According to the National Association of Home Builders (NAHB), homebuilder confidence stands at a reading of 46 in November, up 3 points from October’s level. Realtor.com chief economist Danielle Hale joins Wealth to discuss the state of the housing market. Hale highlights a significant housing shortage, noting that the US housing market has been 2.5 million to 7 million homes short over the last decade. "We need to do a lot more building," she states. She anticipates potential relief within current building challenges like labor shortages, land constraints, and regulatory hurdles when the incoming Trump administration takes office. Regarding home affordability, Hale points out that builders are implementing strategies such as mortgage rate buydowns and various incentives to attract buyers. However, she names high mortgage rates as the "underlying" issue impacting housing affordability.
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