Homebuilders are tapping the brakes on construction as higher mortgage rates turn buyers away.
Builders started construction of 14,871 new homes in the second quarter, down 7% from the first quarter’s record 16,012 starts, according to Dallas-based Residential Strategies Inc., a research and consulting firm that tracks new home activity.
“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.
