By the time builders gather for the State of the Industry Summit Nov. 10, Election Day will be over and there will be a lot to talk about. That’s one reason you don’t want to miss the Dallas Builders Association event from 8:30 to 11:30 a.m. at Vouv Dallas.
The summit will be the perfect opportunity to talk politics and housing just two days after the midterm election especially considering speakers, which include National Association of Home Builders chief economist Rob Dietz, who also serves as senior vice president for economics and housing policy.
“He will provide a forecast of what’s to come for the national economy, supply chains, interest rates, and what impact those factors have on single- and multi-family builders in the North Texas area,” according to a Dallas Builders Association press release.
Rob Dietz’s 2023 Housing Market Forecast
Dietz told Daltxrealestate.com that he’s still working on his presentation for next week but expects to touch on the following national topics:
- The Federal Reserve will slow its pace of tightening and stop raising interest rates after the Feb 1 meeting.
- Mortgage rates to remain elevated through 2023.
- Housing rebound to get underway, and precede a general economic recovery in 2024.
- Many markets will experience price declines over the coming quarters; a 10 percent drop will be normal from peak.
- Remodeling should continue to grow, albeit at slower rates through this downturn.
- Multifamily housing will remain strong in 2022, but then weaken due to the large amount of supply in the construction pipeline.
“Ultimately, some part of the 2022 and 2023 period will be judged a recession,” Dietz said. “The housing sector is in a recession now, but some markets continue to show strength and stable conditions due to population growth,”
We know from Dietz’s NAHB “Eye on Housing” report last week that the month of September wasn’t a good one for housing.
“Rising mortgage rates approaching 7 percent along with declining builder sentiment stemming from stubbornly high construction costs and weakening consumer demand pushed new-home sales down at a double-digit rate in September,” the economist wrote. “Following a brief uptick in August, sales of newly-built, single-family homes in September fell 10.9 percent to a 603,000 seasonally adjusted annual rate, according to newly-released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”
Dallas Market is One to Watch
But there’s a silver lining.
The Urban Land Institute announced Friday that Dallas-Fort Worth is one of the top 10 real estate markets to watch in 2023.
“Dallas-Fort Worth was second overall, up five spots from last year’s seventh-place ranking,” the report states. “It also ranked sixth on ULI’s list of the metros with the top homebuilding prospects.”
Guests at the summit also will hear from Lake Coulson, NAHB’s vice president of government affairs, and Scott Norman, Texas Association of Builders executive vice president.
The panelists are set to break down the impact of the midterm elections on housing at the federal and state levels.
Coulson and Norman will “let attendees know what to look for and what issues they may have to contend with in the months ahead with a new Congress and the start of the state legislative session in January,” the press release states.
Tickets for the State of the Industry event are available through the Dallas Builders Association website.
