325 N . Americas Ave , El Paso , TX 79907 915-859-9171 brick . com / elpaso

Paragon Home Builder Contact : Charlie B . Garcia 1150 Burgandy El Paso , Tx 79907 915-859-3713

Love Engineering Contact : Montez Love 11008 Tom Weiskopf El Paso , Tx 79936 702-658-2587

Koral Furniture Contact : Pedro Santos 6301 Northern Pass Dr . El Paso , Tx 79911 915-249-6008

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VOL 2024 ISSUE 5

BUILDERSOUTLOOK

Housing Price and Rent Growth Expectations Increase

Households expect home price Home owners ’ expected probability strongly positive , they weakened growth to increase to 5.1 % over the of refinancing in the next year slightly from the previous year , as next 12 months , up from 2.6 % a year rebounded slightly to 6.3 % from 4.1 % 67.1 % of all respondents ago , according to the Federal Reserve last year , but remained well below the characterized buying property in their Bank of New York ’ s 2024 SCE pre-pandemic average of 10.4 %. zip code as a “ very good ” or Housing Survey that was released this

“ somewhat good ” investment . This is week . This is the second highest Rental Market slightly below the readings of the last reading in the survey ’ s history , but Households also expect rents to three years , but still above the levels below the series high of 7 % in 2022 . increase by 9.7 % over the next 12 of optimism that prevailed in the prepandemic period .

The increase is broad based across months , compared with 8.2 % in demographic groups , but particularly February 2023 , reversing last year ’ s The SCE Housing Survey , which has large for respondents residing in the decline . been fielded annually in February

South .

Renters ’ perceptions about the ease since 2014 , is part of the broader The survey also looked at household of obtaining a mortgage deteriorated Survey of Consumer Expectations . expectations for mortgage rates and substantially , as 74.2 % stated that Learn more about the survey , how it might impact financing obtaining a mortgage is somewhat or including additional data , at decisions , as well as renters ’ very difficult . This represents an 8.4 newyorkfed . org . expectations for rent prices and the percentage point increase from last possibility of homeownership . year and is well above the 2021 low of

50.5 %. Renters ’ self-assessed

Mortgage Market probability of ever owning a home Households anticipate mortgage decreased by 4.3 percentage points to rates to rise to 8.7 % a year from now 40.1 %, which also reflects a series and 9.7 % in three years ’ time , both low . numbers a series high . But households on average still believe Housing Remains a Good there is a 61 % chance that mortgage Investment rates will fall over the next 12 months , Although attitudes toward housing as BUILDERS which is also a series high . a financial investment remained OUTLOOK

■ EXECUTIVE OFFICERS President Jaime Gonzalez , Blue Sage Homes Vice President Victor Robles , Maravilla Homes Secretary Lydia Mlouhi , Crown Heritage Associates Vice President Angelique Roman , True Title El Paso Executive Vice President Ray Adauto , EPAB Immediate Past President Delton Deal , Deal2Deal Homes

■ BOARD OF DIRECTORS Jaime Gonzalez , Blue Sage Homes Lydia Mlouhi , Crown Heritage Delton Deal , Deal-2-Deal Victoriano Ramos , Dekora Design & Construction Leti Navarrete , EPT Bella Custom Dream Homes Kathy Parry , Hunt Companies Samira Gonzalez , Icon Custom Home Builders Lane Harris , LEH Homes Jacob Barde , Lower East Valley , LLC Victor Robles , Maravilla Homes Victor Rejina , Maravilla Homes Anthony Murrillo , Millennial Homes Of El Paso Louisa Martinez , Roma Homes

Sandra Lucero , Builders Source Bea Gaskins , Bea Unique John Chaney , Hercules Industries Luis Rosas , Hub International Chuck Haskins , Haskins Electric Randall Smith , Randall Smith , Cp4 Angelique Roman , True Title Of El Paso Ted Escobedo , Snappy Publishing , LLC Patricia Martinez , Stewart Title Kathy Carrillo , Western Heritage Bank Courtney Yeatman , Weststar Bank Henry Tinajero , Weststar Bank

© 2023 Builders Outlook is published by the El Paso Association of Builders and Snappy Publishing , LLC

The El Paso Association of Builders is a 501C ( 6 ) trade organization .

Call 915-778-5387 for El Paso Association of Builders Membership Information

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