US Homebuilder Confidence Declines for First Time in Six Months
- NAHB says a lack of inflation progress is drag on industry
- Six-month sales outlook falls by most since October 2022
Contractors frame walls on a house in Folsom, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
US homebuilder sentiment declined in May for the first time in six months as mortgage rates above 7% kept buyers on the sidelines and weighed on expectations.
The National Association of Home Builders/Wells Fargo index of housing market conditions fell by 6 points to 45 in May, the lowest level since the start of the year. This month’s reading trailed all economists’ estimates in a Bloomberg survey, which had a median forecast of 50.