”
Separately, a survey released Wednesday found home builder confidence rose for the first time in a year. But while builders continue to face headwinds with the high cost of construction, supply chain disruptions and challenging affordability conditions for buyers, the data suggests the worst may be over for the market, said Jerry Konter, NAHB chairman.
“The rise in builder sentiment means that cycle lows for permits and starts are likely near, and a rebound for home building could be underway later in 2023,” he said.
The-CNN-Wire
™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
By: Ceci Partridge
January 19, 2023
Latest Instagram Posts
Social Time with Thalia & Jerry
What’s next for Palm Desert? Join community leaders, local businesses and regional stakeholders for the 2026 State of the City Address. Topics: • Economic Development • Infrastructure • Public Safety • Community Programs • Palm Desert’s Future CTA: Friday, September 18 | 11:30 AM JW Marriott Desert Springs Resort
Former Silvercrest CEO, William Rodriguez is expected back in court today in connection with the deadly 2024 Cathedral City hit and run that killed a woman. The murder charge was dismissed, but Rodriguez still faces felony hit and run and suspended license charges.
Social Time with Thalia & Jerry
Murder suspect Vicky Kim has once again not been cleared to appear in court. Kim is accused of killing her husband at their Palm Desert condominium complex. Her arraignment has now been delayed three times. Stay tuned with NBC Palm Springs as we track the latest developments in this case. #VickyKim #PalmDesert #CoachellaValley #BreakingNews #CourtUpdate NBCPalmSprings
Palm Springs is mourning the loss of beloved entertainer James “Gypsy” Haake, who has died at 94. Haake began his entertainment career at just 19 years old as a Broadway chorus dancer. After retiring from the stage, he returned to performing at 82, becoming the host of Carnival Cabaret at Oscars in downtown Palm Springs. A longtime friend of our station, Haake was a familiar and beloved figure in the Palm Springs entertainment community — and his contributions were recognized with a star on the Palm Springs Walk of Stars. His career spanned more than seven decades, proving that the spotlight never truly left him. ❤️ Rest in peace, James “Gypsy” Haake. Your legacy will live on in Palm Springs. #JamesGypsyHaake #PalmSprings #PalmSpringsWalkOfStars #CarnivalCabaret #PalmSpringsEntertainment #OscarsPalmSprings #PalmSpringsHistory
Social Time with Thalia & Jerry
Who makes the NBC Top 3, winner will be announced Sunday night on NBC Palm Springs, with the player who makes the number one spot winning a $250 prize from @hondaofthedesert! Comment below if it will be 1) Sterling Conley with the rushing TD, 2) Marcus Kennedy with the touchdown catch, 3) Cade Pinon with the big time sack, 4) Kingston Pellum with the pick-6, or 5) Caleb Hartwell with the saving throw #fypage #fridaynightlights #football #hondaofthedesert #highschoolfootball
James Nellis from @dsrt_club_lq and @rd_rnnr_lq makes us one of his signature dishes, his Maine scallops with hibiscus puree. His creativity and skill lead to unique bold flavors and scrumptious dishes. We chat about his love of trying new things in the kitchen, what being a chef means to him, and how food can different, flavorful, and fun. This is James Nellis on a plate. See it now on nbcpalmsprings.com
At the annual 9/11 Memorial Stair Climb at Morongo Casino Resort & Spa, first responders, families and community members came together to honor the lives lost—and the heroes who answered the call 25 years ago on September 11, 2001. Two first responders who responded to opposite sides of the World Trade Center met for the first time at the event, sharing a powerful moment of remembrance and connection. 26 flights. Three times. One enduring message: Never Forget. #NeverForget #September11 #911Memorial #MemorialStairClimb #FirstResponders HonorAndRemember 911