Although the housing industry is stagnating across the country, sources said, local experts in central Missouri are skeptical that residents of the area will experience the same results.
The National Housing Builders Association/Wells Fargo housing market index fell 6 points to 49 this month, showing a decline for the eighth consecutive month. The index hit a new low below 50 in June 2014. A total of 50 or more is considered positive.
According to the source, the current sales situation fell 7 points, sales forecasts for the next six months fell 2 points, and buyer traffic fell 5 points.
Brian Toohey, CEO of the Columbia Board of Realters, believes Missouri is not currently in a recession. “I’m not going to say we’re in a housing downturn right now,” said Twoheis
Around this time of year, we only have about half of what we normally have in stock, and it continues to decline.
Tuhei claims that building permits fell 25% this year.
However, as Tuhi put it, “Last year, too many permits were drawn, so it seems difficult to keep up.” As a result, it was found that our housing market is relatively good compared to historical data.
Rachel Andrews, managing director of the Central Missouri Homebuilders Association, agrees there is no recession, but business has been more sluggish than usual.
Andrews noticed a drop in foot traffic as far as potential buyers “go out and see”. There have been several launches, and there are currently houses under contract.
According to Andrews, historically low interest rates make now a good time to buy.
Interest rates may be rising, but Andrews still believes it’s “not bad.” “If I’m going to do this, I might be better off doing it now, before I go up.” I imagine what people think. Both Andrews and Tuhee were skeptical of predicting the future.