Seattle & Washington Area Home Builder Confidence

Published:
October 31, 2012
Last updated:
March 16, 2022
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The inventory situation in Seattle has been dismal for a long time, leaving buyers with very little to choose from. There simply isn’t enough available housing to accommodate the ongoing demand among buyers.

Part of the problem is the shortage of new home builds. The question, is, what is home builder confidence like in Seattle this year?

Home Builder Confidence Dipped in February

Not only do we need more sellers on the market, but we also need new homes to be built to accommodate for the pent-up demand, and it looks like we’re getting that. Home builder confidence was not very strong during the health crisis, and the latest readings are painting a similar picture.

Home builder confidence dipped in February. Builders experienced several delayed projects, and construction costs continue to remain very high, particularly with worsening inflation. According to the the National Association of Home Builders (NAHB), the national reading for home builder confidence declined to a reading of 82 in February 2022.

That said, the real estate market has been a positive sector for the economy as many others have faltered amid the pandemic. And with mortgage interest rates being relatively low, despite inching up over recent months,  buyers are even more encouraged to get in the market, fueling ongoing buyer demand.

This could be a sign of higher new home prices. When Seattle home builders’ confidence is higher, builders are less likely to make price concessions during the sale of new homes.

Today’s Seattle Mortgage Rates

Today’s new construction market is a “builder’s market,” and Seattle home builders are becoming more confident because of it. This market is this way because fewer houses are available for sale, while more people are interested in purchasing.

If you are going to buy a newly constructed home in Washington within the next few months, it may be in your favor to move up your time frame and purchase sooner rather than later. The experts at Sammamish Mortgage can help you with your new home purchase. Get the latest Seattle mortgage rates and start planning your move today!

Get an Instant Mortgage Rate Quote Today

Have Questions About Mortgages?

Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington that has been providing borrowers in WA, ID, OR, and CO with a variety of mortgage programs since 1992. We’d love to help you get started on your journey towards homeownership! Please contact us if you have mortgage-related questions.

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