Builders pull back on construction as mortgage rates plummet sales traffic

Homebuilders are tapping the brakes on construction as higher mortgage rates turn away buyers.

Home builders are tapping the brakes on construction as higher mortgage rates turn buyers away.

“Progressively, as we’ve gone through the last three months and the traffic and sales have moderated, the builders are changing their approach to the market,” said Ted Wilson, principal with Residential Strategies. For the past eight quarters, builders started construction on almost 22,000 more units than they have sold.

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