Housing starts dipped in December while permit growth continues, which NAHB CEO Jim Tobin told Yahoo Finance signals a "housing renaissance" ahead in 2024. He believes the data shows the market pivoting into an era of "great growth" after a drastic post-COVID slowdown.
Though mortgage rates remain high, Tobin expects potential lowering in six months as traffic rises at model homes, indicating renewed spring homebuyer demand.
"The world is getting ready to realize that we're no longer gonna back those three and four percent mortgage rates," Tobin tells Yahoo Fiance, adding: "and there's gonna be a generational shift here that mortgage rates at five in the long term are still really good low rates."
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