A continuing combination of increased interest rates, supply-chain disruptions and high home prices has sapped homebuilder sentiment every month this year.
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The NAHB/Wells Fargo Housing Market Index fell for the eighth straight month in August, as the key measure of builder confidence indicated a pessimistic outlook.
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The release of the monthly survey from the National Association of Home Builders comes as the Biden Administration unveiled a housing-supply action plan that aims to boost the supply of affordable apartments and new homes.
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The measurement of six-month sales expectations among homebuilders took an especially negative turn in March, according to the National Association of Home Builders.
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“While lean existing home inventory and solid buyer demand are supporting the need for new construction, the combination of ongoing increases for building materials, worsening skilled labor shortages and higher mortgage rates point to declines for housing affordability in 2022.” — NAHB Chairman Chuck Fowke
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Aftershocks from the pandemic have rocked developers with new hurdles to breaking ground on residential properties. The main culprits: a shortage of skilled labor, skyrocketing costs of building materials and a disrupted supply chain.
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November’s reading of 83 was up three points from October, driven by low existing inventories and strong buyer demand, the National Association of Home Builders reported, citing the latest NAHB/Wells Fargo Housing Market Index.
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September’s reading of 76 was up one point from August, despite lingering challenges with labor and the building-material supply chain, the National Association of Home Builders reported, citing the latest NAHB/Wells Fargo Housing Market Index.
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Some supply-chain issues and price shocks have calmed in recent weeks. But the price volatility of core construction materials remains unsettling for builders trying to set their budgets.
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With no clear end in sight to high home prices and supply-chain struggles, home-building firms are growing increasingly concerned about the state of the housing market.
The post Home-Builder Confidence Sinks to Lowest Level in Over a Year as Home Prices Soar appeared first on Real Estate News & Insights | realtor.com®.