Builder confidence in the market for newly built single-family homes fell two points to 34 in July, down from a revised 36 in June, according to the National Association of Home Builders/Wells Fargo Housing Market Index. Sentiment has been below 40 for 15 consecutive months, the longest such stretch since 2012.
NAHB accredited the confidence hit to elevated mortgage rates, high land costs, rising material prices and persistent skilled-labor shortages. All three HMI components fell in July—current sales conditions slipped one point to 37, sales expectations for the next six months dropped two points to 43, and buyer traffic fell two points to 23.
Read the full report here.
