Interest rate hikes and inflationary pressures coupled with a lingering fear of recession continue to serve as obstacles to growth in housing and remodeling, although conditions are forecast to improve by 2024, market analysts say. Among the key statistics and forecasts released in recent weeks by government agencies, research firms and industry-related trade associations were the following:
Limited existing-home inventory has placed a renewed emphasis on new construction and is resulting in gains in builder confidence, even as housing continues to face key challenges, including supply chain disruptions and tightening credit conditions for construction loans.. Read more here