Home builders in the Philadelphia region had a strong last year, and some, like Peter Rotelle, owner of South Coventry-based Rotelle Development, are predicting good things for 2024, writes Michaelle Bond for The Philadelphia Inquirer. 

Last year “was really strong,” he said, “which is kind of a weird dynamic” considering that mortgage rates went above seven percent in that period. 

With homeowners who do not want to give up their lower rates staying put, “new construction is one of the only options out there,” he said. 

This year is already shaping up to be strong as mortgage rates are trending lower and the increased affordability is should benefit the new-construction market. While the existing-homes market will also benefit from lower mortgage rates, there is enough demand to go around, said local builders. 

However, the rise in home prices is keeping some potential buyers away from the market. 

Rotelle said that while he would like to reduce home prices to attract more buyers, with the majority of costs up, he is now focusing on keeping them stable and increasing them “only when we have to.” 

Read more about what Rotelle Development and other builders are predicting for 2024 homes in The Philadelphia Inquirer. 

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