Economics
US Homebuilder Sentiment Tumbles by Most Since April 2020
A home under construction at a housing development in Ellenton, Florida.
Photographer: Ty Wright/BloombergThis article is for subscribers only.
US homebuilder sentiment tumbled this month by the most since the immediate aftermath of the pandemic as firms faced higher materials costs and a slowdown in demand.
The National Association of Home Builders/Wells Fargo gauge decreased 8 points in May to 69, the steepest drop since April 2020, figures showed Tuesday. The index has declined five straight months and stands at the lowest level since June 2020. The reading was weaker than all but one estimate in a Bloomberg survey of economists.