New home construction cools as more people get priced out of the housing market - CNN

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Separately, a survey released Monday found home builder confidence fell for the eighth straight month in August as elevated mortgage rates, ongoing supply chain problems and high home prices continued to make homes less affordable for buyers.
"Ongoing growth in construction costs and high mortgage rates continue to weaken market sentiment for single-family home builders," said Jerry Konter, a NAHB chairman and a home builder and developer from Savannah, Georgia.
Home builders pressed on the brakes once again last month as the cost of building supplies remained high and more prospective buyers were priced out of the market.
The National Association of Home Builders/Wells Fargo Housing Market Index is meant to gauge market conditions and looks at current sales, buyer traffic and the outlook for sales over the next six months.
With the exception of the spring of 2020 when the pandemic first hit, buyer traffic in August hit its lowest level since April 2014, a troubling sign that consumers are now sitting on the sidelines due to higher housing costs, he said.

New home construction cools as more people get priced out of the housing market - CNN

Home builders pressed on the brakes once again last month as the cost of building supplies remained high and more prospective buyers were priced out of the market. July housing starts, a measure of new home construction, plunged 9.6% month-over-month and 8.1% from a year ago, according to the US Census Bureau. After a big drop earlier this spring, housing starts had been holding relatively steady up until last month. Separately, a survey released Monday found home builder confidence fell for the eighth straight month in August as elevated mortgage rates, ongoing supply chain problems and high home prices continued to make homes less affordable for buyers. The National Association of Home Builders/Wells Fargo Housing Market Index is meant to gauge market conditions and looks at current sales, buyer traffic and the outlook for sales over the next six months. "Ongoing growth in construction costs and high mortgage rates continue to weaken market sentiment for single-family home builders," said Jerry Konter, a NAHB chairman and a home builder and developer from Savannah, Georgia. With the exception of the spring of 2020 when the pandemic first hit, buyer traffic in August hit its lowest level since April 2014, a troubling sign that consumers are now sitting on the sidelines due to higher housing costs, he said. Read More
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