The NAHB says persistently high mortgage rates continue to erode builder confidence, as sentiment levels have dropped below the key break-even measure of 50 for the first time in five months. As such, builder confidence in the market for newly built single-family homes in September fell five points to 45, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI).
“…a growing number of buyers are electing to defer a home purchase until long-term rates move lower…”
“…Shelter inflation posted a 7.3% year-over-year gain in August, compared to an overall 3.7% consumer inflation reading.” Said the NAHB’s Chief Economist, Robert Dietz.
Click here to read the full report at the NAHB.
