Good news for the new homes market came this month from the National Association of Home Builders (NAHB). According to their recent report, builder confidence nationwide has reached a 20-month high. This is due to a year-long housing rebound, continued low mortgage rates and steady increases in the number of new single-family homes being built.
The latest report puts the NAHB/Wells Fargo Housing Market Index (HMI) at 71, up three points over last month, and up 13 points since the start of 2019. The southern and western states (including Oklahoma) have experienced the highest jump in builder confidence. These numbers come from a monthly survey conducted by the NAHB designed to “take the pulse” of builders’ perceptions of the market.
What does all this mean for you? Let’s boil this information down into simpler terms.
Why Is Confidence High?
In short, new home builders have had a very good year. Demand for single-family homes continues to rise thanks to a healthy economy, modest prices, attractive loans and low mortgage rates. This has led to more revenue and jobs in the housing construction sector. Builders believe this run of good fortune is set to continue in the months ahead.
What Does It Mean for All of Us?
At Renaissance, we work with many of Oklahoma’s most reputable builders, so high builder confidence typically means we remain quite busy—and that’s good for us. If you are looking at buying a new construction home, you can expect more opportunities to buy in developing neighborhoods in and around Tulsa, along with competitive prices. So basically…everyone wins!
If you are scoping out new construction homes in the Tulsa area, be sure to look for our handiwork—we’re in new homes all over Green Country. If you’re looking to install new hardwood floors in your own home, we’d love to give you a free estimate. Give Renaissance a call today at 918-298-4477.