ST. LOUIS – Home builders said the housing market is in a recession.
Builder confidence has declined for eight months in a row. This is the worst period of consecutive declines since the housing market collapse in 2007. The average 30-year fixed mortgage rate almost doubled since the start of this year.
According to the National Association of Realtors – the median home price is now more than $413,000. Soaring construction costs also cooled the market for homebuyers.