Homebuilder confidence sinks to 13-month low

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Homebuilder confidence fell to a 13-month low in August as higher material costs and home prices hurt sentiment.

The National Association of Homebuilder’s/Wells Fargo Housing Market Index declined by 5 points in August to 75, the lowest reading since July 2020. Any reading above 80 signals strong demand. The index can range between 0 and 100 with any print over 50 indicating positive sentiment.

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“While the demographics and interest for home buying remain solid, higher costs and material access issues have resulted in lower levels of home building and even put a hold on some new home sales,” said Robert Dietz, chief economist at NAHB.

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www.foxbusiness.com/economy/homebuilder-confidence-sinks-to-13-month-low

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