The U.S. mortgage rates are at a 22-year high, resulting in an increase in buyers' appetite for new builds. However, San Diego is struggling with a severe housing shortage and there are not enough new homes being built to keep up with demand. Sales of existing homes have dropped 17%, while new home sales have soared 32%. Builder confidence is now at its highest level since June 2022, with some builders selling smaller, more affordable houses to lure first-time buyers.
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