A new poll conducted by the National Association of Home Builders shows builder confidence in the market for new single-family homes is at its lowest level after six straight months of decline.
The poll measures builder perceptions of current and future single-family home sales, and the traffic of prospective buyers. All three categories posted declines in the latest monthly data with buyer traffic falling most sharply, a sign that homebuyers — especially first-time ones — are giving up.
— NPR
The now-familiar cocktail of increasingly higher interest rates and home prices is once again causing headaches for contractors looking to fill America’s shortage of 4 million homes. The NAHB has been pushing the Biden Administration to take action on the supply-side of the problem since last year, and now says that a 19% increase in the average cost of construction materials will require even further measures be taken in the form of jobs training, tariff rollbacks, and a ban on Russian timber in the hopes of combatting the nationwide problem.
The group's new poll indicates an atmosphere of waned confidence in an industry beset by labor shortages and a string of business failures for the past two years. All three categories of measure reported percentage point decreases of 1 (sales conditions), 2 (expectations), and 5, a record for buyer traffic, which has fallen below a 50 for the first time in two years. The overall index fell again by 2 points to a new total of 67.
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