The latest National Association of Home Builders
(NAHB)/Wells Fargo Housing Market Index (HMI) dropped 2 points in June. The
Index, a measure of home builders’ confidence in the market for newly built
homes, fell to 81, its lowest reading since last August. There was no change in
the Index from April to May. “Higher costs and declining availability for softwood lumber and other
building materials pushed down builder sentiment in June,” said NAHB Chairman
Chuck Fowke, himself a custom home builder. “These higher costs have moved some
new homes beyond the budget of prospective buyers, which has slowed the strong
pace of home building. Policymakers need to focus on supply-chain issues in
order to allow the economic recovery to continue.”


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