Home Builder Confidence on the Rise in Tulsa, Nationwide
More new homes could be available for sale in Tulsa and elsewhere around the country as home builder confidence around the U.S. is on the rise.
According to the National Association of Home Builders/Wells Fargo builder sentiment index, the key metric among home builders around the country is up 11 points higher when compared to the same time last year.
The index had home builder confidence at 58, which is also up from November, by 4 points. Also worth noting is the fact that the index matched its highest point in August.
Anything above 50 indicates that more builders envision sales conditions as “good” putting the national outlook at a very strong level.
“The recent spike in mortgage interest rates has not deterred consumers as rates are still near historically low levels,” said David Crowe, the NAHB’s chief economist. “We continue to look for a gradual improvement in the housing recovery in the year ahead.”
Although the housing market has been on an upward trajectory for the past year, it is still a bit below where it needs to be. Sales of newly built homes rose 21.6 percent for the year ending in October, according to the news source. However, that pace is still below the 700,000 that is considered a healthy market.
Although mortgage rates rose through much of the summer, they have cooled off some and could drop even further should the Fed continue to buy up assets and put downward pressure on rates into 2014. Although that remains to be seen, there are still plenty of home buying and financing opportunities available to eager Tulsa buyers.
If you’d like to learn more about Tulsa real estate for sale, please contact our team of professionals today. We have vested experience and interest in this community and would love to show you why!